Thursday, July 31, 2008

Natural Gas Inventory Report 7-31-08

Working gas in storage was 2,461 Bcf as of Friday, July 25, 2008, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 357 Bcf less than last year at this time and 12 Bcf below the 5-year average of 2,473 Bcf. In the East Region, stocks were 5 Bcf above the 5-year average following net injections of 55 Bcf. Stocks in the Producing Region were 12 Bcf below the 5-year average of 764 Bcf no net change in stock levels. Stocks in the West Region were 5 Bcf below the 5-year average after a net addition of 10 Bcf. At 2,461 Bcf, total working gas is within the 5-year historical range.

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Monday, July 28, 2008

China National Petroleum Eyes U.S. Natural Gas

HONG KONG, July 28 (Reuters) - China National Petroleum Corp (CNPC), China's top state oil firm, is thinking of bidding for minority stakes in shale gas assets of Chesapeake Energy Corp, according to a local newspaper report.

Chesapeake is looking to raise as much as $5 billion this year from selling minority stakes in its Arkansas and Pennsylvania shale gas properties, the South China Morning Post reported on Monday, citing unnamed market sources.
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Thursday, July 24, 2008

Natural Gas Inventory Report 7-24-08

Working gas in storage was 2,396 Bcf as of Friday, July 18, 2008, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were 347 Bcf less than last year at this time and 22 Bcf below the 5-year average of 2,418 Bcf. In the East Region, stocks were 2 Bcf below the 5-year average following net injections of 63 Bcf. Stocks in the Producing Region were 6 Bcf below the 5-year average of 758 Bcf a net injection of 10 Bcf. Stocks in the West Region were 14 Bcf below the 5-year average after a net addition of 11 Bcf. At 2,396 Bcf, total working gas is within the 5-year historical range.

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Natural Gas Prices Poised To Test 200 Day Moving Average

Thursday, July 17, 2008

Natural gas prices are under mounting pressure after this week's inventory data revealed a larger than anticipated build in natural gas inventories. The increase of 104 bcf was 18% above consensus estimates.

August natural gas is currently trading at $10.691 down .707 (6.20%).

Natural Gas Inventory Report 7-17-08

Working gas in storage was 2,312 Bcf as of Friday, July 11, 2008, according to EIA estimates. This represents a net increase of 104 Bcf from the previous week. Stocks were 361 Bcf less than last year at this time and 49 Bcf below the 5-year average of 2,361 Bcf. In the East Region, stocks were 17 Bcf below the 5-year average following net injections of 68 Bcf. Stocks in the Producing Region were 11 Bcf below the 5-year average of 753 Bcf a net injection of 25 Bcf. Stocks in the West Region were 22 Bcf below the 5-year average after a net addition of 11 Bcf. At 2,312 Bcf, total working gas is within the 5-year historical range.

Thursday, July 10, 2008

Natural Gas Inventory Report 7-10-08

Working gas in storage was 2,208 Bcf as of Friday, July 4, 2008, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week. Stocks were 389 Bcf less than last year at this time and 70 Bcf below the 5-year average of 2,278 Bcf. In the East Region, stocks were 27 Bcf below the 5-year average following net injections of 61 Bcf. Stocks in the Producing Region were 20 Bcf below the 5-year average of 737 Bcf a net injection of 14 Bcf. Stocks in the West Region were 22 Bcf below the 5-year average after a net addition of 15 Bcf. At 2,208 Bcf, total working gas is within the 5-year historical range.

Thursday, July 03, 2008

Natural Gas Inventory Report 7-03-08

Working gas in storage was 2,118 Bcf as of Friday, June 27, 2008, according to EIA estimates. This represents a net increase of 85 Bcf from the previous week. Stocks were 381 Bcf less than last year at this time and 57 Bcf below the 5-year average of 2,175 Bcf. In the East Region, stocks were 27 Bcf below the 5-year average following net injections of 57 Bcf. Stocks in the Producing Region were 4 Bcf below the 5-year average of 707 Bcf a net injection of 18 Bcf. Stocks in the West Region were 26 Bcf below the 5-year average after a net addition of 10 Bcf. At 2,118 Bcf, total working gas is within the 5-year historical range.
Natural gas futures gained 13.7 cents to $13.526 per 1,000 cubic feet.

Chesapeake Energy Hits Record High

Shares of Chesapeake Energy (NYSE CHK) hit a record high on Wednesday after the company announced a joint venture with Plains Exploration & Production Co. to develop a natural gas deposit in the Haynesville shale.


Plains Exploration has agreed to buy a 20 percent interest in Chesapeake's leasehold for $1.65 billion in cash.

Plains Exploration and Production also agreed to finance half of Chesapeake's 80 percent share of drilling and completion costs for future wells. These payments would be made over several years and would cap out at an additional $1.65 billion.

Shares of CHK hit a record high of
$74 before retreating to close at $69.40.