Natural Gas Inventory Report 12-31-08

Working gas in storage was 2,877 Bcf as of Friday, December 26, 2008, according to EIA estimates. This represents a net decline of 143 Bcf from the previous week. Stocks were 69 Bcf less than last year at this time and 56 Bcf above the 5-year average of 2,821 Bcf. In the East Region, stocks were 19 Bcf below the 5-year average following net withdrawals of 100 Bcf. Stocks in the Producing Region were 49 Bcf above the 5-year average of 839 Bcf after a net withdrawal of 21 Bcf. Stocks in the West Region were 26 Bcf above the 5-year average after a net drawdown of 22 Bcf. At 2,877 Bcf, total working gas is within the 5-year historical range.

Natural Gas Price Chart

Natural Gas Inventory Report 12-24-08

Working gas in storage was 3,020 Bcf as of Friday, December 19, 2008, according to EIA estimates. This represents a net decline of 147 Bcf from the previous week. Stocks were 35 Bcf less than last year at this time and 99 Bcf above the 5-year average of 2,921 Bcf. In the East Region, stocks were 15 Bcf above the 5-year average following net withdrawals of 91 Bcf. Stocks in the Producing Region were 48 Bcf above the 5-year average of 861 Bcf after a net withdrawal of 24 Bcf. Stocks in the West Region were 37 Bcf above the 5-year average after a net drawdown of 32 Bcf. At 3,020 Bcf, total working gas is within the 5-year historical range.

Natural Gas Price Chart

Natural Gas Inventory Report 12-18-08

Working gas in storage was 3,167 Bcf as of Friday, December 12, 2008, according to EIA estimates. This represents a net decline of 124 Bcf from the previous week. Stocks were 41 Bcf less than last year at this time and 114 Bcf above the 5-year average of 3,053 Bcf. In the East Region, stocks were 23 Bcf above the 5-year average following net withdrawals of 91 Bcf. Stocks in the Producing Region were 38 Bcf above the 5-year average of 895 Bcf after a net withdrawal of 22 Bcf. Stocks in the West Region were 53 Bcf above the 5-year average after a net drawdown of 11 Bcf. At 3,167 Bcf, total working gas is within the 5-year historical range.

Historical Natural Gas Prices

Natural Gas Inventory Report 12-11-08

Working gas in storage was 3,291 Bcf as of Friday, December 5, 2008, according to EIA estimates. This represents a net decline of 67 Bcf from the previous week. Stocks were 45 Bcf less than last year at this time and 110 Bcf above the 5-year average of 3,181 Bcf. In the East Region, stocks were 36 Bcf above the 5-year average following net withdrawals of 58 Bcf. Stocks in the Producing Region were 25 Bcf above the 5-year average of 930 Bcf after a net withdrawal of 8 Bcf. Stocks in the West Region were 49 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 3,291 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 12-04-08

Working gas in storage was 3,358 Bcf as of Friday, November 28, 2008, according to EIA estimates. This represents a net decline of 64 Bcf from the previous week. Stocks were 107 Bcf less than last year at this time and 69 Bcf above the 5-year average of 3,289 Bcf. In the East Region, stocks were 31 Bcf above the 5-year average following net withdrawals of 61 Bcf. Stocks in the Producing Region were 4 Bcf above the 5-year average of 959 Bcf after a net withdrawal of 2 Bcf. Stocks in the West Region were 34 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 3,358 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 11-26-08

Working gas in storage was 3,422 Bcf as of Friday, November 21, 2008, according to EIA estimates. This represents a net decline of 66 Bcf from the previous week. Stocks were 109 Bcf less than last year at this time and 88 Bcf above the 5-year average of 3,334 Bcf. In the East Region, stocks were 66 Bcf above the 5-year average following net withdrawals of 51 Bcf. Stocks in the Producing Region were 4 Bcf below the 5-year average of 969 Bcf after a net withdrawal of 9 Bcf. Stocks in the West Region were 26 Bcf above the 5-year average after a net drawdown of 6 Bcf. At 3,422 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 11-20-08

Working gas in storage was 3,488 Bcf as of Friday, November 14, 2008, according to EIA estimates. This represents a net increase of 16 Bcf from the previous week. Stocks were 51 Bcf less than last year at this time and 140 Bcf above the 5-year average of 3,348 Bcf. In the East Region, stocks were 103 Bcf above the 5-year average following no net change in storage levels. Stocks in the Producing Region were 5 Bcf above the 5-year average of 969 Bcf after a net injection of 11 Bcf. Stocks in the West Region were 32 Bcf above the 5-year average after a net addition of 5 Bcf. At 3,488 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 11-14-08

Working gas in storage was 3,467 Bcf as of Friday, November 7, 2008, according to EIA estimates. This represents a net increase of 62 Bcf from the previous week. Stocks were 72 Bcf less than last year at this time and 117 Bcf above the 5-year average of 3,350 Bcf. In the East Region, stocks were 96 Bcf above the 5-year average following net injections of 31 Bcf. Stocks in the Producing Region equaled the 5-year average of 965 Bcf after a net injection of 27 Bcf. Stocks in the West Region were 22 Bcf above the 5-year average after a net addition of 4 Bcf. At 3,467 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Data Delayed

Natural Gas Inventory Data will be released on Friday, November 14 at 10:30am ET.

The data is postponed due to the observance of Veteran's Day.

Natural Gas Inventory Report 11-06-08

Working gas in storage was 3,405 Bcf as of Friday, October 31, 2008, according to EIA estimates. This represents a net increase of 12 Bcf from the previous week. Stocks were 130 Bcf less than last year at this time and 78 Bcf above the 5-year average of 3,327 Bcf. In the East Region, stocks were 74 Bcf above the 5-year average following net injections of 6 Bcf. Stocks in the Producing Region were 15 Bcf below the 5-year average of 953 Bcf after no net change in stock levels. Stocks in the West Region were 19 Bcf above the 5-year average after a net addition of 6 Bcf. At 3,405 Bcf, total working gas is within the 5-year historical range.

Chesapeake Energy Reports Strong Revenue On Natural Gas Hedges

Chesapeake Energy Corp. (NYSE CHK) announced on Thursday that its adjusted third-quarter earnings climbed 47 percent.

CHK, which is the largest natural gas producer in the U.S., reported $486 million, or 85 cents a share, for the quarter ended Sept. 30, compared with $346.3 million, or 72 cents per share, a year ago.

Year to date, Chesapeake said it has made $1.5 billion, or $2.73 per share, compared with $1.1 billion, or $2.10 per share, a year ago. Revenue rose to $8.6 billion for the year from $5.7 billion.

Revenue nearly quadrupled to $7.5 billion in the quarter because of the hedges from $2 billion a year ago.

Natural Gas Inventory Report 10-30-08

Working gas in storage was 3,393 Bcf as of Friday, October 24, 2008, according to EIA estimates. This represents a net increase of 46 Bcf from the previous week. Stocks were 97 Bcf less than last year at this time and 97 Bcf above the 5-year average of 3,296 Bcf. In the East Region, stocks were 84 Bcf above the 5-year average following net injections of 19 Bcf. Stocks in the Producing Region were 3 Bcf below the 5-year average of 941 Bcf after a net injection of 20 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net addition of 7 Bcf. At 3,393 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 10-23-08

Working gas in storage was 3,347 Bcf as of Friday, October 17, 2008, according to EIA estimates. This represents a net increase of 70 Bcf from the previous week. Stocks were 77 Bcf less than last year at this time and 93 Bcf above the 5-year average of 3,254 Bcf. In the East Region, stocks were 88 Bcf above the 5-year average following net injections of 40 Bcf. Stocks in the Producing Region were 8 Bcf below the 5-year average of 926 Bcf after a net injection of 26 Bcf. Stocks in the West Region were 13 Bcf above the 5-year average after a net addition of 4 Bcf. At 3,347 Bcf, total working gas is within the 5-year historical range.

Russia, Iran and Qatar Seek Natural Gas Cartel

Russia, Iran and Qatar made the first serious moves Tuesday toward forming an OPEC-style cartel on natural gas, raising concerns that Moscow could boost its influence over energy markets spanning from Europe to South Asia.

The 27-nation European Union expressed strong opposition to any natural gas cartel Tuesday, with an EU spokesman, Ferran Tarradellas Espuny, saying: "The European Commission feels that energy supplies have to be sold in a free market."

Together Russia, Qatar and Iran account for nearly a third of world natural gas exports — the vast majority supplied by Russia — according to U.S. government statistics. The three hold some 60 percent of world gas reserves, according to Russia's state-controlled energy company Gazprom.

The United States — the world's largest consumer of oil and gas — produces most of its natural gas needs at home, importing only from Canada and Mexico.

Natural Gas Inventory Report 10-16-08

Working gas in storage was 3,277 Bcf as of Friday, October 10, 2008, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week. Stocks were 87 Bcf less than last year at this time and 85 Bcf above the 5-year average of 3,192 Bcf. In the East Region, stocks were 84 Bcf above the 5-year average following net injections of 46 Bcf. Stocks in the Producing Region were 15 Bcf below the 5-year average of 907 Bcf after a net injection of 25 Bcf. Stocks in the West Region were 17 Bcf above the 5-year average after a net addition of 8 Bcf. At 3,277 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 10-09-08

Working gas in storage was 3,198 Bcf as of Friday, October 3, 2008, according to EIA estimates. This represents a net increase of 88 Bcf from the previous week. Stocks were 117 Bcf less than last year at this time and 69 Bcf above the 5-year average of 3,129 Bcf. In the East Region, stocks were 76 Bcf above the 5-year average following net injections of 44 Bcf. Stocks in the Producing Region were 23 Bcf below the 5-year average of 890 Bcf after a net injection of 35 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net addition of 9 Bcf. At 3,198 Bcf, total working gas is within the 5-year historical range.

Chesapeake Energy Acquires Barnett Shale Assets

Chesapeake Energy Corp has purchased Barnett Shale assets from Exxon Mobil. The deal includes 24,000 acres of property and an 80-mile pipeline owned by an Exxon Mobil partnership in the Barnett Shale.


The Barnett Shale is one of the largest natural gas producing areas in the United States.

Terms of the deal were not disclosed.

Natural Gas Inventory Report 10-02-08

Working gas in storage was 3,110 Bcf as of Friday, September 26, 2008, according to EIA estimates. This represents a net increase of 87 Bcf from the previous week. Stocks were 137 Bcf less than last year at this time and 50 Bcf above the 5-year average of 3,060 Bcf. In the East Region, stocks were 74 Bcf above the 5-year average following net injections of 51 Bcf. Stocks in the Producing Region were 39 Bcf below the 5-year average of 871 Bcf after a net injection of 24 Bcf. Stocks in the West Region were 15 Bcf above the 5-year average after a net addition of 12 Bcf. At 3,110 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 9-25-08

Working gas in storage was 3,023 Bcf as of Friday, September 19, 2008, according to EIA estimates. This represents a net increase of 51 Bcf from the previous week. Stocks were 162 Bcf less than last year at this time and 35 Bcf above the 5-year average of 2,988 Bcf. In the East Region, stocks were 69 Bcf above the 5-year average following net injections of 33 Bcf. Stocks in the Producing Region were 46 Bcf below the 5-year average of 854 Bcf after a net injection of 6 Bcf. Stocks in the West Region were 12 Bcf above the 5-year average after a net addition of 12 Bcf. At 3,023 Bcf, total working gas is within the 5-year historical range.

Natural Gas Gains 2.53%

Chesapeake Energy (NYSE CHK) said in a news release Monday it would reduce capital expenditures by 17 percent because of a decrease in natural gas prices and concerns about the possibility of a gas surplus.

Of the total, $800 million affects the company's recent joint venture with BP America in the Fayetteville Shale in north-central Arkansas, Chesapeake said.

Chesapeake is one of several oil and gas exploration companies drilling in the Fayetteville Shale since the underground gas reserve was deemed commercially viable in 2002.

Natural Gas Inventory Report 9-18-08

Working gas in storage was 2,972 Bcf as of Friday, September 12, 2008, according to EIA estimates. This represents a net increase of 67 Bcf from the previous week. Stocks were 142 Bcf less than last year at this time and 61 Bcf above the 5-year average of 2,911 Bcf. In the East Region, stocks were 86 Bcf above the 5-year average following net injections of 48 Bcf. Stocks in the Producing Region were 33 Bcf below the 5-year average of 835 Bcf a net injection of 7 Bcf. Stocks in the West Region were 9 Bcf above the 5-year average after a net addition of 12 Bcf. At 2,972 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 9-11-08

Working gas in storage was 2,905 Bcf as of Friday, September 5, 2008, according to EIA estimates. This represents a net increase of 58 Bcf from the previous week. Stocks were 146 Bcf less than last year at this time and 82 Bcf above the 5-year average of 2,823 Bcf. In the East Region, stocks were 94 Bcf above the 5-year average following net injections of 47 Bcf. Stocks in the Producing Region were 18 Bcf below the 5-year average of 813 Bcf a net injection of 2 Bcf. Stocks in the West Region were 6 Bcf above the 5-year average after a net addition of 9 Bcf. At 2,905 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 9-04-08

Working gas in storage was 2,847 Bcf as of Friday, August 29, 2008, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week. Stocks were 148 Bcf less than last year at this time and 102 Bcf above the 5-year average of 2,745 Bcf. In the East Region, stocks were 100 Bcf above the 5-year average following net injections of 67 Bcf. Stocks in the Producing Region were 1 Bcf below the 5-year average of 794 Bcf a net injection of 16 Bcf. Stocks in the West Region were 3 Bcf above the 5-year average after a net addition of 7 Bcf. At 2,847 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 8-28-08

Working gas in storage was 2,757 Bcf as of Friday, August 22, 2008, according to EIA estimates. This represents a net increase of 102 Bcf from the previous week. Stocks were 200 Bcf less than last year at this time and 71 Bcf above the 5-year average of 2,686 Bcf. In the East Region, stocks were 78 Bcf above the 5-year average following net injections of 69 Bcf. Stocks in the Producing Region were 8 Bcf below the 5-year average of 785 Bcf a net injection of 25 Bcf. Stocks in the West Region were 1 Bcf above the 5-year average after a net addition of 8 Bcf. At 2,757 Bcf, total working gas is within the 5-year historical range.

Natural gas futures are up $0.18 per Mbtu on concerns that Gustav may enter the Gulf of Mexico.

Natural Gas Inventory Report 8-21-08

Working gas in storage was 2,655 Bcf as of Friday, August 15, 2008, according to EIA estimates. This represents a net increase of 88 Bcf from the previous week. Stocks were 264 Bcf less than last year at this time and 26 Bcf above the 5-year average of 2,629 Bcf. In the East Region, stocks were 54 Bcf above the 5-year average following net injections of 67 Bcf. Stocks in the Producing Region were 26 Bcf below the 5-year average of 778 Bcf a net injection of 16 Bcf. Stocks in the West Region were 2 Bcf below the 5-year average after a net addition of 5 Bcf. At 2,655 Bcf, total working gas is within the 5-year historical range.

Natural Gas Inventory Report 8-14-08

Working gas in storage was 2,567 Bcf as of Friday, August 8, 2008, according to EIA estimates. This represents a net increase of 50 Bcf from the previous week. Stocks were 330 Bcf less than last year at this time and 6 Bcf below the 5-year average of 2,573 Bcf. In the East Region, stocks were 34 Bcf above the 5-year average following net injections of 55 Bcf. Stocks in the Producing Region were 37 Bcf below the 5-year average of 773 Bcf a net withdrawal of 9 Bcf. Stocks in the West Region were 3 Bcf below the 5-year average after a net addition of 4 Bcf. At 2,567 Bcf, total working gas is within the 5-year historical range.

The New York Mercantile Exchange's natural gas benchmark closed the week at $8.24 per million btu, down from last week's $9.08.

$8.24 is within the high side of a seasonally adjusted price range. Last year at this time natural gas traded at $6.63.

Natural Gas Inventory Report 8-07-08

Working gas in storage was 2,517 Bcf as of Friday, August 1, 2008, according to EIA estimates. This represents a net increase of 56 Bcf from the previous week. Stocks were 353 Bcf less than last year at this time and 6 Bcf below the 5-year average of 2,523 Bcf. In the East Region, stocks were 19 Bcf above the 5-year average following net injections of 55 Bcf. Stocks in the Producing Region were 24 Bcf below the 5-year average of 769 Bcf a net withdrawal of 7 Bcf. Stocks in the West Region were 1 Bcf below the 5-year average after a net addition of 8 Bcf. At 2,517 Bcf, total working gas is within the 5-year historical range.


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Natural Gas Remains Oversold

Natural gas prices remain below the 200 day moving average with a Williams %R reading of -82.67

A reading of -80 to -100 is considered oversold.

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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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.
continued

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

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.

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.

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.

Natural Gas Inventory Report 6-26-08

Working gas in storage was 2,033 Bcf as of Friday, June 20, 2008, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week. Stocks were 382 Bcf less than last year at this time and 56 Bcf below the 5-year average of 2,089 Bcf. In the East Region, stocks were 26 Bcf below the 5-year average following net injections of 62 Bcf. Stocks in the Producing Region were 4 Bcf below the 5-year average of 689 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 2,033 Bcf, total working gas is within the 5-year historical range.

July natural gas futures rose 13.3 cents to settle at $12.994 per 1,000 cubic feet in trading on the NYMEX.

Natural Gas Inventory Report 6-19-08

Working gas in storage was 1,943 Bcf as of Friday, June 13, 2008, according to EIA estimates. This represents a net increase of 57 Bcf from the previous week. Stocks were 376 Bcf less than last year at this time and 52 Bcf below the 5-year average of 1,995 Bcf. In the East Region, stocks were 27 Bcf below the 5-year average following net injections of 38 Bcf. Stocks in the Producing Region were 1 Bcf below the 5-year average of 668 Bcf a net injection of 7 Bcf. Stocks in the West Region were 24 Bcf below the 5-year average after a net addition of 12 Bcf. At 1,943 Bcf, total working gas is within the 5-year historical range.

July natural gas futures fell 13 cents to $12.668 per 1,000 cubic feet.

Natural Gas Inventory Report 6-12-08

Working gas in storage was 1,886 Bcf as of Friday, June 6, 2008, according to EIA estimates. This represents a net increase of 80 Bcf from the previous week. Stocks were 343 Bcf less than last year at this time and 19 Bcf below the 5-year average of 1,905 Bcf. In the East Region, stocks were 6 Bcf below the 5-year average following net injections of 54 Bcf. Stocks in the Producing Region were 11 Bcf above the 5-year average of 649 Bcf a net injection of 10 Bcf. Stocks in the West Region were 23 Bcf below the 5-year average after a net addition of 16 Bcf. At 1,886 Bcf, total working gas is within the 5-year historical range.

CHK Poised To Become Largest Natural Gas Producer

NEW YORK (Associated Press) - Chesapeake Energy Corp. is poised to soon become the largest producer of U.S. natural gas, the company's chairman and chief executive officer said Friday.

Speaking at the company's annual shareholders meeting, Aubrey McClendon said he expects the company's gas production to surpass that of the top two producers, BP PLC and Anadarko Petroleum Corp., within the next two months.

McClendon said Chesapeake's daily gas production during the first quarter of this year was only 86 million cubic feet, or MMcf, behind that of BP PLC. Chesapeake's average daily production in 2007 was 1,957 MMcf per day, a 23 percent increase over the previous year.
Continued......

Natural Gas Prices Continue To Surge

Natural gas futures gained 25 cents to $12.769 per 1,000 cubic feet in trading on the NYMEX.

Natural Gas Inventory Report 6-05-08

Working gas in storage was 1,806 Bcf as of Friday, May 30, 2008, according to EIA estimates. This represents a net increase of 105 Bcf from the previous week. Stocks were 326 Bcf less than last year at this time and 1 Bcf below the 5-year average of 1,807 Bcf. In the East Region, stocks were 1 Bcf above the 5-year average following net injections of 60 Bcf. Stocks in the Producing Region were 24 Bcf above the 5-year average of 626 Bcf a net injection of 28 Bcf. Stocks in the West Region were 26 Bcf below the 5-year average after a net addition of 17 Bcf. At 1,806 Bcf, total working gas is within the 5-year historical range.

Natural Gas Continues Price Breakout

July natural gas futures are currently trading up 7.6 cents to $12.297 on the NYMEX.

Natural Gas Inventory Report 5-29-08

Working gas in storage was 1,701 Bcf as of Friday, May 23, 2008, according to EIA estimates. This represents a net increase of 87 Bcf from the previous week. Stocks were 321 Bcf less than last year at this time and 8 Bcf below the 5-year average of 1,709 Bcf. In the East Region, stocks were 1 Bcf above the 5-year average following net injections of 48 Bcf. Stocks in the Producing Region were 20 Bcf above the 5-year average of 602 Bcf after a net injection of 27 Bcf. Stocks in the West Region were 29 Bcf below the 5-year average after a net addition of 12 Bcf. At 1,701 Bcf, total working gas is within the 5-year historical range.

July Natural Gas Hits $12

June natural gas declined 6 cents in trading on the NYMEX to close at $11.80

The June contract expires Wednesday.

July natural gas gained 1.9 cents to $12 per million Btu.

June Natural Gas Contract Hits Record NYMEX High

Natural gas for June delivery hit a high of $11.87 per million British thermal units in trading on the NYMEX. That price represents a record high for a June natural gas contract on the NYMEX.

Natural gas gained 6.8% for the week fueled by a declining dollar, higher oil, and speculation of supply disruptions during the hurricane season.

Natural Gas Inventory Report 5-22-08

Working gas in storage was 1,614 Bcf as of Friday, May 16, 2008, according to EIA estimates. This represents a net increase of 85 Bcf from the previous week. Stocks were 302 Bcf less than last year at this time and 3 Bcf below the 5-year average of 1,617 Bcf. In the East Region, stocks were 12 Bcf above the 5-year average following net injections of 54 Bcf. Stocks in the Producing Region were 14 Bcf above the 5-year average of 581 Bcf after a net injection of 19 Bcf. Stocks in the West Region were 29 Bcf below the 5-year average after a net addition of 12 Bcf. At 1,614 Bcf, total working gas is within the 5-year historical range.

July Natural gas futures gained 16.5 cents to $11.530 per 1,000 cubic feet in trading on the NYMEX.

Natural Gas Inventory Report 5-15-08

Working gas in storage was 1,529 Bcf as of Friday, May 9, 2008, according to EIA estimates. This represents a net increase of 93 Bcf from the previous week. Stocks were 286 Bcf less than last year at this time and 3 Bcf above the 5-year average of 1,526 Bcf. In the East Region, stocks were 16 Bcf above the 5-year average following net injections of 53 Bcf. Stocks in the Producing Region were 16 Bcf above the 5-year average of 560 Bcf after a net injection of 27 Bcf. Stocks in the West Region were 29 Bcf below the 5-year average after a net addition of 13 Bcf. At 1,529 Bcf, total working gas is within the 5-year historical range.

Natural Gas Hits $11.537

June natural gas futures rose 27.4 cents to settle at $11.537 per 1,000 cubic feet in trading on the NYMEX.

Natural Gas Inventory Report 5-08-08

Working gas in storage was 1,436 Bcf as of Friday, May 2, 2008, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 284 Bcf less than last year at this time and 11 Bcf below the 5-year average of 1,447 Bcf. In the East Region, stocks were 12 Bcf above the 5-year average following net injections of 38 Bcf. Stocks in the Producing Region were 8 Bcf above the 5-year average of 541 Bcf after a net injection of 18 Bcf. Stocks in the West Region were 32 Bcf below the 5-year average after a net addition of 9 Bcf. At 1,436 Bcf, total working gas is within the 5-year historical range.

Dallas Federal Reserve Forecasts Higher Natural Gas Prices

A report by the Federal Reserve Bank of Dallas predicts higher U.S. natural gas prices.

"Higher oil prices, several cold spells, seasonal gains in demand, reduced inventories and expectations of increasing natural gas use to generate electricity are continuing to push prices upward," the bank says in its first quarter energy report.

"Much higher natural gas prices seem likely even though U.S. producers are thought to be sitting on sizable supplies of undeveloped resources," the bank says. "A recovery in U.S. manufacturing should sharply boost natural gas demand. Once LNG imports become the marginal source of U.S. supply, much higher international natural gas prices should prevail."

HOUSTON, May 1 (Reuters) - Chesapeake Energy Corp. on Thursday reported a first-quarter net loss related to hedges, compared with a year-ago profit.

Chesapeake, based in Oklahoma City, Oklahoma, had a net loss available to shareholders of $143 million, or 29 cents per diluted share, compared with a profit of $232 million or 50 cents per diluted share in the same period a year earlier.

Revenue was nearly flat at $1.6 billion.

Natural Gas Inventory Report 5-01-08

Working gas in storage was 1,371 Bcf as of Friday, April 25, 2008, according to EIA estimates. This represents a net increase of 86 Bcf from the previous week. Stocks were 255 Bcf less than last year at this time and 3 Bcf below the 5-year average of 1,374 Bcf. In the East Region, stocks were 16 Bcf above the 5-year average following net injections of 54 Bcf. Stocks in the Producing Region were 11 Bcf above the 5-year average of 520 Bcf after a net injection of 25 Bcf. Stocks in the West Region were 31 Bcf below the 5-year average after a net addition of 7 Bcf. At 1,371 Bcf, total working gas is within the 5-year historical range.

Natural Gas Gaining Favor As Vehicle Fuel

Rising gasoline prices are leading to increased demand for natural gas vehicles by both commercial fleets and individuals. The accompanying video demonstrates the implementation of CNG vehicles by transit agencies.

AP reports.......Personal ownership of natural gas-fueled vehicles in Utah soared from practically nothing a few years ago to an estimated 5,000 vehicles today, overwhelming a growing refueling network, where compressors sometimes can't maintain enough pressure to fill tanks completely for every customer.

"Nobody expected this kind of growth. We got caught by the demand," said Gordon Larsen, a supervisor at Utah utility Questar Gas.

Utah has 91 stations, including 20 open to the public, mostly in the Salt Lake City area. The others are reserved for commercial drivers, such as school districts, bus fleets and big businesses such as a Coca-Cola distributor.

Natural Gas Crosses $11

May natural gas contracts rose 1.6% (17.3 cents) to close at $10.963 in NYMEX trading.

After hours trading hit $11.05, the highest intraday natural gas price since 12-30-05.

The contract for May natural gas gained 4 percent this week and expires on April 28.

Natural Gas Inventory Report 4-24-08

Working gas in storage was 1,285 Bcf as of Friday, April 18, 2008, according to EIA estimates. This represents a net increase of 24 Bcf from the previous week. Stocks were 274 Bcf less than last year at this time and 25 Bcf below the 5-year average of 1,310 Bcf. In the East Region, stocks were 1 Bcf below the 5-year average following net injections of 16 Bcf. Stocks in the Producing Region were 6 Bcf above the 5-year average of 500 Bcf after a net injection of 3 Bcf. Stocks in the West Region were 31 Bcf below the 5-year average after a net addition of 5 Bcf. At 1,285 Bcf, total working gas is within the 5-year historical range.

Natural Gas Hits 27 Month High

Natural gas for May delivery closed 17.4 cents, or 1.6%, higher at $10.781 in trading on the NYMEX. Natural gas prices now sit at a 27 month high ahead of Thursday's inventory data.

Natural Gas Crosses $10.50

May natural gas futures rose 20.4 cents to settle at $10.587 per 1,000 cubic feet in trading on the NYMEX.

Global Demand Continues To Drive Natural Gas Prices Higher

(WSJ) Americans feeling the pain of record gasoline prices now face the likelihood of another fuel shock, from natural gas.

Prices in the U.S. have risen 93% since late August as power-hungry nations like South Korea and Japan compete in a global natural-gas market that scarcely existed a half-decade ago. Still, U.S. prices are as low as half the level of some overseas markets, suggesting they have much further to rise.

Continued WSJ

Natural Gas Inventory Report 4-17-08

Working gas in storage was 1,261 Bcf as of Friday, April 11, 2008, according to EIA estimates. This represents a net increase of 27 Bcf from the previous week. Stocks were 298 Bcf less than last year at this time and 3 Bcf below the 5-year average of 1,264 Bcf. In the East Region, stocks were 8 Bcf above the 5-year average following net injections of 19 Bcf. Stocks in the Producing Region were 19 Bcf above the 5-year average of 484 Bcf after a net injection of 5 Bcf. Stocks in the West Region were 30 Bcf below the 5-year average after a net addition of 3 Bcf. At 1,261 Bcf, total working gas is within the 5-year historical range.

May natural gas rose 15.2 cents to settle at $10.053 per 1,000 cubic feet.

EIA`s Weekly Natural Gas Storage Report ...the net withdrawal from working gas storage of 14 billion cubic feet (Bcf) is a dramatic departure from the 5-year average net injection of 15 Bcf and 2007's net injection of 33 Bcf for the same report week.


Heating demand for natural gas ... heating degree-days in the Lower 48 States were about 7% above normal levels during the report week (March 28-April 4, 2008) and almost 62% above the level reported for the same week last year, according to the National Weather Service`s degree-day data.

Natural Gas Inventory Report 4-10-08

Working gas in storage was 1,234 Bcf as of Friday, April 4, 2008, according to EIA estimates. This represents a net decline of 14 Bcf from the previous week. Stocks were 351 Bcf less than last year at this time and 23 Bcf below the 5-year average of 1,257 Bcf. In the East Region, stocks were 16 Bcf below the 5-year average following net withdrawals of 12 Bcf. Stocks in the Producing Region were 22 Bcf above the 5-year average of 476 Bcf after no net change in stock levels. Stocks in the West Region were 29 Bcf below the 5-year average after a net drawdown of 2 Bcf. At 1,234 Bcf, total working gas is within the 5-year historical range.

Natural gas continued to rally ahead of Thursday's inventory report. Analysts expect another decline in natural gas supplies due to a reduction in LNG imports.

Natural gas for May delivery gained 4.2 percent or 40.3 cents to $10.10 per million British thermal units on the New York Mercantile Exchange. Natural gas prices are currently up 35% in 2008.

HOUSTON, April 8, 2008 /PRNewswire-FirstCall/ -- Apache Corporation announced today that horizontal wells drilled in the Ootla shale play in Northeast British Columbia test-flowed at rates of 8.8 million cubic feet (MMcf), 6.1 MMcf and 5.3 MMcf of gas per day.

The three wells drilled during the 2008 winter season are producing from the Muskwa shale and flowing through Apache's Missile gas plant. The Ootla area is in the northeast corner of British Columbia, about 60 miles from Fort Nelson, B.C.

"Although we are still in the early stages of understanding the full scope of this play, these three wells help validate our view that Ootla has the potential to be one of the larger shale gas accumulations in North America," said G. Steven Farris, Apache's president and chief executive officer.

Apache Press Release

Natural Gas Stages Rally

Natural gas for May delivery rose 46.9 cents, or 5 percent, to settle at $9.791 per million btu in NYMEX trading.

Natural gas prices are up 30 percent from a year ago.

Analyst Forecasts $12 Natural Gas

``There's a real tug of war going on between the bulls and the bears,'' said Carl Neill, an energy analyst at Risk Management Inc. in Chicago. ``Natural gas storage is low, though there's nothing to really move the market right now'' as temperatures moderate with spring's arrival.

Futures prices are getting ``good support'' around $9.40 per million Btu and will probably move higher to about $12 this summer, Neill said.

Natural Gas Inventory Report 4-03-08

Working gas in storage was 1,248 Bcf as of Friday, March 28, 2008, according to EIA estimates. This represents a net decline of 29 Bcf from the previous week. Stocks were 304 Bcf less than last year at this time and 6 Bcf above the 5-year average of 1,242 Bcf. In the East Region, stocks were 2 Bcf below the 5-year average following net withdrawals of 32 Bcf. Stocks in the Producing Region were 33 Bcf above the 5-year average of 465 Bcf after a net injection of 4 Bcf. Stocks in the West Region were 25 Bcf below the 5-year average after a net drawdown of 1 Bcf. At 1,248 Bcf, total working gas is within the 5-year historical range.

T Boone Pickens Interview

DVN Forecasts Higher Barnett Shale Production

Devon Energy (NYSE DVN) forecasts that production in the Barnett Shale will hit 1 billion cubic feet per day during the second quarter of 2008.

DVN currently produces 970 million cubic feet of natural gas per day from it's Barnett Shale operations in Texas. DVN uses both vertical and horizontal wells to captured natural gas held in shale deposits.

Natural gas futures gained 5 cents on Friday to close at $9.735 per 1,000 cubic feet.

Natural Gas Inventory Report 3-27-08

Working gas in storage was 1,277 Bcf as of Friday, March 21, 2008, according to EIA estimates. This represents a net decline of 36 Bcf from the previous week. Stocks were 240 Bcf less than last year at this time and 33 Bcf above the 5-year average of 1,244 Bcf. In the East Region, stocks were 19 Bcf above the 5-year average following net withdrawals of 33 Bcf. Stocks in the Producing Region were 38 Bcf above the 5-year average of 456 Bcf after a net injection of 4 Bcf. Stocks in the West Region were 24 Bcf below the 5-year average after a net drawdown of 7 Bcf. At 1,277 Bcf, total working gas is within the 5-year historical range.

Natural Gas Continues To Trend Higher

Natural Gas for May delivery traded higher on Wednesday, crossing and closing above the 10 day moving average, which indicates the likelihood of a higher opening on Thursday ahead of the latest inventory data.

InsideThePipelines.com will report the weekly natural gas inventory data immediately after the release at 10:30 am ET on Thursday.

Weather Outlook Lifts Natural Gas

A relatively cold forecast for much of the US over the next two weeks helped spur natural gas prices higher on Tuesday.

April natural gas closed up 9 cents to $9.419 in trading on the NYMEX.

Natural gas continued to trade higher on Monday after prices found support at the 50 day moving average.

April natural gas finished up 26.4 cents (2.9%) to close at $9.329 in trading on the NYMEX.

Natural Gas bounced off the 50 day moving average before closing slightly higher on Thursday.

Natural Gas Inventory Report 3-20-08

Working gas in storage was 1,313 Bcf as of Friday, March 14, 2008, according to EIA estimates. This represents a net decline of 85 Bcf from the previous week. Stocks were 215 Bcf less than last year at this time and 29 Bcf above the 5-year average of 1,284 Bcf. In the East Region, stocks were 14 Bcf above the 5-year average following net withdrawals of 66 Bcf. Stocks in the Producing Region were 33 Bcf above the 5-year average of 457 Bcf after a net withdrawal of 22 Bcf. Stocks in the West Region were 19 Bcf below the 5-year average after a net addition of 3 Bcf. At 1,313 Bcf, total working gas is within the 5-year historical range.

Natural Gas Pauses Amid Breakout

In Friday's NYMEX trading natural gas futures fell 15 cents to $10.08 per 1,000 cubic feet. Natural gas is up 42% from the same period in 2007.

Natural Gas Inventory Report 3-13-08

Working gas in storage was 1,398 Bcf as of Friday, March 7, 2008, according to EIA estimates. This represents a net decline of 86 Bcf from the previous week. Stocks were 151 Bcf less than last year at this time and 57 Bcf above the 5-year average of 1,341 Bcf. In the East Region, stocks were 30 Bcf above the 5-year average following net withdrawals of 54 Bcf. Stocks in the Producing Region were 52 Bcf above the 5-year average of 460 Bcf after a net withdrawal of 23 Bcf. Stocks in the West Region were 24 Bcf below the 5-year average after a net drawdown of 9 Bcf. At 1,398 Bcf, total working gas is within the 5-year historical range.

1971 Natural Gas PSA

Natural Gas Hits 2 Year High