Natural Gas News – August 8, 2017

Natural Gas News – August 8, 2017

BP makes big natural gas find near Colorado border in San Juan Basin

The Denver Post reports: Oil giant BP has made a natural gas discovery in the Mancos formation of the San Juan Basin near the Colorado border that could help revive the fortunes of an out-of-favor region. The company, which is relocating the headquarters for its U.S. onshore operations to Denver, said Monday a new well it drilled seven miles south of the the Colorado border in New Mexico averaged production of 12.9 million cubic feet of gas per day, the highest achieved by a well in that area in 14 years. “Given the very strong initial production rates of this well, we believe there is potential for the Mancos Shale to be a large gas play,” said spokesman Brett Clanton. “It’s still early, but based on this initial success, we will be drilling more wells in the Mancos this year.” For more visit seattletimes.com or click the following link http://dpo.st/2ulEga0

U.S. natural gas futures remain within sight of 5-month lows

Investing reports: U.S. natural gas futures struggled for direction in subdued trade on Tuesday, remaining within sight of their lowest level in more than five months. U.S. natural gas for September delivery was at $2.800 per million British thermal units by 9:05AM ET (1305GMT), down 0.1 cents, or less than 0.1%. Natural gas futures ended higher on Monday, snapping a three-day losing streak. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer cooling demand. time of year. Early market expectations for this week’s storage data due on Thursday is for a build in a range between 32 and 42 billion cubic feet in the week ended August 4. For more on this story visit investing.com or click http://bit.ly/2wEpbga

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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