In recent history, gas prices have generally followed a relatively seasonal pattern with prices rising during the summer driving season and falling after Labor Day. However, 2010 has seen a reversal in this pattern; the national average price has risen by 30 cents per gallon since Labor Day, the largest increase over that period since the 1990 inception of Energy Information Agency (EIA) weekly published retail gasoline price data. The current average price range in the US for the third week of December of approximately $2.98 per gallon is the second highest on record, eclipsed only by the 2007 average price reaching $3.00 per gallon.
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Natural gas prices rose 0.082 cents to $4.238 per million British thermal units. For full story, click here
Shares in Dana Petroleum gain 5.1 percent after the oil and gas producer says its average production for 2008 rose 29 percent to 39,400 barrels of oil equivalent per day (boepd), and its 2009 output is likely to be between 37,000 boepd and 41,000 boepd. For full story, click here
In Fitzman vernacular “to shine” means to ignore, blow-off, or “diss”. Which is exactly what Obama did when he delivered his first major policy speech on energy since becoming our Commander-in-Chief: Obama “shined” natural gas. For full story, click here
There is no comfort provided by this update as we expect that the [natural gas] price softness seen in the early stages of 2009 will extend throughout the calendar year, the First Energy Capital analyst wrote in a note to clients For full story, click here
Oil&Gas Index were witnessing selling pressure. For full story, click here
ONGC to be exempted from subsidising domestic LPG and kerosene as steep fall in global crude oil prices has eroded gains. For full story, click here
Natural gas prices also declined during the first half of October. Natural gas closed at $7.728 per million British thermal units (mmBtu) on Oct. 1 on NYMEX and declined $1.136 – 15 percent – to $6.592 per mmBtu . For full story, click here
Natural gas prices in Georgia sank this month, following a national trend of falling energy prices. Defying the market’s usual cold weather logic, long-term contracts are going for bargain prices, as long as customers choose the right marketer. For full story, click here
Natural gas inventories fell by 124 billion cubic feet to stand at 3,167 billion cubic feet during the week ended Dec. 12, the U.S. Energy Information Administration reported. For full story, click here