John Wilen from the Associated Press reported today that the oil and gas futures jumped Tuesday morning, August 14, 2007 after the National Hurricane Center upgraded a tropical depression in the Atlantic Ocean to tropical storm status. After the futures jump up and increased their prices, the prices then moderated as traders learned that Tropical Storm Dean's course is far from clear and turned their focus to Wall Street, where the Dow Jones industrials were down more than 100 points in the afternoon, analysts said.

Once again we see the roller coaster movement of the oil and gas futures field, but it rarely translates into plus or minus gains for the well owners who have a pretty standard price that they receive for the one million Btus for the standard cubic feet of gas per day that moves out of their wells on a daily basis.

Today’s final prices per million Btus

Nymex Henry Hub Future 7.10

Henry Hub Spot 6.86

New York City Gate Spot 7.53