Alex Steis

Returning after the holiday weekend, natural gas bulls looked to regain control of the futures and cash markets on reports that the recent warm-up is expected to be short-lived for much of the country. NGI’s National Spot Gas Average on Tuesday increased 9 cents to $3.60, and the January futures contract added 9.9 cents to close the day’s regular trading session at $3.761.

While still taking a cautious approach to investment due to the current business climate, Houston-based Phillips 66 said Friday that more than half of its 2017 capital budget will be allotted to the company’s natural gas liquids (NGL) and transportation businesses, with 85% of that targeting growth projects.

Looking to expand its portfolio of Permian sub-basin targets, Dallas-based RSP Permian Inc. said this week that it has completed the first part of itspreviously announced acquisitions of Silver Hill Energy Partners, LLC (“SHEP I”) and Silver Hill E&P II, LLC (“SHEP II).

Coming off of gains in both the natural gas and oil arenas the previous week (see Shale Daily,June 17), U.S. rig watchers and their claims of recovery were forced to digest mixed news Friday as the number of gas rigs continued to climb, but the oil count stumbled, according to Baker Hughes data for the week ending June 24.

Physical natural gas trading was a mixed bag for the week ending May 13 as most of the country’s pricing points enjoyed gains from a couple of pennies to a little more than a nickel, with the exception of points in the Midwest and Northeast, where declines ruled. The divided nation resulted in NGI’s National Spot Gas Average for the week standing pat at $1.87.

End-of-week selling on Friday produced a sea of red for natural gas prices for deliveries Saturday through Monday, while natural gas futures followed suit as the June contract slumped 5.9 cents to finish the day’s regular session at $2.096, down five-tenths of a penny from the previous Friday’s close.

End-of-week selling on Friday produced a sea of red for natural gas prices for deliveries Saturday through Monday, while natural gas futures followed suit as the June contract slumped 5.9 cents to finish the day’s regular session at $2.096, down five-tenths of a penny from the previous Friday’s close.

Physical natural gas trading was a mixed bag for the week ending May 13 as most of the country’s pricing points enjoyed gains from a couple of pennies to a little more than a nickel, with the exception of points in the Midwest and Northeast, where declines ruled. The divided nation resulted in NGI’s National Spot Gas Average for the week standing pat at $1.87.

Natural gas futures bulls and bears were equally unimpressed Thursday morning following news that a slightly-less-than-expected 56 Bcf was deposited in underground storage for the week ending May 6.