Alleviated

CONSOL Energy Inc.’s Appalachian-based natural gas division produced a record 40.4 Bcf in 3Q2011, or nearly 13% more, than the 35.8 Bcf produced in the year-ago period, the company reported last week. Separately, Magnum Hunter Resources Corp. also is seeing strong results in the Marcellus Shale but said gas sales have been constrained because of “volume limitations” in some midstream infrastructure.

CONSOL Energy Inc.’s natural gas division said Thursday it produced a record 40.4 Bcf in 3Q2011, or nearly 13% more than the 35.8 Bcf produced in the year-ago period. Separately, Magnum Hunter Resources Corp. also reported strong results in Appalachia, but it said gas sales have been constrained because of “volume limitations” in some midstream infrastructure.

Natural gas futures finished on a sour note Wednesday as tradersalleviated overbought conditions and took profits both before andafter the release of fresh storage data. After opening lower, theApril contract worked its way down throughout much of the sessionbefore tumbling at the closing bell to finish at $2.71. The promptmonth’s 8.9-cent decline was trumped only by the May contract,which dropped 9 cents to finish as $2.747. Estimated volume wasmodest with only 63,810 contracts changing hands.