Cautious

As oil and gas companies look to hire local workers in eastern Ohio’s booming Marcellus and Utica shales, local and company officials say they are keeping a cautious eye on the issue of drug abuse in the region.

Global natural gas and oil companies remain cautious as they consider making new investments and hiring more employees, but a surge in worldwide energy demand should increase hiring to the end of this year, according to a report released on Wednesday.

A moratorium on Marcellus Shale permits could be back on the table in Maryland.

January natural gas futures posted gains as near-term weather prompted buying, but traders were cautious about projecting the weather-driven gains further, and suggested that prices would have to reach higher thresholds to prompt additional gains. January futures rose 15.7 cents to $5.645 and February added 15.6 cents to $5.675. January crude oil dropped $1.77 to $44.51/bbl.

Natural gas futures climbed modestly higher Wednesday, fueled by cautious optimism over expectations of a large storage draw set to be announced Thursday morning combined with an increasingly bullish technical outlook. The March contract closed at $6.376, up 6 cents for the session, but down more than a dime from its $6.48 high on the day.

Despite mild-temperature forecasts, the natural gas futures market rebounded Monday as traders bid prices higher on concerns over increased tropical activity in the Atlantic Ocean and Gulf of Mexico. At $5.70 the September contract gapped higher at the opening bell on its way to an early high at $5.75. The contract eased slightly in the late morning hours and then stabilized in quiet afternoon trading. September closed at $5.693, up 10.5 cents for the session.

Following a four-day, 55-cent rally, the natural gas futures market cooled its jets Tuesday as traders considered the impact of what some suspect may be the largest storage injection in the nearly 10-year data history. However, after being given the green light by the lower opening, bears failed to capitalize on the opportunity, leaving only light profit-taking to push prices lower.

Stemming a two-day, 22-cent price erosion, natural gas futures turned modestly higher in an abbreviated pre-holiday weekend session Friday, as profit taking gave way to a steady stream of end-user buying. The March contract looked poised to hit the $2.12 low notched last Monday, but after sellers ran out of gas early Friday the way was paved for a positive close. At 1 p.m. Friday the March contract settled 2 cents higher for the day and 1.5 cents higher for the week at $2.206.

After plumbing to a new 29-month prompt month low last week, natural gas futures finished on a neutral note Friday with a modest decline in the front month, contrasted by slight up-ticks in the out months. The October contract closed at $2.103, down 3.4 cents for the session, but off its new life-of-contract low notched Thursday at $2.03. Meanwhile, the 12-month strip posted its second-straight positive close, gaining 0.8 cents to $2.836.