Closing

Following its close above $4 on Monday, the December natural gas futures contract continued to march higher on Tuesday to a peak of $4.228 before closing the regular session at $4.210, up 12.2 cents on the day.

December natural gas futures traded in a tight 10-cent range on Friday before closing the regular session at $3.937, up 8.1 cents from Thursday’s finish but 10.1 cents lower than the previous week’s close.

Natural gas futures traders put the brakes on last week’s late rally as the December contract on Monday recorded a low of $3.825 before closing out the regular session at $3.832, down 20.6 cents from Friday’s finish.

Even with three days of flat to much stronger pricing Monday through Wednesday, only Marcellus Shale numbers in northeast Pennsylvania were able to eke out a small gain during the week ending Thursday. Other plays fell 6-12 cents during that period.

EnerVest Ltd. and affiliated partnerships including EV Energy Partners LP have agreed to buy oil and gas properties in the Barnett Shale from Talon Oil & Gas LLC for $967 million. The price, subject to adjustments, includes 3-D seismic across all of the acreage and hedges from the seller. The majority of the 20,207 gross acres is in the core of the Barnett Shale in North Texas. The properties produce 87 MMcfe/d from 212 active wells, with 1.1 Tcfe in reserves. The acquisition adds the Barnett Shale as EnerVest’s fourth core operating area. Production from the wells is 29% natural gas liquids/71% natural gas, the company said. EnerVest said it will produce 384 MMcfe/d from 18,530 wells with 2.7 Tcfe of reserves upon closing of the acquisition, which is scheduled for Dec. 30.

Taking a break from notching new 13-month lows, November natural gas futures on Tuesday — one day ahead of expiration — recorded a low of $3.263 before closing the regular session at $3.354, up 3.7 cents from Monday’s finish.

Natural gas futures pushed higher for a second straight day as the October contract tested $4 resistance on Wednesday before closing at $3.966, up 4.7 cents from Tuesday’s finish.

Natural gas futures traders continued to probe $4 support on Tuesday as the September contract recorded a low of $4.027 before closing at $4.039, down 2.7 cents from Monday’s finish.

September natural gas futures traded in a 10-cent range on Tuesday between $4.276 and $4.370 before closing the regular session at $4.297, down 1.2 cents from Monday’s finish.