December

December natural gas is expected to open 3 cents higher Friday morning at $2.96 as overnight weather models suggest increasing cold Canadian air short term. Overnight oil markets rose.

December natural gas is expected to open a penny higher Wednesday morning at $2.91 as overnight weather data turned slightly cooler. Oil markets gained ground.

North Dakota oil and natural gas production plunged in December with oil again dropping below the 1 million b/d average, but prices and rig counts have held through January, state energy officials said Wednesday. The decline month/month was the biggest reduction ever since the Bakken Shale boom began a decade ago.

It was a long time coming — 24 months or so — but the end of the Texas upstream oil and gas slump arrived in December, according to the economist who maintains the Texas Petro Index (TPI), a barometer of industry health in the Lone Star State.

The U.S. land-based rig return broke its stride during the week ending Friday, Jan. 13, with the count dropping by six units. Canada more than made up for U.S. losses, adding 110 rigs as crews returned from holiday break and rushed to drill more wells before the spring thaw.

The U.S. land-based rig count dropped for the first time in about two months during the week ending Friday, Jan. 13.

U.S. land permits for oil and gas development jumped 6% from November to December, the second highest monthly permit total in 2016 and an unlikely departure for the usually slow holiday season. The accelerated permitting activity is predicted to lead to an onshore rig count that’s higher in 2017 than many experts are predicting.

December natural gas is expected to open 9 cents higher Friday morning at $2.79 as traders survey the weather/supply landscape and see a market having discounted many bearish dynamics. Overnight oil markets inched higher.

December futures are expected to open 3 cents lower Thursday morning at $2.73 before release of a government inventory report that is expected to show record levels of natural gas in storage. Weather forecasters are mulling a variety of 11- to 15-day model interpretations. Overnight oil markets rose.