Natural gas production from seven of the most prolific onshore U.S. unconventional plays is likely to decline in April compared with March, and oil production will remain nearly unchanged, according to the Energy Information Administration (EIA).
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November natural gas is set to open 5 cents lower Wednesday morning at $2.91 as weather models continue to call for ongoing warmth in key energy markets. Overnight oil markets rose.
October natural gas was trading about 3 cents lower at $3.040 in the opening minutes Friday as traders mull only minimal changes to the near-term temperature outlook. Overnight oil markets eased.
The expiring September natural gas futures are expected to open 2 cents higher Tuesday morning at $2.94 as traders turn their attention more to Harvey-driven supply disruption than falling demand. Overnight oil markets gained.
September natural gas is set to open 4 cents higher Tuesday morning at $3 as traders see an improved technical picture and attempt to rationalize unsupportive weather. Overnight oil markets were narrowly mixed.
August natural gas is set to open 3 cents lower Thursday morning at $2.96 as traders focus more on near term temperature moderation and less on expected supportive government storage data. Overnight oil markets were narrowly mixed.
July natural gas is set to open a penny higher Friday morning at $3.04 as traders digest Thursday’s positive market response to an otherwise bearish storage report and weather forecasts for next week continue hot. Overnight oil markets were narrowly mixed.
The expiring June natural gas contract is expected to open a penny higher Friday morning at $3.19 as traders note little downside to an oversupplied market. Overnight oil markets were narrowly lower.
Natural gas and oil production out of the nation’s seven most prolific unconventional plays will increase in May, as it has done each month this year, and the total number of drilled but uncompleted (DUC) wells in the plays will also increase, according to data from the Energy Information Administration (EIA).