Fell

Both cash and futures markets fell Tuesday following weather reports that suggested a mild March and incorporated little in the way of blocking patterns necessary for any large-scale cold influx. Notable exceptions were New England and eastern points, which experienced double-digit price erosion as almost spring-like conditions were forecast for Boston and portions of the East Coast.

Officials with the Department of Energy’s (DOE) Energy Information Administration (EIA) said they plan to publish their annual report on proved reserves in the Marcellus Shale by spring. However, budget cuts last year temporarily forced the agency to cut the report.

Hess Corp. officials said last week that although production fell in 2011 and it suffered a net earnings loss in the final quarter, they are confident 2012 will be a better year as they move forward with promising development in North America’s onshore and the deepwater Gulf of Mexico (GOM).

Hess Corp.’s total crude oil and natural gas production fell in 2011 and it suffered a net loss in the fourth quarter, but company officials said Wednesday they are confident this year will be better as the company commits to developing its growing North American unconventional portfolio.

Hess Corp. officials said that although production fell in 2011 and the company suffered a net loss in the final quarter, they are confident 2012 will be a better year as they move forward with promising development in North America’s onshore and the deepwater Gulf of Mexico (GOM).

Prices fell at all but two points Tuesday in the start of the third holiday-shortened trading period in less than a month. The softness appeared to defy cooling trends forecast for Wednesday in the Midwest and South while the Northeast gave up Friday’s big gains even with lows below freezing remaining in the next-day forecast.

Looking much like the previous day’s market, prices fell at a large majority of points Friday while soaring at several Northeast citygates. The main difference was that all of Thursday’s Northeast gains were less than a dollar, but on Friday several were in triple digits.

Prices for gas for Monday delivery fell an average of just over a penny nationwide Friday. Buyers in the Midwest reported a quiet market with Monday gas at NNG Demarcation falling just over three cents and gas at the Chicago citygates dropping slightly less than two cents. West Coast gas for the weekend and Monday softened amid the highest recorded flows on the newly opened Ruby pipeline.

EXCO Resources Inc. saw record net production volumes during 3Q2011, helped in large part by strong results in the Haynesville/Bossier shale play in Louisiana and Texas and growing momentum in the Marcellus Shale, where it is seeking additional acreage.