Forecast

Canadians can make a strong start on tapping Alberta’s Duvernay Shale, even if natural gas and oil prices stay flat, according to an economic geology forecast by government earth scientists.

January natural gas was set to open about 5.4 cents higher at around $3.071 Tuesday as the market looks ahead to potential cold developing in the long-range forecast.

December natural gas was set to open about 2 cents lower Wednesday at around $2.996 as more warming showed up overnight in the medium-range forecast.

December natural gas was set to open Tuesday about a penny lower at around $3.035 as more disagreement between the major weather models clouded the outlook for early December.

December natural gas was set to open about 2 cents higher Thursday at around $3.10 as all eyes turn to the 10:30 a.m. EDT release of the Energy Information Administration’s (EIA) storage inventory data.

Canadian drilling will increase modestly next year, with the 2018 well count set to increase to 7,900 from 7,550, the annual forecast by the Petroleum Services Association of Canada (PSAC) is predicting.

December natural gas is set to open 3 cents lower Tuesday morning at $2.94 although near term weather forecasts turned slightly cooler elevating heating load. Overnight oil markets sagged.

November natural gas is set to open 8 cents lower Friday morning at $2.81 as overnight weather data resulted in a large decrease in forecast heating load. Overnight oil markets fell.

November natural gas is set to open 6 cents higher Tuesday morning at $3.01 as weather models insert cooler temperatures in the latter stages of the near-term forecast. Overnight oil markets rose.