Gains

Cash natural gas prices on average fell 4 cents for weekend and Monday deliveries in Friday’s trading. Gains were posted in the Midwest and Midcontinent as lingering cold was expected to keep temperatures below normal. Eastern and New England locations fell as forecasters predicted a warming trend. At the close of futures trading, April had risen 4.7 cents to $3.629 and May was up 4.6 cents to $3.673. April crude oil rose 39 cents to $91.95/bbl.

Newfield Exploration Co. is considering the sale of its international assets, which consist of offshore oil and natural gas developments in Malaysia and China, the company said.

Schlumberger Ltd. and Baker Hughes Inc. said they plan to report lower-than-expected profits for the final quarter of 2012 because of a slowdown in North American drilling activity and overcapacity in pressure pumping services.

Cash natural gas prices shed a dime on average Friday as steady to nominal gains at Rockies points were unable to offset falling quotes at East, Northeast and California points. Traders also cited the normal Friday reluctance to buy ahead of a weekend and weather forecasts indicated little likelihood of East and Northeast cold.

Cash natural gas prices fell by a nickel on average Tuesday as a handful of multi-dollar gains posted on Northeast pipes were unable to offset a broad retreat at Great Lakes, eastern and most other locations, as well as a weak screen. At the close of trading January futures had given up 5.2 cents to $3.539 and February had eased 5.3 cents to $3.562. January crude oil fell 59 cents to $88.50/bbl.

Gas-to-coal switching, which has drained some of the excess domestic gas stores, will tell the tale about 2013 natural gas prices, with gas expected to continue to gain in the first six months, while coal regains some of its losses in the second half of the year, according to Raymond James & Associates Inc.

Barring a “severe negative turn” in the global economic outlook, the outlook for oil and gas projects in the U.S. Gulf of Mexico (GOM) appears to be positive with gains across all of the major market sectors, according to Quest Offshore.

Cash natural gas prices on average were unchanged Thursday with declines posted at Midwest points and gains at southern California and some eastern locations. The Energy Information Administration reported a build of 65 Bcf, somewhat less than what traders were expecting, but futures markets limped to an uninspired finish. At the close, December had gained 0.7 cent to $3.699 and January had shed 0.2 cent to $3.818. December crude oil gained 85 cents to $87.09/bbl.

Barring a “severe negative turn” in the global economic outlook, the outlook for oil and gas projects in the U.S. Gulf of Mexico (GOM) appears to be positive with gains across all of the major market sectors, according to Quest Offshore.