Gains

March natural gas futures gained Monday as traders surmised that it would be difficult for natural gas to ignore gains made in the rest of the complex resulting from political unrest in Egypt. At the close of trading March futures rose 9.7 cents to $4.420 and April added 9.1 cents to $4.431. March crude oil followed its $3.70/bbl gain from Friday with another jump of $2.85 to $92.19/bbl.

Marcellus Shale-focused producers EQT Corp. and Range Resources Corp. both charted substantial reserves gains last year, and both had the Appalachian play to thank for much of their success.

Buoyed by production gains in Louisiana, Texas and other states, Lower 48 natural gas output rose 1.1% in November — the latest month for which production figures are available — compared to October, the Energy Information Administration (EIA) reported.

A large majority of points was softer for the weekend, and although moderate gains continued at several Northeast points Friday, they were nowhere near the triple-digit spikes that had reigned in the previous two days. In fact, a few Northeast points showed softness of their own. Transco Zone 5 (Mid-Atlantic) took the biggest dive of a little more than $1.40.

Buoyed by production gains in Louisiana, Texas and other states, Lower 48 natural gas output rose 1.1% in November — the latest month for which production figures are available — compared to October, the Energy Information Administration (EIA) reported.

All but a few locations retreated Tuesday from the previous day’s overall strong gains despite falling temperature forecasts for much of the Midwest and South. They appeared to be outweighed by significant warming trends in the Northeast, Midcontinent, Rockies and desert Southwest. There was an additional bearish factor in Monday’s 18.9-cent plunge by January futures.

Building off Friday’s impressive gains, December natural gas futures on Monday continued to test the upside as traders braced for a cold spell that is expected to affect much of the eastern half of the United States. The prompt-month contract reached a high of $4.293 before closing out the regular session at $4.271, up 10.7 cents from Friday’s finish.

Well completions are on an upswing from levels of last year, with activity targeting oil rather than natural gas charting the largest gains, according to the American Petroleum Institute (API).

Because of strong drilling in North America’s onshore basins, oilfield equipment manufacturer National Oilwell Varco Inc. (NOV) said Tuesday its rig equipment backlog at the end of September was worth an estimated $4.87 billion — more than at the end of the second quarter.