January natural gas is expected to open 6 cents higher Monday morning at $3.85 as last week’s weather predictions continue to develop as planned. Overnight oil markets rose.
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July natural gas is expected to open unchanged Monday morning at $4.71, even though analysts suggest that prices may be poised to test the mid $4.80s. Overnight oil markets firmed.
June natural gas is expected to open 5 cents higher Monday morning at $4.46 as traders see a modest warming trend over major population centers. Overnight oil markets firmed.
June natural gas is set to open 4 cents lower Monday morning at $4.49 as traders discount most concerns that timely storage refill will be a significant problem. Overnight oil markets rose.
The physical natural gas market for Tuesday delivery rose by 7 cents on average Monday as broad market strength was more than able to offset double-digit declines in the Marcellus Shale. Only a few scattered points along with the Marcellus lost ground, and most locations added close to a dime or more.
In a maneuver rendered purely symbolic by the party’s minority status in the state’s legislature, a group of Pennsylvania Democrats recently approved a resolution calling for an end to hydraulic fracturing (fracking) in the state.
No. 3 oilfield services provider Baker Hughes Inc. on Friday reported a 30% drop in first quarter profits, stung by weak North American drilling, its biggest market. Schlumberger Ltd., the world’s largest oilfield services operator, also reported a drop in quarterly profits on declines in North America, and management said the outlook for the United States and Canada this year remains uncertain.
Proposed energy bills in the North Dakota legislature continue to hold the spotlight as state lawmakers move closer to their scheduled May adjournment. At least one proposal that could have had a negative impact on oil/natural gas operators was defeated last Friday.
The Pennsylvania Department of Conservation and Natural Resources (DCNR) plans to hold an invitation-only meeting on Thursday to discuss a request by two energy companies to access their mineral rights under the Loyalsock State Forest.