January

Five U.S. natural gas rigs returned to service during the week ending March 31, but 10 oil-directed rigs came back, according to Baker Hughes Inc. (BHI).

The Texas Petro Index (TPI), a barometer of oil/natural gas upstream industry health in the Lone Star state, charted its second consecutive increase in January, a sign that growth and recovery have begun.

Texas and the Permian Basin again led the gainers among states and plays in the latest Baker Hughes Inc. (BHI) rig count. Twelve rigs (mostly oil) returned to U.S. land-based service.

If anyone in the natural gas market thought the week leading up to Christmas was going to be a quiet one, they were wrong. Nymex January futures set the tone for a volatile week, plunging more than 10 cents early on, but then spiking nearly 30 cents the very next day. The Nymex January futures contract ultimately gained 12.5 cents between Dec. 16 and 21 to settle at $3.54 amid prospects for returning cold for the beginning of January and a solid 200+ draw from storage.

January natural gas is set to open 2 cents lower Monday morning at $3.39 as traders struggle to find signs of weather patterns capable of reigniting the earlier price advance. Overnight oil markets were mixed.

January natural gas is set to open 4 cents lower Friday morning at $3.39 as longer-term weather forecasts turn more mild and traders mull a classic case of “buy the rumor, sell the fact.” Overnight oil markets rose.

January natural gas is expected to open 5 cents lower Thursday morning at $3.49 as an expected government report showing above-average usage is not able to offset moderating near-term weather forecasts. Overnight oil markets fell.

January natural gas is set to open a penny lower Wednesday morning at $3.46 as traders see little change in the near-term weather outlook and the technical picture turns less supportive. Overnight oil markets fell.

January natural gas is expected to open 17 cents lower Monday morning at $3.58 as traders are quick to exit long positions following weekend weather data showing expected cold well above normal but slightly less than Friday. Overnight oil markets soared.