January

If the economic health of the Texas oil and gas industry were an elevator, its only direction would be down — down for crude oil prices, rig count, drilling permits and employment — and for the Texas Petro Index (TPI), which most recently has shed seven points, according to an economist who has been keeping score.

Not long ago, Texas could boast about half of the nation’s operating drilling rigs. The Lone Star State’s slice of the drilling pie — a shrinking pie at that — is now down to 46% as producers drop rigs in a low-price environment. January well completions were down almost 45% from a year ago, according to the Railroad Commission of Texas (RRC).

January natural gas is expected to open 23 cents lower Monday morning at $3.23 as weather forecasts are now calling for less cold air and at the same time are becoming less consistent in the more distant time frames. Overnight oil markets fell.

January natural gas is expected to open unchanged Tuesday morning at $3.72 as traders balance weather forecasts and a weakening technical outlook amid indications of a cold incursion next week. Overnight oil markets continued to implode.

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.

January natural gas is expected to open a penny lower Wednesday morning at $3.64 as traders balance somewhat more bullish fundamental data with a weak technical picture and an unsupportive weather outlook. Overnight oil markets weakened.

January natural gas is set to open 3 cents higher Tuesday morning at $3.62 as traders adjust to a deeply oversold market and weather forecasts show no significant changes from forecasted warm trends. Overnight oil markets rose.

January natural gas is seen opening 5 cents higher Friday morning at $3.70 as traders react to deeply oversold conditions and note forecasts of eastern storms for next week. Overnight oil markets fell.

January natural gas is expected to open 4 cents lower Thursday morning at $3.77 as traders hone in on a government report that is expected to show far less usage of natural gas than historical norms and weather projections show little change. Overnight oil markets slumped.