March

Production of both natural gas and oil in the nation’s seven most prolific shale and tight oil plays will increase more than 1% between February and March, according to the Energy Information Administration (EIA).

March natural gas is set to open 5 cents higher Monday morning at $2.63 as traders factor in expected cooler near-term temperature patterns. Overnight oil markets rose.

March natural gas is expected to open a penny lower Thursday morning at $2.65 as traders anticipate the release of government inventory figures expected to show usage well below historical levels. Overnight oil markets rose.

March natural gas is set to open 4 cents lower Monday morning at $2.65 as once again, near-term weather outlooks appear to be less supportive and risk managers consider abandoning the long side of the market. Overnight oil markets rose.

Texas preliminary March crude oil production averaged 2.01 million b/d, up from the 1.62 million b/d average of March 2013. Cumulative March production was 62.45 million bbl, up from 50.09 million bbl reported during March 2013, according to the Railroad Commission of Texas (RRC).

Although still reflecting some remnants of winter’s slowdown, North Dakota production of oil and natural gas hit new all-time highs in March, rising from February’s lull. Rig counts were down slightly, but well completions increased sharply and the producing well count hit a new high.

Transcontinental Gas Pipe Line Co. LLC (Transco) is offering capacity on its Gulf Trace Project, which would provide backhaul service to the Sabine Pass Liquefaction Terminal in Louisiana.

Mostly harsh winter weather was attributed to North Dakota’s oil and natural gas production remaining depressed in February, the most recent month for which the state has complete statistics, the Department of Mineral Resources (DMR) Oil/Gas Division reported Friday. Final data from March and April likely will show a turnaround, DMR Director Lynn Helms said.

March natural gas is set to open 13 cents higher Monday morning at $6.26 as traders ratchet up once again expectations of bone-chilling cold expected to hit the eastern three-quarters of the nation. Overnight oil markets were mixed.