Mixed with the solid reviews about all-time record highs for monthly natural gas and oil production in North Dakota’s Bakken Shale and Williston Basin region, the director of the state’s Department of Mineral Resources (DMR) sounded words of caution that the drilling boom is showing signs of easing, but not because production has slowed much.
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Cash Barely Budges, But Futures Romp Higher
The cash market overall averaged unchanged Monday though Northeast points surged, the Mid-Atlantc was flat to mixed, and Gulf points eased lower as mild weather was forecast to grasp the Great Lakes, Ohio Valley and points east. October futures staged a last minute rally and tacked on 13.0 cents to $2.812 and November was higher by 10.8 cents to $2941. October crude oil added 12 cents to $96.54/bbl.
Black Hills Suspends Old Plants; Profits Increase
While its nonutility operations in coal, oil and natural gas were a mixed bag, Rapid City, SD-based Black Hills Corp. said Monday it is suspending prior to retirement several old coal and natural gas-fired power plants in Colorado and South Dakota as part of its utility operations in those two states.
Northeast Points Strongest As Overall Market Firms; Futures Advance
Both cash and financial gas advanced Monday, although marketers were trying to digest mixed weather outlooks and financial traders saw nothing on the horizon to indicate market fundamentals had changed. Nationwide cash prices rose by about a nickel with strong gains reported at Northeast points and more modest advances along the Gulf. At the close of futures trading May had risen 3.5 cents to $2.016 and June gained 2.4 cents to $2.108. May crude oil was up 10 cents to $102.93/bbl.
March Futures Expire With Double-Digit Loss; Cash Mixed
Mixed cash market action set the tone for the day Monday with points declining in the gulf Coast and Midcontinent regions while Northeast, Rockies and West Coast points managed moderate gains. The expiring March futures finished on a soft note as the technical environment continued to deteriorate. At the close March had settled at $2.446, down 10.4 cents and April shed 9.2 cents to $2.603. April crude oil dropped $1.21 to $108.56/bbl.
News Report: Landowners Torn in Shale Regions
On the ground, the shale boom is a mixed bag as rural landowners weigh the alternatives of securing lucrative royalties at the cost of their land being part of an oil/gas industrial push that critics contend is threatening local environments and public water supplies. The Los Angeles Times last Sunday profiled the dilemma through a feature on two brothers with dairy farms in the rich Marcellus Shale in western New York.
Gas Transport Is Growing Issue for North Dakota
North Dakota’s oil/natural gas boom continues to be a mixed blessing for state energy planners, and future pipeline infrastructure’s adequacy is one of many questions state officials hope to have some answers for by mid-year. A study is under way by the state Pipeline Authority to determine if existing infrastructure will be adequate.
Northeast Quotes Peak at $13 in Overall Mixed Pricing
Transco Zone 6’s New York pool topped out at $13 and averaged nearly $12 Friday amid mixed price movement in most regions as traders kept in mind that the Sunday-through-Tuesday flows covered by their deals would be accompanied by the advent of frigid weather in much of the East. Several other Northeast points had peak quotes of $10 or more.
Some Northeast Points Dive; Small Gains Reported Elsewhere
Natural gas prices were a mixed bag on Tuesday with mild weather and tumbling prices in the Northeast offset by nominal gains in other most other regions as traders grappled with the combination of stronger futures prices and a winter storm lashing the Great Plains.
Northeast Gains Lead Continuation of Rally
Milder weather trends continue in the South, while temperature changes are mixed in various parts of the Midwest. Nevertheless, the continuation of winter-like conditions in much of the North American market assured that this week’s overall price advance extended into its third day Wednesday.