Noted

The capital markets for U.S. exploration and production (E&P) companies “appear wide open,” with most of the available funds likely to target onshore oil instead of natural gas through 2014, Barclays Capital analysts said on Wednesday.

The physical natural gas cash market fell on average by 2 cents Wednesday as traders noted continuing weather-derived weakness at Northeast points. The Midwest was mixed and Gulf points eased a couple of pennies. The spot July contract was finally able to breach the $4.00 barrier and settled 0.3 cent higher at $4.001. August finished unchanged at $4.015, and July crude oil added 43 cents to $93.74/bbl.

While low volatility and volumes marked the North American natural gas futures market in the first quarter, IntercontinentalExchange (ICE) has noted a strengthening in volume trends in both March and April, driven by increasing natural gas prices. Convinced of the globalization of the natural gas market, ICE is looking to establish a European marker.

While low volatility and volumes marked the North American natural gas futures market in the first quarter, IntercontinentalExchange (ICE) has noted a strengthening in volume trends in both March and April, driven by increasing natural gas prices. Convinced of the globalization of the natural gas market, ICE is looking to establish a European marker.

Chesapeake Energy Corp.’s co-founder and CEO Aubrey McClendon officially stepped out of the batter’s box Monday, but there’s no permanent replacement and no timetable on when a successor will be named, said acting CEO Steven Dixon. However, operations are running “smoothly,” despite some constraints in the Utica Shale.

Federal officials have given a green light for a project in eastern Utah to drill an exploratory well in the Harley Dome natural gas field to capture helium, which, if the operation proves successful, could result in a helping to build supplies of the scarce gas.

Cash gas prices fell 8 cents on average Thursday as traders noted a decline in forward-dated contracts and the ongoing sequence of forecast cold weather ended for the moment. Power prices also eased.

Cash prices on average for weekend and Monday delivery gas gained 3 cents in Friday’s trading. Weather-driven weakness was noted at eastern points, but that was more than offset by strength in the Gulf of Mexico and Rockies. Futures trading was uninspired, and at the end of the day November had risen 0.7 cent to $3.611 and December had eased 2.3 cents to $3.877. November crude oil lost 21 cents to $91.86/bbl.

The physical market gained on average more than 9 cents Monday with strength noted across the board, and not to be outdone spot futures posted the highest settlement since mid-December. Buyers winding up business for bidweek were not happy with recent market strength, but pointed to longer term forecasts showing what they believed would be cooler temperatures in September and October.