September natural gas is set to open 4 cents higher Monday morning at $4.00 as traders see a test of the upper end of the recent trading range and mull whether a seasonal low is now in place. Overnight oil markets gained.
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Preliminary figures compiled by the Energy Information Administration (EIA) indicate that natural gas production in May hit its highest level on record for any month, reaching 2,166 Bcf, or 699 Bcf/d. Lower 48 gas output totaled 78.10 Bcf/d, a 0.92 Bcf/d increase from April.
Chevron Corp. reported Wednesday that its U.S. natural gas production rose in January and February from the year-ago period, with upstream net output hitting 664,000 boe/d, up from 637,000 boe/d.
After nearly three years of working to update aspects of the state’s oil and gas regulations, the Pennsylvania Department of Environmental Protection (DEP) has taken what it’s calling an “unprecedented” step to extend the public comment period on several proposals for another 30 days.
Nearly all active physical natural gas trading points declined Friday weekend and Monday delivery. The average setback was 8 cents, with Rockies points dropping a dime and losses at New England points closer to a nickel.
Steel manufacturer Nucor Corp. said it plans to spend more than $700 million on natural gas drilling over a two-year period to meet its contractual obligations with Encana Corp. for low-cost gas supplies.
Steel manufacturer Nucor Corp. said it will spend more than $700 million during a two-year period on natural gas drilling in order to meet its contractual obligations with Encana Corp. for a supply of low-cost natural gas.
Temperatures across almost all of the United States will average warmer than normal over the next three months, though the Southeast and Ohio Valley may get some cooler breaks, according to a seasonal forecast released last week by Weather Services International (WSI).