Natural gas prices for physical delivery Friday on average were unchanged in Thursday’s trading. Factor out the extreme low prices at just a couple of Marcellus points burdened by a lack of infrastructure and the physical market on average gained a couple of pennies.
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East, Northeast Post Healthy Gains; Weather Change Lifts Futures
Physical natural gas prices rose an average of 9 cents overall Monday, led by healthy gains in constrained Marcellus Shale points and a buoyant, weather-driven screen. All points were in the black, but East and Northeast points led the charge higher in some cases by double digits. Midwest and Midcontinent locations were higher by about a nickel.
Spot Prices in 2013 Return to ’09-’11 Levels, Says EIA
Spot prices for U.S. natural gas at most major trading points increased on average 40-60% in the first half of 2013 (1H2013) from a year earlier as demand eclipsed supply, the U.S. Energy Information Administration (EIA) reported last week.
USGS Says Shale Might Be Safe for Nuclear Waste Storage
The U.S. Geological Survey (USGS) said shale and other formations might be a safe place to dispose of nuclear waste, specifically spent nuclear fuel (SNF) currently being stored at nuclear power plants around the world.
North American E&Ps Opening Wallets
Global exploration and production (E&P) spending is forecast to hit a record $678 billion in 2013, 10% higher than in 2012 and up more than 300 basis points from planned spending six months ago, Barclays Capital data indicate.
North American E&Ps Budgeting More for 2013
Global exploration and production (E&P) spending is forecast to hit a record $678 billion in 2013, 10% higher than in 2012 and up more than 300 basis points from planned spending six months ago, according to Barclays Capital.
Broad Gains Trump Northeast Declines; Futures At New Highs
Gas for delivery over the weekend and Monday rose on average 4 cents Friday. Double-digit declines at some Northeast points were easily overcome by broad regional strength, and only a handful of locations showed losses.
Midwest Strength Counters Rockies Weakness; Futures Hold $4
Prices for Monday gas rose a nickel on average and market strength was most apparent at Midwest points as temperatures were forecast to plunge over the long weekend. Midwest strength was largely countered by weakness in the Gulf Coast and Rockies.
Poll Finds Strong Support for Fracking in North Carolina
A Harris Interactive poll found that 60% of North Carolina voters support the use of hydraulic fracturing (fracking) in their state, and 74% support the Tar Heel State moving forward with offshore oil and natural gas exploration and production.
Robust Cash Market Fails to Convince Soft Futures
Physical natural gas cash points rose virtually across the board in Tuesday’s trading for Wednesday delivery. The overall rise was a dime on average, but if super-size gains on pipes such as Algonquin, Iroquois and portions of Tennessee in the Northeast are excluded, the average national gain still came in at 8 cents.