Points

Physical natural gas prices at most points across the country rose about a dime Tuesday, but if the highly volatile Northeast is added to the mix, the overall change is a loss of about 3 cents.

The overall physical natural gas market Tuesday on average gained 12 cents, but if super-sized gains scored at Northeast points are removed from the tally, the overall gain was a more modest 7 cents. Gains, nonetheless, were widespread and only a couple of locations didn’t make it to the positive side of the trading ledger. At the close of futures trading, March had fallen 4.9 cents to $3.230 and April was off 5.0 cents to $3.296. March crude oil added 48 cents to $97.51/bbl.

Natural gas cash prices Tuesday for Wednesday delivery were uninspired except for in the Northeast, where some points flirted with $2 gains as forecasts turned cooler and power prices surged. February futures gained 8.2 cents to $3.455 and March was higher by 7.5 cents to $3.453. February crude oil fell 86 cents to $93.28/bbl.

Analysts are keeping an eye on costs and production results from the still-emerging Tuscaloosa Marine Shale (TMS), but Amelia Resources LLC is going “100 mph” to market 47,300 net acres in the play, which management believes may hold a resource potential of more than 1 billion bbl.

Higher natural gas and oil resource estimates should continue through 2013 for several onshore unconventional areas, especially in “pockets of the Permian Basin,” the Niobrara formation, as well as the Eagle Ford and “super-rich” Marcellus and Utica shales, according to Credit Suisse.

The Bakken Shale may be booming, but Oneok Partners LP’s recent open season for the proposed Bakken Crude Express Pipeline was a bust, and the project has been scrapped, the partnership said Tuesday.

Cash prices overall staged a broad rally Monday with an average gain in the double digits. Northeast and West Coast points were notably strong as power generation was reported as lean and next-day loads were forecast to increase. Gulf and eastern locations were also strong. At the close of trading December futures had fallen 7.1 cents to $3.719 and January had lost 6.7 cents to $3.837. January crude oil vaulted $2.36 to $89.28/bbl.

Cash prices overall tumbled 17 cents on average Thursday as weather outlooks changed abruptly. Northeastern points were the hardest hit with prices free-falling upwards of $2 at some locations, but the East and Texas suffered losses as well. At the close of futures trading December had risen 3.0 cents to $3.608 and January was higher by 2.3 cents to $3.737. December crude oil gained 65 cents to $85.09/bbl.

The overall cash market outdistanced the volatile futures market and added 7 cents on average Thursday. Particular strength was noted at Midcontinent points as cold temperatures raced into the nation’s midsection. Eastern and Gulf prices were also firm.