Range Resources Corp.’s management team is “convinced” that its best wells are still to come in the Marcellus Shale after some new wells punched into a previously drilled area with five years of production history were “substantially better than previous wells,” according to COO Ray Walker.
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Range Resources Corp.’s management team is “convinced” that its best wells are still to come in the Marcellus Shale after some new wells punched into a previously drilled area with five years of production history were “substantially better than previous wells,” COO Ray Walker said.
An investigation by the state of Washington’s Utilities and Transportation Commission (UTC) concluded Wednesday that a downed city utility electrical line punched a hole in a natural gas distribution pipeline, resulting in an explosion in a north Seattle home in September 2011.
March natural gas futures on Tuesday punched below the old low for the move of $4.280 as the National Weather Service (NWS) said it expects the United States to experience above-normal temperatures during the second half of February. The prompt-month contract ended up closing at $4.203, down 24.9 cents from Friday’s finish.
The recent bullish momentum in natural gas futures continued on Tuesday as December natural gas futures punched north of $7 to close at $7.219, up 38.1 cents from Monday’s close. Unlike on Monday, crude futures moved in the same direction Tuesday as the December contract added $6.62 to close at $70.53/bbl.
Maintaining Thursday’s momentum, October natural gas futures punched below the psychological $6 level in overnight trading and remained there through the course of Friday’s holiday-shortened session. The prompt month put in a low of $5.820 during the quiet session before settling the week at 1 p.m. EDT at $5.877, down 17.1 cents on the day and $1.467 lower than the previous Friday’s close. The week also saw the September contract go off of the board at $6.816.