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Chesapeake Energy Corp.’s shift to balance its natural gas-weighted portfolio required a lot of spending last year — an estimated $4.7 billion — to acquire liquids-rich property, but the risky outlay already is proving its worth, CEO Aubrey McClendon said this week.

A small midstream outfit with utility status in Pennsylvania is looking to add some Marcellus Shale business.

Southern lows predicted to drop to the 50 area east of the Mississippi River were contributing a small amount of heating load to the much bigger demand in Canada and from the U.S. Northeast through the Midwest into the Upper Plains. The entire cash market continued to move higher Thursday except for a flat Agua Dulce, but significantly smaller increases than the day before signaled that the week’s bullishness might be running out of steam.

April natural gas managed a small gain Tuesday in volatile trading. Petroleum markets, however, continued to plummet as concerns mounted over the deepening crisis in Japan and a substantial hit to the world’s third largest economy. Natural gas prices managed to rise as traders noted the relative appeal of gas compared to deteriorating equity and other petroleum markets. At the close April natural gas had risen 2.7 cents to $3.941 and May closed 3.6 cents higher at $4.012. April crude oil plunged $4.01 to $97.18/bbl.

February natural gas futures eked out a small gain Wednesday as traders adjusted positions ahead of options expiration. At the close February rose 1.8 cents to $4.491 and March added 1.1 cents to $4.501. March crude oil jumped $1.14 to $87.35/bbl.

With colder weather gradually building across much of the eastern half of the U.S., prices were up — by small amounts in a large majority of cases — at nearly all points Thursday. The 8.9-cent rebound by January futures a day earlier also contributed to cash strength.

In the small high desert community of Hinkley, CA, about 130 miles northeast of Los Angeles, which inspired multi-million dollar utility settlements and a major motion picture, residents and the local board for state water regulators are expressing concerns about Pacific Gas and Electric Co.’s (PG&E) handling of ongoing toxic mitigation work.

December natural gas futures managed a small gain Monday as some traders attributed favorable weather forecasts to giving the market a modest lift. December futures rose 4.6 cents to $3.845 and January also added 4.6 cents to settle at $4.028. December crude oil eased 2 cents to $84.86/bbl.

Chief Oil & Gas LLC, which in 2005 was the second largest natural gas producer in the Barnett Shale, is showing it can do the same in the Marcellus Shale, reporting that output in Pennsylvania has reached the 100 MMcfe/d mark from 42 wells.