Cash natural gas prices vaulted 24 cents higher overall on Monday on supportive weather forecasts in several key market areas. Just as the market on Friday priced in the double-digit futures loss on Thursday, Monday’s trading was faced with the task of acknowledging the screen’s 12-cent jump Friday. The Mid-Atlantic region posted gains of close to 40 cents, but Southern California, Gulf, Midcontinent and Rockies points all enjoyed exuberant pricing. At the close of futures trading, June had risen 3.5 cents to $4.090, and July was up 3.8 cents to $4.141. June crude oil added 69 cents to $96.71/bbl.
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The University of Texas at Austin (UT) has pulled a 2012 report that was supportive of hydraulic fracturing (fracking) and shale gas development following a review of the study by an independent panel that found researchers failed to disclose a conflict of interest.
Natural gas cash prices were mixed Tuesday as traders balanced news of a pipeline explosion in the Marcellus Shale with no indications of supportive weather developments on the horizon. While most regions saw little change in either direction average in the Midcontinent and Midwest mostly slipped, while the Northeast ranf up some significant dollar-plus gains. January futures skidded another 4.8 cents to $3.412 and February slumped 4.6 cents to $3.441. January crude oil rose 23 cents to $85.79/bbl.
The University of Texas at Austin has pulled a 2012 UT Energy Institute report that was supportive of hydraulic fracturing and shale gas development following a review of the study by an independent panel that found researchers failed to disclose a conflict of interest.
The growth of the natural gas industry in the heart of Pennsylvania’s eastern Marcellus Shale helped the area avoid the worst of the 2008 recession, and the positive effects have only just begun, according to a study issued by the Institute for Public Policy and Economic Development (IPPED).
The cash market rose on average about a nickel overall Tuesday as a late-session futures surge Monday combined with supportive weather in some parts of the country to send quotes squarely into the plus column. Futures built on Monday’s gains and the July contract Tuesday rose 3.1 cents to $2.446 and August futures added 2.9 cents to $2.496. July crude oil tacked on 31 cents to $84.29/bbl.
eCorp International LLC and a property owners organization in New York have decided to scrap a “complex” plan to create a company indirectly owned by the landowners and will return to the drawing board, delaying the possibility of bringing waterless hydraulic fracturing (fracking) to the Empire State.
Cash prices worked higher Thursday amid nuclear outages and supportive weather in a few regions of the country. Northeast points registered stout gains, and for the most part traders were able to complete their exchanges prior to the 10:30 a.m. EST Energy Information Administration (EIA) report that showed a withdrawal of 166 Bcf, somewhat lighter than expected.
December natural gas swan-dived Monday in moderate trading as traders note weather forecasts have turned less supportive than earlier, production continues to outstrip modest demand and buyers remain unmotivated. At the close December had fallen 12.6 cents to $3.458 and January had retreated 9.6 cents to $3.600. December crude oil dropped 85 cents to $98.14/bbl.