Surged

Cash prices overall surged 7 cents higher on average Wednesday as monster gains posted at Northeast locations were more than able to offset a slumping Midcontinent. At the close of futures trading December had inched higher by one tenth of a cent to $3.692 and January had eased four tenths of a cent to $3.820. December crude oil gained 56 cents to $86.24/bbl.

National Oilwell Varco Inc. (NOV), which supplies rig technology components and supply chain systems, reported Wednesday that quarterly profits surged from a year ago as operators continued to boost their spending for drilling know-how to compete in more difficult-to-extract basins.

National Oilwell Varco Inc. (NOV), which supplies rig technology components and supply chain systems, reported Wednesday that quarterly profits surged from a year ago as producers boosted their budgets for technology to compete in more difficult-to-extract basins.

The Marcellus Shale is not only the most economic natural gas basin in the country, it is producing better returns than many oil plays, an energy industry analyst told an audience in Philadelphia last week.

October natural gas surged higher Tuesday, and although analysts weren’t quite ready to say the seasonal low is in, they noted that those holding short positions may be ready to throw in the towel. At the close October had risen 9.5 cents to $3.980 and November had advanced 8.8 cents to $4.054. October crude oil jumped $2.02 to $90.21/bbl.

Rebounding from last Friday’s dip below $4, January natural gas futures surged higher Monday as market bulls were supported with forecasts that were looking chillier than they did just three days earlier. The prompt-month contract treaded between $4.013 and $4.248 before settling near the peak at $4.237, up 17.1 cents from Friday’s finish.

October natural gas futures surged Friday as traders elected to cover short positions ahead of what could be an extended and tumultuous weather weekend. At the close October futures rose 18.8 cents to $3.939 and November added 14.5 cents to $4.170. October crude oil fell 42 cents to $74.60.

Profits and revenues in 2Q2010 surged for Houston-based Boardwalk Pipeline Partners LP, but the natural gas pipeline operator failed to hit Wall Street expectations because of higher operating costs and interest expenses, it said Monday.

Consol Energy Inc. is offering to buy the nearly 17% of CNX Gas Corp. common stock it does not already own. Consol’s tender offer is to begin May 5 at a price of $38.25/share. CNX shares surged nearly 24% to $38 Monday morning on the news.