Volume

January natural gas managed a tempered gain Tuesday on stout volume, but traders were not dissuaded that the current downtrend was over and looked for a test in the low $3s. At the close January had risen 2.5 cents to $3.279 and February had gained 2.7 cents to $3.321. January crude gained a hefty $2.37 to $100.14/bbl.

The state of Alaska received bids nearly $21 million for petroleum leases on the North Slope and offshore in the Beaufort Sea on Wednesday, as the state looks to increase the volume of crude oil shipped through the Trans-Alaska Pipeline System (TAPS).

December natural gas rose Tuesday on extremely light volume as traders scrambled to determine positions and locate funds in the aftermath of the MF Global trading debacle. At the close December had risen 4.9 cents to $3.745 and January had gained 4.0 cents to $3.843. December crude oil added $1.28 to $96.80/bbl.

December natural gas inched higher Monday as traders focused less on trading and more on the latest failure of a prominent energy trading firm. Trading volume was light. At the close December had gained 1.1 cents to $3.934 and January had risen 1.4 cents to $4.056. December crude oil fell 13 cents to $93.19/bbl.

November natural gas rose on heavy volume Thursday in spite of an inventory report that indicated increases not only greater than historical norms but also higher than what analysts expected.

October natural gas drifted lower as traders diverted much of their attention to other markets. Volume was light and spot October was limited to a 6-cent range. At the close October had eased 0.4 cent to $3.701 and November had shaved 1.6 cents to $3.766. November crude oil fell 66 cents to $79.85/bbl while carving out a trading range of more than a $4. The Dow Jones Industrial Average rose 38 points to 10,771.

In two days’ time Hess Corp. has acquired stakes in almost 185,000 net acres in the Ohio portion of the Utica Shale, the latest deal adding 85,000 more acres to its prospective leasehold.

California’s proposed law (AB 591) dealing with hydraulic fracturing (fracking) was close to being held over as a two-year bill late Wednesday, according to the Western States Petroleum Association (WSPA). With less than two weeks left in this year’s state legislative session, AB 591 has not moved as deadlines have passed in the state Senate Appropriations Committee.

The Pelican State has another oil and gas shale play in the works. Known as the Lower Smackover Brown Dense, the play spans portions of North Louisiana and southern Arkansas.