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Hints of an economic turnaround weren’t enough to pull natural gas marketing out of the doldrums during the first three months of this year, according to NGI’s 1Q2010 Top North American Gas Marketers Ranking, which found that the 22 reporting marketers that also participated in the 1Q2009 survey transacted 122.85 Bcf/d in 1Q2010, an increase of less than 1% compared with the 121.87 Bcf/d they reported in the year-ago period. Those same 22 marketers reported a less than 1% decrease in NGI’s 4Q2009 survey compared with the year-ago period.

A new quarterly production record and reduced costs at Ultra Petroleum Corp. in 3Q2009 weren’t enough to overcome a noncash unrealized mark-to-market charge of $145 million on the company’s financial commodity contracts and the continued decline in natural gas prices, resulting in a loss of $8.33 million (minus 6 cents/share) compared with a profit of $116.9 million (74 cents) in 3Q2008, the Houston-based company said Friday.

A new quarterly production record and reduced costs at Ultra Petroleum Corp. in 3Q2009 weren’t enough to overcome a noncash unrealized mark-to-market charge of $145 million on the company’s financial commodity contracts and the continued decline in natural gas prices, resulting in a loss of $8.33 million (minus 6 cents/share) compared with a profit of $116.9 million (74 cents) in 3Q2008, the Houston-based company said Friday.

Despite crude futures reaching a six-month high on Tuesday, natural gas futures traders weren’t biting like they were on Monday as the June contract pushed back below psychological support at $4, stamping out the recent rally that saw a high of $4.575 less than a week ago. Even the early arrival of a Gulf of Mexico-threatening tropical disturbance wasn’t enough to prop natural gas futures up as the prompt-month contract closed Tuesday’s regular session at $3.914, down 22.5 cents from Monday’s finish.

Volatile fuel prices and economic uncertainty weren’t enough to keep Duke Energy’s core operations from performing well, the company said in reporting 2Q2008 adjusted diluted earnings of 27 cents/share, up from 24 cents in 2Q2007.

Natural gas bears weren’t spooked by the release of government inventory data showing additions to supplies that were slightly less than anticipated.

Even a larger than expected storage withdrawal combined with the forecasted one-two punch of wintry Northeast storms weren’t enough to keep bullish momentum alive Thursday as January natural gas futures ended up closing 21.5 cents lower at $7.193, correcting much of Wednesday’s 32.3-cent spike.

Although heat levels weren’t quite as intense or widespread as they had been a week earlier, power generation loads in much of the East and West were still substantial enough to have prices rising at all points Monday. Carry-over support from a 22.9-cent screen gain on Friday also contributed to Monday’s cash strength.

Tropical storms may have been the big news of the day, but large rebounds in the cash market Tuesday weren’t exactly small potatoes. Storm-related shut-ins (see related story) combined with high heat levels in a few areas and a stronger Friday screen to generate price increases that were as small as a little less than a quarter, but mostly were substantially larger.