Markets

March natural gas is set to open 3 cents higher Wednesday morning at $2.59 as traders reconcile a modest loss in heating demand with deeply oversold market conditions. Overnight oil markets fell.

A lower-than-expected natural gas storage withdrawal and forecasts for continued mild weather for much of the rest of the month sent March natural gas forward prices down an average of 18 cents between Feb. 10 and 16, according to NGI Forward Look.

FirstEnergy Corp. this week reported a steep $6.2 billion (minus $14.49/share) net loss for 2016, reflecting asset impairment and plant exit costs related to its recent decision to leave the competitive power generation business and transition to a fully regulated company by 2018.

The Bakken Shale’s oil and gas sector is looking for job applicants, according to the North Dakota Petroleum Council (NDPC), particularly in the oilfield services sector. Fortis Energy Services had scheduled networking this week in Williston, Dickinson and Minot (Friday). E&M Services said it was looking for new employees through its multiple offices in Watford City, Williston, Sidney, and Arnega. Purity Oilfield Services is looking for drivers, well testers mechanics, while MBI Energy Services is looking for truck drivers, rig hands and wireline operators.

Physical natural gas for Thursday delivery took a minor loss while March futures took a minor gain in trading Wednesday. Temperature forecasts continued on the mild side, leaving little incentive for buyers to purchase incremental volumes, and in the same vein, futures traders saw little reason to pursue a bullish position with the market on the downside of the temperature demand slope.

Natural gas physical and futures prices Tuesday both had the trajectory of a safe falling from a 10-story building.

March natural gas is expected to open 9 cents lower Tuesday morning at $2.74 as both near- and medium-term temperature forecasts call for less heating load. Overnight oil markets were unchanged to higher.

About half the potential production growth in the Alberta oilsands will be lost unless thermal extraction plants curb their voracious appetite for natural gas, according to projections by the Canadian Energy Research Institute (CERI).

March natural gas is set to open 2 cents higher Friday morning at $2.87 as traders factor in minimal changes to the already moderate weather outlook and avoid trying to pick a market bottom. Overnight oil markets fell.