Weekly cash prices gained ground early in the week amid regional blasts of cold and finished strong on Friday following a blizzard in the Upper Midwest, with rain and snow pushing to the East. The one-two punch was enough to keep cash prices in positive territory for the full week. NGI’s Weekly Spot Gas National…
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February Natural Gas Futures Bounce Back on Renewed Expectation of Deep Freeze
Natural gas prices rebounded Friday from a loss the day earlier as volatile weather forecasts shifted back to expectations for a severe winter chill in late January that could drive a surge in heating demand. The February Nymex gas futures contract climbed 7.1 cents day/day and settled at $2.737/MMBtu on Friday. The advance more than…

Outgoing Trump Administration Warns of U.S. Economic Disaster if Fracking Banned
A ban on hydraulic fracturing, a key technique used to complete unconventional oil and natural gas wells, could reverse U.S. production growth and lead the country backwards to become a net importer once again by as soon as 2025, the outgoing Trump administration warned in a report issued Thursday. The Department of Energy’s (DOE) outgoing…

North Dakota Well Completions Forecast to Climb in 2021, but Not Rig Count
North Dakota natural gas and oil production declined slightly month/month in November, but more well completions are expected this year on “significantly better” oil prices. Department of Mineral Resources director Lynn Helms noted that recent Bakken Shale sweet crude was trading at around $43.50/bbl, which should spur more well completions, but not high enough to…

U.S. Count Adds Baker’s Dozen on Gains in Oil Patch; One Natural Gas Rig Added
The U.S. natural gas rig count climbed one unit to 85 for the week ending Friday (Jan. 15), while the number of active oil rigs surged by double digits, according to data published by Baker Hughes Co. (BKR). The latest BKR numbers, which are based on data provided in part by Enverus, showed a net…

Volatility Abounds in Natural Gas Forwards Trading as Polar Vortex Seen Arriving Late January
Small price gains were seen along U.S. natural gas forward curves for the Jan. 7-13 period, but they did not tell the whole story. Volatility was in full swing as weather models continued to tease the market with signals that truly frigid winter weather may loom. February prices averaged 5.0 cents higher for the period,…

Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher
A surge in oil-directed drilling led by the Permian Basin sent the U.S. rig count 13 units higher to 373 for the week ending Friday (Jan. 15), according to data published by Baker Hughes Co. (BKR). The latest BKR numbers, which are based on data provided in part by Enverus, showed an increase of 12…

ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation
ExxonMobil on Friday fired back in response to a report that it was under federal investigation for overvaluing its Permian Basin assets. According to a story published on Friday by The Wall Street Journal, the Securities and Exchange Commission is investigating ExxonMobil following a whistleblower complaint filed last fall. The complaint, said the newspaper, claims…

North American Natural Gas Hard Hit by Covid-19, but Robust Growth Seen Through 2040
North American natural gas production bore the brunt of the Covid-19 pandemic’s impact on global gas output in 2020, but demand fared better in the lower price environment. In its Gas Year 2020 review, Rystad Energy said North American gas production is estimated to have fallen 47 billion cubic meters (bcm) from 2019 levels to…

Despite Steep Storage Pull, February Natural Gas Futures Drop Lower
Markets fixated on shifting weather patterns EIA reported a withdrawal of 134 Bcf from natural gas storage U.S. LNG volumes held steady on strong Asian demand In a third consecutive day of topsy-turvy trading, natural gas futures ultimately finished firmly in negative territory, as markets fixated more on shifting weather patterns than a bullish storage…