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Strong Finish Caps Solid Run for Weekly Natural Gas Prices

Strong Finish Caps Solid Run for Weekly Natural Gas Prices

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…

January 15, 2021
February Natural Gas Futures Bounce Back on Renewed Expectation of Deep Freeze

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…

January 15, 2021
Outgoing Trump Administration Warns of U.S. Economic Disaster if Fracking Banned

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…

January 15, 2021
North Dakota Well Completions Forecast to Climb in 2021, but Not Rig Count

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…

January 15, 2021
U.S. Count Adds Baker’s Dozen on Gains in Oil Patch; One Natural Gas Rig Added

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…

January 15, 2021
Volatility Abounds in Natural Gas Forwards Trading as Polar Vortex Seen Arriving Late January

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,…

January 15, 2021
Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher

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…

January 15, 2021
ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

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…

January 15, 2021
North American Natural Gas Hard Hit by Covid-19, but Robust Growth Seen Through 2040

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…

January 15, 2021
Despite Steep Storage Pull, February Natural Gas Futures Drop Lower

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…

January 15, 2021
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