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PDC Energy Inc. said this week it would budget $850-920 million next year to keep the focus on Colorado’s Wattenberg field and the Permian Basin’s Delaware sub-basin.

Natural gas futures followed up last week's selling by falling even further Tuesday, setting a new low for the January contract as the market appears to doubt whether winter demand can soak up ample production. Meanwhile, East Coast spot market buyers had no doubt about an increase in short-term demand, and big gains in the Northeast and Mid-Atlantic lifted the NGI National Spot Gas Average 21 cents to $3.19/MMBtu.

January natural gas was set to open about three cents higher Wednesday at around $2.712 as the market continued searching for balance following recent selling.

North Dakota Republican Sen. John Hoeven and energy industry stakeholders are urging the U.S. Geological Survey (USGS) to undertake another comprehensive review of the Williston Basin, anticipating that an updated assessment may spur more interest in the Bakken Shale, which is producing about 1 million b/d.