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What started out as a promising sign of a move toward $3 for natural gas futures Tuesday morning eventually fizzled by midday, even as weather models maintained hotter trends for the coming weekend over the U.S. Midwest and East. The Nymex July contract settled at $2.939, down 1 cent on the day.

July natural gas prices were set to open 2.4 cents higher at $2.963 Wednesday morning as slightly warmer trends showed up in the latest weather data.

Eagle Ford Shale operator Laredo Energy VI LP said early drilling results in the dry natural gas window hold promise for multi-well development for years to come.

Permian Basin crude oil production is forecast to reach 5.4 million b/d in 2023, more than current production from any single member of the Organization of the Petroleum Exporting Countries (OPEC) except for Saudi Arabia, IHS Markit said Wednesday. 

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