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Bears tightened their grip on the natural gas futures market Tuesday, sending prices lower as production continues to overshadow summer heat and storage deficits. Spot prices backed off Monday’s gains, including sharp declines in California and the Northeast coinciding with forecasts for less intense heat; the NGI National Spot Gas Average dropped 8 cents to $2.66/MMBtu.

August natural gas futures were set to open Wednesday about 1.9 cents higher at around $2.807/MMBtu with overnight forecasts stable and analysts looking for cash strength and profit-taking to potentially push prices higher early in the session.

Denver-based Caerus Oil and Gas LLC plans to spend up to $229 million this year on drilling and completing natural gas wells in the Piceance Basin of western Colorado, an executive said this week.

Energy regulators have extended indefinitely a resolution allowing Petroleos Mexicanos to inject off-specification natural gas into pipelines serving southern Mexico.

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RT @energizeWV: Check out @InsideShale Tuesday at 8am to learn about EPA’s effort to overturn the Waters of the US Rule; the scope and scal…