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The number of unconventional natural gas well permits issued by Pennsylvania regulators last year bounced back after hitting an eight-year low in 2016, according to the state Department of Environmental Protection’s (DEP) annual oil and gas report.

Natural gas futures continued to slide Wednesday, with the market anticipating the start of the shoulder season as lingering summer heat looked less impressive in recent guidance. In the spot market, West Texas basis strengthened for the second straight day as East Coast points pulled back; the NGI National Spot Gas Average fell 3 cents to $2.78/MMBtu.

With the market turning its attention to the 10:30 a.m. ET release of weekly Energy Information Administration (EIA) inventory data, which is expected to be near the five-year average, October natural gas futures were trading slightly lower Thursday morning at around $2.794/MMBtu.

Crescent Point Energy Corp. is reducing its workforce by 17%, or by more than 200 employees, potentially to save the Calgary-based company more than C$50 million annually as it works to “become a more focused and efficient company with a stronger balance sheet,” management said.

The 2 Bcf/d Permian Highway (PHP) Pipeline Project, designed to move natural gas south across Texas...

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RT @CEAorg: Our latest report outlines how #naturalgas helped grow jobs for West Virginians and save them more than $4 billion over the las…