Pennsylvania Shale Permits Dip in February, Rebound in March

Analysis by S&P Market Intelligence notes that new shale drilling permits issued in Pennsylvania dipped in February 2022 when compared to February 2021 (and dipped compared with January of 2022). Fair enough. The question is, Why did permits dip in February? The article alludes to a possible reason--a dip in the Henry Hub NYMEX price in February, going below $5/MMBtu. While price may have played a role, we believe there's another contributing factor to the permit dip in February.

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