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M-U Condensate Prices Briefly Go Negative, Down 91% from Jan 1
The Pittsburgh Post-Gazette is reporting Marcellus/Utica condensate, produced in places like southwestern Pennsylvania and eastern Ohio, briefly touched and went below $0/barrel last week, before recovering slightly. The article says the price M-U drillers are getting for condensate is down 91% from January of this year. What’s lacking in the Post-Gazette story is context for how important (or not) condensate is as a revenue stream for M-U drillers.
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Pennsylvania Gov. Tom Wolf, like governors in neighboring states hit hard by the COVID-19 coronavirus, has elected to shut down all non-essential (called non-life-sustaining) businesses in the state until further notice to prevent the spread of the virus. The state issued a comprehensive list of which kinds of businesses could, and could not, continue working during the shutdown. Some 35,000 businesses on the non-life-sustaining list have requested a waiver from the state Dept. of Community and Economic Development (DCED). The DCED has so far granted 5,693 waivers, denied 8,952 requests, and ruled another 8,365 do not require a waiver because they fit the life-sustaining definition outlined in the shutdown order.
Leftist anti-fossil fuelers (nutters all) have worked themselves into a frenzy with a new campaign to bombard the Federal Energy Regulatory Commission (FERC) with requests and demands to begin all over again in its review of the PennEast Pipeline project. Last week MDN told you about the Delaware River Basin Commission’s haughty demand that it be given the right to review and pass judgment on the project before construction begins (see 
Although it seems counterintuitive to say this, maybe NY Gov. Andrew Cuomo and his legion of radicalized Democrats have done New York landowners a favor with a permanent ban on fracking, passed as part of the most recent state budget (see 
Two weeks ago MDN told you about the biggest single-week drop in U.S. rig counts since the final week of December 2015–more than four years ago (see 
MDN is updating our 
MARCELLUS/UTICA REGION: Pennsylvania faces a new wave of abandoned oil and gas wells; Southwest Pa. runs on natural gas, coal; Cabot helping to stock food pantries in Marcellus Shale region; Your view: Wolf was wrong to veto HB 1100; OTHER U.S. REGIONS: Texas gets double punch from coronavirus and oil shock. ‘There’s no avoiding this one.’; California issues first new fracking permits since July; NATIONAL: Free webinar on the impact of COVID-19 on oil and gas industry; Chaos, scrambling in the U.S. oil patch as prices plummet; Greenfield natural gas, oil projects in pre-FID ‘all at risk’ for deferral; U.S. oil industry can still surprise with resilience: Mercuria CEO; Embattled energy companies snub creditors to conserve cash; Starwood Energy, OGCI Climate Investments and Elysian Ventures launch new carbon capture project; Victor Davis Hanson: U.S. still the leader in crisis; Democrats’ energy policies hurt black Americans.