M-U Gas Prices Fall Due to Rising Production & Full Pipelines
Due to a severe winter storm in the nation’s midsection in February, natural gas spot prices across the country went crazy (see Cash NatGas Price in Oklahoma Hits $999/MMBtu; M-U Thru Roof Too). The price of gas traded at $1,200/MMBtu at one point in Oklahoma. Insane! Prices here in the M-U went sky-high too. But all good things must come to an end, and they did in early March (see All Good Things Come to an End: Gas Price Back to Pre-Storm Levels). Since early March, the physical spot price natgas sells for in the M-U has slumped even further. Why?
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In January EQT Corporation announced it would partner with a Denver, CO company calling itself “Project Canary” to run a test on two of its shale gas pads, to prove the natural gas produces is “certified responsibly sourced” (see 
In what can only be characterized as a complete and utter failure of a Big Green lawsuit, yesterday a Pennsylvania Public Utility Commission (PUC) judge ordered Sunoco Logistics, builder of the Mariner East pipeline system, to pay a $2,000 fine (the equivalent of a few high-priced lunches) and talk more to local groups around Philadelphia that want to complain about the project. That’s the end result of a request by seven antis that began in November 2018 asking the PUC to shut down the entire three-pipeline project (see 
There’s a lot of gum-flapping about sustainability and Environmental, Social, and Governance (ESG) these days. It seems as if every upstream and midstream company has suddenly gotten the ESG religion. But at the end of the day, what does it actually mean? How do companies really effect positive change, not just talk about it? CNX Resources doesn’t just talk a good game. CNX is investing $30 million to focus on local, underserved communities and populations in the tri-state region. CNX is looking for real results, not just pretty slide shows to show investors.
Just as we predicted, the Federal Energy Regulatory Commission (FERC) under Democrat Chairman Richard “Dick” Glick, his sidekick the former NRDC lawyer (Democrat) Allison Clements, and backstabbing, swamp-dwelling RINO Neil Chatterjee, is effectively killing off new pipeline projects. The three FERC commissioners have colluded to fundamentally change the way natural gas and oil pipelines are evaluated by including mythological man-made global warming as one of the criteria for approval.
Only Pennsylvania, of the three active Marcellus/Utica drilling states, issued new shale drilling permits last week. But PA’s permits were more than enough to make up for Ohio and West Virginia. PA issued 20 new permits in 7 different counties, scattered across the state (although most of the permits were issued in the dry gas northeastern part of the state).
MARCELLUS/UTICA REGION: Pittsburgh Regional Building Trades Council opposes Wolf’s push for RGGI participation; NATIONAL: Appeals court backs drilling protections reinstated by Biden; Nearly 400 state and local officials call for ban on new fracking permits; Kerry family jet flies to Idaho while he goes on international climate tour; Lower- and middle-class Americans will pay a fortune for Biden’s wind-power plan; Enverus/Drillinginfo sells itself to investment firm Hellman & Friedman; INTERNATIONAL: Less gas available for Canadian gas storage injection this summer; Shale oil is a dagger aimed at the heart of oil prices; Seven European countries to halt export finance for fossil fuels.