Energy Transfer: Mariner East Volumes Up in 2Q, Project Done in 4Q
Remember Winter Storm Uri, the big storm that knocked out power and halted the distribution of natural gas in Texas in February? It led to the highest prices for natural gas ever seen–in some cases over $1,000/MMBtu (see Cash NatGas Price in Oklahoma Hits $999/MMBtu; M-U Thru Roof Too). The storm was a disaster for many people, but not for pipeline giant Energy Transfer (ET). During ET’s second quarter update, company officials said Uri netted the company an extra $2.4 billion in revenue. But it’s not Uri nor frankly other regions of the country we’re concerned with when it comes to ET. The main thing we want to know about is the status of finishing up ET’s Mariner East 2 (ME2) pipeline project.
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MDN previously told you about so-called environmentalists filing a lawsuit to block the construction of an LNG unloading facility in Greenpoint, Brooklyn (see 
In something of a strange twist, the Bloomberg News service is sounding the alarm that the world is headed for a shortage of natural gas. Bloomberg hates fossil fuels and anything to do with them. Yet they now sense an impending shortage of natural gas and it’s causing the Bloomies some existential angst. Bloomberg reports natgas prices in Europe have “surged more than 1,000%” since May 2020 with no end in sight. Earth to Bloomberg: Europe has no one to blame but themselves. They don’t want our “fracked gas.” Let them buy Putin’s pipelined gas at extortionist rates.
The latest weekly Enverus U.S. rig count shows total rigs in use recovering to within one rig of a post-pandemic high. For the week ending August 4, the rig count stood at 603, up 4 rigs from last week. The Marcellus play lost one rig from the previous week, while the Utica picked up one rig. Collectively the M-U is currently running 45 rigs, the same level as the previous two weeks.
NATIONAL: Biden administration sets USA clean car goal; US working natural gas volumes in underground storage increase 13 Bcf; Senate Democrats to introduce measure taxing major polluters.