Cold Winter or Not, NatGas Prices Staying High – NYMEX Breaks $5
Just two days ago MDN told you about whispers that the NYMEX price of natural gas may actually hit or surpass $5/MMBtu (see Gulf of Mexico Supplies Remain Offline, NatGas Price Hits New High). Yesterday the current NYMEX contract trading right now, the “front month” (for October delivery) went over $5/MMBtu during intraday trading, closing at $4.91 (up 35 cents for the day). However, the NYMEX contracts for both December and January settled *above* $5–for the first time in years (since 2014).
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Appearing on a Barclay’s energy conference webcast yesterday, Williams CEO Alan Armstrong said his company plans to keep spending around $1.2 billion per year through 2026 to keep growing and expanding. One of the prime drivers of growth and expansion for Williams in the coming years is LNG exports. Feedgas to LNG plants continues to increase. According to S&P Global Platts, U.S. LNG feedgas demand will increase from 10.9 Bcf/d this year to 14.9 Bcf/d in 2026. Williams intends to deliver much of that increased demand to the plants that use it.
Get ready, it’s coming this month. The completely radicalized Environmental Protection Agency (EPA) under Joe Biden and EPA Administrator Michael Regan (formerly the failed head of North Carolina’s environmental agency) will issue a new regulation targeting so-called methane emissions, a rule that is “expected to be stricter even than an Obama-era standard set in 2016” which was devastating at that time (later overturned by Trump).
Sometimes this happens with a story, but not often. We spotted two diametrically opposed views on the same issue–in this case on the status of mergers and acquisitions in the oil and gas sector. One article claims “the merger mania is back in North America’s oil patch.” A day later another article says “shale M&A flurries are clearing up – for now.” One says M&A is heating up, the other says it’s cooling down. Which view is right?
One of our favorite writers in the energy space is Paul Driessen, a senior policy advisor for CFACT (Committee For A Constructive Tomorrow, a Washington, D.C. think tank), and author of Cracking Big Green and Eco-Imperialism: Green Power – Black Death. Driessen recently published an article on the CFACT website that rips the face off these silly ESG programs being blabbered on about everywhere, especially in the oil and gas sector.
NATIONAL: Number of drilled but uncompleted wells declines; The coming pipeline shortage; Until production settles, natural gas prices will continue their uptick; INTERNATIONAL: Shell weighs COVID-19 vaccine mandate, firing staff who resist.