Marcellus Drilling News

Energy Companies | EQT Corp | Industrywide Issues | Litigation | Pennsylvania | Statewide PA | Storage

PA Landowners Get Class Action OK’d Against EQT re Gas Storage
October 1, 2021October 1, 2021

In July 2018, a group of 100+ southwestern Pennsylvania landowners sued EQT for failure to pay them rental fees for storing natural gas under their properties (see 100+ PA Landowners Sue EQT re Gas Storage Field Payments). In July 2019, that same group filed a request in U.S. District Court to upgrade the lawsuit to class action status, potentially including thousands of affected landowners (see PA Landowners Seek Class Action Against EQT re Gas Storage). Good news (for the landowners): The judge in the case agrees with their petition and is upgrading the case to class action status.
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CNG/LNG | Industrywide Issues | Regulation

State Board Approves LNG Liquefaction Plant in Central Massachusetts
October 1, 2021October 1, 2021

Northeast Energy Center, LLC, plans a $100 million LNG plant in Charlton. (Liberty Energy Trust)

In November 2018 MDN told you that Northeast Energy Center, backed by Liberty Energy and NorthStar Industries, is proposing to build an LNG liquefaction plant in central Massachusetts (see LNG Liquefaction Plant May be Coming to Central Massachusetts). The plan is to connect to the Tennessee Gas Pipeline and chill natural gas into LNG for delivery to businesses and organizations like hospitals that are not connected to a natgas pipeline but want to use this cheaper, cleaner-burning fuel source. Good news: On Sept. 20, the Massachusetts Energy Facilities Siting Board tentatively approved plans for the facility. A final approval may come next week.
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Industrywide Issues | Regulation

Biden’s Forced Vaccine Mandate Causing Labor Problems in O&G
October 1, 2021October 1, 2021

Our federal government is out of control under the doddering Joe Biden and those who pull his strings. Earlier this month Biden directed the Occupational Safety and Health Administration (OSHA) to impose a mandate on all employers with 100 or more workers that forces employers to either ensure workers are vaccinated against COVID-19, or tested weekly. This kind of government coercion is not acceptable. It’s having a big impact on the oil and gas industry where vaccination rates are lower than the general population.
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Industrywide Issues | Pipelines | Regulation

FERC’s Glick Offers Pathetic Excuse for Rejecting New Pipelines
October 1, 2021October 1, 2021

Federal Energy Regulatory Commission (FERC) Chairman Richard “Dick” Glick, in a letter to a Republican Senator, threw his fellow FERC members (Republicans) under the bus, accusing them of “cutting corners” over the past several years when Republicans held a majority on the commission. Glick’s comments are beneath contempt. Glick votes against all new natural gas projects (pipelines in particular) because he thinks they cause catastrophic global warming. He uses cherry-picked court decisions as his justification for rejecting gas-related projects. Pathetic.
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CNG/LNG | Commodity Price | Industrywide Issues

LNG Price in Asia Goes Nuts, Cargoes Fetching Record $34.47/MMBtu
October 1, 2021April 20, 2022

Spot Asia-Pacific LNG prices hit a record high yesterday on “persistent supply constraints in global gas markets” and “strong winter restocking demand among Asian end-users.” The S&P Global Platts JKM price for November hit $34.47/MMBtu, the highest level for the Asian spot LNG price since it was launched in early 2009. Some Marcellus/Utica LNG goes to Asia, although most of it is under long-term contracts at much lower prices.
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Commodity Price | Industrywide Issues

Some Traders Betting on $40/MMBtu U.S. Natural Gas
October 1, 2021October 1, 2021

Today we have a post about the spot price of LNG in Asia (JKM price) going nuts and closing at the highest price it has ever been at $34.47/MMBtu. Natgas traders in this country are taking notice. In fact, some traders are making what amounts to a gamble by buying NYMEX futures for March 2022 that projects the price to be $40/MMBtu! It’s a long shot to be sure, but the fact there are people laying down good money for such trades is noteworthy.
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Industrywide Issues | Research

Enverus Rig Count @ 640 (+9); Marcellus @ 34 (-1), Utica @ 10 (+0)
October 1, 2021April 20, 2022

The latest weekly Enverus U.S. rig count shows total rigs in use hitting another new post-pandemic high. For the week ending September 29, the rig count stood at 640, up 9 rigs from the previous week. That’s a new high since the beginning of the pandemic in April 2020. The Marcellus lost one rig (now at 34 active rigs) while the Utica stayed even from the previous week (10 active rigs). However, the Utica is down from two weeks ago when it operated 12 rigs. Collectively the M-U currently operates 44 rigs.
Read More “Enverus Rig Count @ 640 (+9); Marcellus @ 34 (-1), Utica @ 10 (+0)”
Best of the Rest

Other Stories of Interest: Fri, Oct 1, 2021
October 1, 2021October 1, 2021

MARCELLUS/UTICA REGION: Shooting for careers – natural gas is a land of opportunity; NATIONAL: US weekly LNG exports lower this week; Natgas generated a larger share of revenue for selected U.S. oil producers in ’21; Exxon sees $700 million windfall from gas rally; Manchin says natural gas ‘has to be’ part of clean energy program; US natural gas storage fields post largest weekly injection since June; Joe Biden’s energy policies hurt my family; INTERNATIONAL: Someone is betting oil will hit $200; Boris Johnson bets on wind.
Read More “Other Stories of Interest: Fri, Oct 1, 2021”