Once again the crack reporters at the Reuters news service have landed a huge scoop: Chief Oil & Gas, which owns 600,000 acres of leases in northeastern Pennsylvania and produces 1 billion cubic feet (Bcf) of natural gas per day, has hired an investment bank to shop the company for sale. Asking price: $3 billion.
Read More “Big News: Marcellus Driller Chief Oil & Gas Shopping Itself for $3B”
Pennsylvania’s Independent Fiscal Office (IFO) provides revenue projections for use in the state budget process along with impartial and timely analysis of fiscal, economic, and budgetary issues to assist PA residents and the General Assembly in their evaluation of policy decisions. The IFO published its Monthly Economic Update yesterday (for October). The update contains good news for PA residents, all of whom benefit from the state’s Act 13 impact “fee” (i.e. tax) on Marcellus drilling. The IFO says the impact fee in 2022 (assessed on drilled and active wells as of 2021) will haul in an extra $74 million (to nearly a quarter of a billion dollars) thanks to the higher average price of the NYMEX futures index.
Read More “PA IFO Predicts 2022 Act 13 Impact Tax to Increase by $74M”
It has been a wild ride on the NYMEX natural gas futures roller coaster this week. Record highs and record drops. Natural gas shortages in Europe and Asia are forcing prices to spike in the U.S. Yesterday the U.S. Energy Information Administration (EIA) reported a “very ugly” (as in high) storage report of 118 Bcf (billion cubic feet) of natural gas injected last week, which was 10 Bcf higher than most experts thought it would be–and yet all that extra supply didn’t move the needle on the NYMEX price which closed the day even from the day before, closing at $5.68/MMBtu.
Read More “High NatGas Storage Report Fails to Move NYMEX Price Lower”
The Natural Gas Supply Association (NGSA) released its Annual Winter Outlook yesterday. In comments made during a presentation to the press, NGSA Chairman David Attwood said he expects U.S. shale producers to come off the sidelines in response to the highest natural gas prices in nearly a decade. That’s good news. “I firmly believe the market works,” Attwood said in response to a question made by the press during the presentation. “There is no doubt the market is giving strong signals for production to increase. That supply is there and will come and meet the demand,” added Attwood.
Read More “NGSA Predicts Gas Drillers Will Ramp Up Production to Meet Demand”
Looks like the union bosses, who never suffer as the rank and file do, have been bought off by a band of sleazy Democrats in Congress. A group of Dem Senators, including the bumbling Sen. Bob Casey from Pennsylvania and the shameful Sherrod Brown from Ohio, have introduced a bill laughingly called the “American Energy Worker Opportunity Act” to substitute low-wage government welfare for high-paying jobs in the fossil fuel industry. Metaphorically the bill says “Here’s a Yugo to replace your Chevy Tahoe, now sit down, shut up, and be happy with it–because your sacrifice saves the planet.” Will rank and file union members actually fall for it? Will they trade $40/hour jobs in the oil and gas industry for minimum wage jobs installing solar panels plus food stamps? That’s the deal on offer from the Dems.
Read More “Democrats Offers Union Workers Low-Pay Welfare for High-Pay O&G Jobs”
Although the U.S. is a big and getting bigger exporter of natural gas, it’s not the biggest exporter of natgas in the world. The distinction of being the biggest exporter of natgas in the world goes to Qatar. Saad al-Kaabi, Qatar’s Energy Minister and CEO of Qatar Petroleum, said yesterday natural gas prices have reached “unhealthy levels” for both producers and consumers. Asia’s spot LNG prices soared by 40% on Wednesday as a cargo for delivery into North Asia in November was priced as much as $56/MMBtu–a record high that beat the previous record from last week of $34.52/MMBtu.
Read More “Spot Price for Natural Gas “Too High” – Asia Hits $56/MMBtu”
You could see it coming for the past year or more. Free speech is under attack in the United State. The Marxists at Google, Inc. are now full-on, anti-First Amendment. There is no free speech in the Googleverse. Yesterday Google announced a new policy that disallows (turns off) advertisers, publishers, and YouTube creators’ ability to monetize content that denies the existence of climate change. Even if you supply data as proof of your view (see Happy Earth Day! MDN Debunks Global Warming Using Actual Temp Data). In the Googleverse, if you express a view contrary to their approved view (even if you have proof), they turn you off. Welcome to the Sovietization of Amerika. Our view: The anti-American Google must be broken up. NOW.
Read More “Google Censors Global Warming Deniers – Kills Free Speech”
MARCELLUS/UTICA REGION: Energy Transfer says Penn. Access refined products pipe is complete; NATIONAL: Wrightstone: No climate crisis, no need for $3.5 trillion; Commonwealth LNG in late-stage talks with customers for US project; US weekly LNG exports grow week over week; US shale discipline a win for shareholders, a loss for motorists; How big a role will hydrogen play in transportation?; INTERNATIONAL: Oil market needs $500B+ injection to ensure supply; Russia says Berlin could ease natural gas crisis by approving Nord Stream 2.
Read More “Other Stories of Interest: Fri, Oct 8, 2021”