Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Pipelines | Regulation | Statewide WV | West Virginia
Sen. Manchin Taking FERC to Woodshed, Wants Answers on Policies, MVP
U.S. Senator Joe Manchin, Democrat from West Virginia, is in a grumpy mood. The cause? The Federal Energy Regulatory Commission (FERC). Manchin is meeting with FERC commissioners tomorrow and he plans to take them to the proverbial woodshed for a good thrashing. Two things are on Manchin’s mind: FERC’s new rules that use global warming as a standard for reviewing pipeline projects, and ongoing delays with finishing the Mountain Valley Pipeline (MVP) project.
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Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil, and produced water gathering (pipeline) systems in several unconventional shale plays, including the Marcellus and Utica. Last week Summit issued its fourth quarter and full-year 2021 update. The company’s Marcellus/Utica segment (now called Northeast) continued to be the star performer. Flows through the company’s pipeline system are down for both 4Q and 2021 versus the prior year. Revenues were down from the same period a year ago as well.
It’s been a while since we’ve checked in on Canadian energy company Enerplus Corp, which currently owns some 32,700 acres of Marcellus Shale leases in northeastern Pennsylvania. The company doesn’t drill any wells in the region but it does participate by funding the drilling programs of others. Last week Enerplus issued its 4Q and full-year 2021 update, which shows the company’s Marcellus production averaged 161 million cubic feet per day (MMcf/d) in 4Q21, up 5% from 3Q21.
According to Rystad Energy’s senior oil market analyst, market panic is officially here. Because of the ongoing war of invasion, with Russia invading and attempting to annex Ukraine, world oil markets are unhinged. After the market closed yesterday, Brent crude surpassed $115/barrel to touch its highest level since 2008. West Texas Intermediate (WTI) closed yesterday at $110.60/barrel. The war and its associated chaos and uncertainty is affecting other commodities too, like natural gas (NYMEX up 4% yesterday), agriculture, and precious metals. Supply disruptions are expected. Everyone is hitting the panic button.
We love a good contrarian point of view. We brought you news today of the market in a panic with the price of oil and natural gas heading higher based on fears over the Russian invasion and war against Ukraine. But right on cue, we spotted an article/analysis on the Seeking Alpha investors’ website that makes the case that natural gas prices will soon head much lower–back down to the $3/MMBtu range. At least here in the U.S. Why?
Elsevier, a Dutch company founded in 1880, is a huge publishing and data company. Elsevier publishes over 2,000 scientific journals and thousands of science and engineering books. BIG company. Important company. Among Elsevier’s published journals are titles for climate cultists, including Lancet and Global Environmental Change. Elsevier also publishes journals for the fossil fuel industry, like Upstream Oil and Gas Technology and Journal of Unconventional Oil and Gas Resources. Climate cultists are having a hard time with the fact Elsevier is an actual business that wants to make money and doesn’t care if its journals benefit the crazies or benefit fossil energy. So the cultists are now attempting to pressure Elsevier into dumping their journals and books that “promote” or somehow “benefit” fossil energy. It’s the Attack of the Climate Clones…
MARCELLUS/UTICA REGION: PA Republicans call for pipeline expansions following invasion of Ukraine; Metcalfe, House ERE Committee call on Wolf to ban Russian sourced energy; Legislator urges support of hydrogen hub in Pennsylvania; When it comes to natural gas, Russia is Putin us on; OTHER U.S. REGIONS: APA Corporation one of America’s best midsize employers; NATIONAL: Co-powering natural-gas-fired power plants with hydrogen; America’s emerging energy crisis; INTERNATIONAL: European gas prices touch new highs as Russia supply fears grow; Europe remains top destination for U.S. LNG for 3rd consecutive month.