Equitrans Signals Giving Up on MVP Southgate – Pulls Eminent Domain
This is, indeed, a sad day. Last Thursday, Mountain Valley Pipeline LLC (MVP), which is majority owned by and is operated by Equitrans Midstream Corp., filed a notice to voluntarily dismiss eminent domain proceedings against landowner holdouts in North Carolina for land needed to build an extension of MVP into the state, called MVP Southgate. An Equitrans spokesman said the company hasn’t given up on the Southgate extension. We don’t believe it for a New York minute. We’ve seen this movie before when PennEast Pipeline canceled eminent domain, first in Pennsylvania (see PennEast Stops Eminent Domain Lawsuits in PA – What Does it Mean), then a month later in New Jersey (see Troubling: PennEast Pipeline Withdraws NJ Eminent Domain Lawsuits). In the case of PennEast, canceling eminent domain proceedings was a prelude to canceling the project, which happened a short time later.
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What the heck is going on with natural gas prices? Last Friday, the NYMEX futures price (based on the Henry Hub spot price) lost another $0.40 to close at $4.96/MMBtu. NGI’s Weekly Spot Gas National Average dropped $0.54 to $4.99/MMBtu. The NYMEX lost $1.49 last week, representing a 23% drop in price–in one week! Last week marked the longest losing streak for natural gas prices (9 straight weeks) since the week ending Feb. 8, 1991, when the market fell for 11 straight weeks. Yuck.
As part of its third quarter 2022 update, Kinder Morgan (KM) CEO Richard Kinder said his company is bullish on U.S. LNG exports. Kinder said he expects (predicts) U.S. LNG exports will more than double, from the current 11 billion cubic feet per day (Bcf/d) to 28 Bcf/d by 2030–less than eight years away. KM flows around 50% of all the molecules that get exported as LNG from this country, so Kinder should know a thing or two about the LNG market.
Last week we told you about a group of brainwashed children at the University of Pennsylvania (UPenn), who were behaving like spoiled rotten brats, demanding UPenn divest from any company with a whiff of oil or natural gas about it (see 
Last Thursday, representatives from manufacturing and the energy sectors delivered their thoughts on the future of the national and local economies at the 2022 Economic Outlook Conference sponsored by the Wheeling Area Chamber of Commerce. Front and center at the event was talk about the role of shale energy in revitalizing West Virginia and making it THE go-to place to set up new manufacturing operations. One speaker pointed out: “(West Virginia) is the only place in the world where you can build your manufacturing facility on top of your natural resources, your energy, and your raw materials in the middle of the biggest market in the world.”
In June, seemingly out of nowhere, a plan to build an LNG export facility on the banks of the Delaware River south of Philadelphia made big headlines in Philly (see 
Last year the State of Rhode Island, a small Communist stronghold in the United States, voted to phase out the use of all fossil energy by everyone in the state by 2050–the so-called Act on Climate. It’s more like the Shoot Yourself in the Head Act. Of course, passing a law and then trying to accomplish what the law stipulates are two completely different things, as the Commies in Rhode Island are discovering. They are beginning to flail about looking for solutions to how they can force their citizens to dump fossil energy without completely destroying the state’s economy. (Spoiler alert: They won’t find such a solution.)
INTERNATIONAL: Deutsche Bank cutting emissions from loans to oil and gas; Even green zealots fear the cold more than the evils of natural gas; Putin’s energy war and America’s obligation to remain a reliable supplier; Potential of peak shale puts oil market on edge; Germany leaves its natural gas in the ground.