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Major U.S. Shale Drillers Hedged 2H23 Gas Production Avg. $3.35
According to an analysis by S&P Global Commodity Insights, large U.S. shale gas drillers (namely Marcellus/Utica drillers) have hedged (pre-sold at a specific price) an average of 50% of anticipated shale gas production for the second half of 2023. The average price of the hedges is $3.35/Mcf, far above the average NYMEX Henry Hub price that has been bumping along between $2.25 and $2.75. CNX Resources is the top hedger, hedging 80% of its production in 2H23 at $3.04/Mcf.
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Natural gas development is fundamental to the health and strength of Pennsylvania’s economy, supporting well over 100,000 family-sustaining careers, boosting state tax revenues, and generating billions in economic benefits, according to a new economic impact analysis (full copy below) commissioned by the Marcellus Shale Coalition (MSC). The analysis, released at the kickoff of the 
The Enbridge Gas Dawn Parkway System is one of the most robust pipeline systems in North America and provides for the movement of natural gas from Enbridge Gas’s Dawn Hub located near Sarnia, Ontario, to the Greater Toronto Area, where it interconnects with other downstream pipelines serving eastern Canadian and northeast U.S. markets. Marcellus/Utica molecules help feed the Dawn Hub via the Rover and NEXUS pipelines. Enbridge Gas is holding a new capacity open season for an extra 300 MMcf/d (million cubic feet per day) of natural gas along the Dawn Parkway System. Let’s move more M-U molecules!
In November 2021, the U.S. Senate confirmed regulatory lawyer Willie Phillips to serve as a commissioner on the Federal Energy Regulatory Commission (FERC), replacing Neil Chatterjee (see 
For traders who buy and sell NYMEX Henry Hub futures (and there is a fair number who read MDN), listen up! CME Group, which operates the Chicago Mercantile Exchange and New York Mercantile Exchange (NYMEX), announced it is launching Micro Henry Hub futures and options beginning November 6. The standard Henry Hub natural gas futures contract for a single contract trades 10,000 MMBtu of natural gas, equivalent to 10 million cubic feet (MMcf). The new Micro Henry Hub contract is one-tenth that size — 1,000 MMBtu, equivalent to 1 MMcf. The other major difference is that the standard Henry Hub contract costs $10 to execute, whereas the new Micro contract will cost just $1.
According to the International Gas Union’s (IGU) 2023 Global Wholesale Gas Price Survey report (full copy below), 2022 was THE most turbulent year in the history of gas markets, as the global energy crisis intensified and the global price levels reached record highs. Last year saw record price levels, with Europe’s wholesale prices reaching over $30 per MMBtu. The average world price for natural gas reached $9.44 per MMBtu in 2022 — the highest ever — compared to a record low of $3.23 per MMBtu in 2020. Record high prices last year were seen in all regions apart from North America and the Former Soviet Union.
NATIONAL: Rising oil prices boost US drilling, producer costs rise; INTERNATIONAL: Shell CEO comes under pressure from within on renewables shift; Brent crude oil expected to average $96 per barrel in Q4.