Volatile NYMEX Natural Gas Price Falls 9% in Single Day
Yesterday MDN brought you the news that on Wednesday, the NYMEX price of natural gas soared 10% in a single day, due largely to the threat of a nationwide rail strike that would limit coal shipments to electric generating plants, causing huge demand for natural gas (see Volatile NYMEX Natural Gas Price Jumps 10% in Single Day). During the day yesterday, the railroad union announced a tentative deal and called off the strike. And just like that, the price of natural gas dropped like a rock–down 9% in one day.
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In June, German Chancellor Olaf Scholz spoke to Canadian Prime Minister Justin Trudeau about Germany buying LNG from Canada (see 
Here we go again. Just a few days ago, the benchmark NYMEX price for natural gas (the “front month” contract for October) was trading below $8/MMBtu. Yesterday the price spiked up 10% in a single day–up 83 cents to $9.11. This was the 11th time this year the NYMEX price has either spiked or fallen by 10% or more, which hasn’t happened since 2001, when it spiked or fell 10% or more for 14 days. The watchword is volatility. Wild swings. The question is, Why did the price spike yesterday in particular? We have an answer.
Last week MDN brought you the latest U.S. Energy Information Administration “Short-Term Energy Outlook” for September (see 
Pennsylvania is stubbornly continuing to pursue a $2 billion hydrogen hub (part of the Biden infrastructure bill) on its own, without partnering with other Marcellus/Utica states. As we continue to point out, doing the application process alone jeopardizes attracting the project to our region. Yesterday the Pennsylvania House Environmental Resources and Energy Committee held a public hearing on hydrogen’s potential as an energy source. The opening presenter, Richard DiClaudio, president and CEO of the Energy Innovation Center Institute in Pittsburgh, made the case that hydrogen and the hydrogen hub is important to the future of southwestern PA.
You’ve heard mainstream media and the Democrat Party’s attempt to brainwash you by renaming the millions of illegal, invading aliens crossing our southern border as “undocumented immigrants” or other laughable labels. The name change seems to have worked so well, it’s now being used by the government’s National Energy Technology Laboratory (NETL) with oil and gas wells. Ever hear of an “undocumented” oil/gas well? For most of us, they’re known as orphaned or abandoned wells. NETL is calling them undocumented because, well, there’s no official documentation that shows where they are located. NETL is hitting the road–to western New York State–to “find and characterize undocumented orphaned oil and gas wells.”
Since the beginning of Joe Manchin’s so-called “side deal” to vote on a bill that will reform the permitting process for infrastructure projects including the 303-mile Mountain Valley Pipeline (MVP), Republicans in the Senate (and House) have called on Manchin and Chuck Schumer to release actual language of the bill that will be voted on. You know, release it at least a week or two before it gets voted on, instead of two hours before (which is the Democrats’ typical routine). So far, NOTHING from Manchin and Schumer. So on Monday, Manchin’s fellow U.S. Senator from West Virginia, Senator Shelley Moore Capito, introduced her own version of a permitting reform bill. The bill has the support of 45 Republican Senators so far (38 of them co-sponsored).
Last December, Virginia’s newly-elected governor, Glenn Youngkin, said that as soon as he took office, he would use his executive power to withdraw Virginia from the Regional Greenhouse Gas Initiative (see 
On Friday, Paul Cicio, CEO of Industrial Energy Consumers of America (IECA), representing America’s largest manufacturing companies, sent a letter to Congress making the case that federal agencies (FERC and NERC) should have the responsibility to secure reliable and affordable access to natural gas, mainly through dramatic growth in pipeline infrastructure. The letter says FERC should be required to address any reliability concerns by expediting pipeline permits and promoting (not restricting) construction–potentially by asking for Presidential emergency powers!
We spotted an interesting article by Reuters that says big investment firms with a collective $39 trillion in assets under management are “urging” governments to phase out the use of fossil fuels. We know, it’s ludicrous and insane. You can’t phase out fossil fuels without essentially killing off humanity. But rational thought rarely enters the picture when political power is at stake. The entire global warming hoax is about political power. At any rate, the reason the article interests us is because the largest investment firms in the U.S. are NOT on the list of signatories!
A new Bank of America Global Research report calls the so-called Biden Inflation Reduction Act (IRA) the most important, and largest, federal green energy and climate package in U.S. history. It also says rather than reduce inflation, the IRA will increase inflation because government spending will increase, regulations will restrict supply chains, and the result is that prices, especially for energy, will soar. The IRA is another sterling example of why the free market (capitalism) is preferred over government command-and-control (Communistic) intervention.
Yesterday both Antero Midstream (the pipeline subsidiary of Antero Resources), and Crestwood Equity Partners announced a deal to sell Crestwood’s remaining Marcellus assets to Antero for $205 million. The assets include 72 miles of dry gas gathering pipelines and nine compressor stations with approximately 700 MMcf/d of compression capacity located in Doddridge County and Harrison County in West Virginia.