Baker Hughes | Energy Services | Industrywide Issues | Ohio | Pennsylvania | Research | West Virginia
M-U Rigs Even @ 36; Haynesville Even @ 55; Nat’l Down 1 @ 562
Last week, the combined Marcellus/Utica Baker Hughes rig count remained at 36 active rigs for the fifth week in a row. The M-U’s chief competitor, the Haynesville, maintained its count of 55 active rigs, operating 19 more than the M-U. The national count lost 1 rig last week, bringing the total down to 562 rigs. Baker Hughes said the number of oil rigs rose by 2 to 433 last week, the highest total since June 2025, while gas rigs fell by 3 to 121, the lowest since October 2025. Read More “M-U Rigs Even @ 36; Haynesville Even @ 55; Nat’l Down 1 @ 562”
The U.S. Energy Information Administration (EIA) issued its latest monthly Short-Term Energy Outlook (STEO) on Tuesday. Using the official EIA dartboard, the STEO is the agency’s monthly best estimate of where energy prices and production will go over the next 12 months. There was a revision to the agency’s prediction about the spot price (at the Henry Hub) for natural gas in 2026 and 2027. Last month, the EIA predicted 2026 would end up with an average HH price of $3.50/MMBtu and 2027 would see an average of $3.18/MMBtu. On Tuesday, the EIA revised both numbers up. The agency sees an average price of $3.60 this year, up a dime from last month, and $3.46 in 2027, up a robust 28 cents. 
Pennsylvania imposes an annual “impact fee” (the state’s version of a severance tax) on unconventional (i.e., shale) natural gas wells that were drilled or operating in the previous calendar year. The state Independent Fiscal Office (IFO) provides updates to predict how much will be collected from the fee. The IFO released its mid-year report yesterday, which typically focuses on a forecast for the current fiscal year (FY 2026). But this update is different. It spends most of its verbiage on firming up and confirming the final numbers for 2025, which will be distributed in July of 2026. Near the end, the IFOers do break out the crystal ball and venture a guess on revenues for 2026 that will be paid out next July. 
JobsOhio, a private, nonprofit corporation that works on behalf of the state to drive job creation and new capital investment in Ohio by attracting business, contracts its economic research to Cleveland State University (CSU) to monitor the Utica Shale industry. JobsOhio released the latest CSU twice-a-year report yesterday (full copy below). It shows that Ohio’s shale energy sector drew another $2.9 billion in direct investment between January and June 2025, pushing cumulative investment in the Utica since 2011 to nearly $117.5 billion. All private money! It’s massive. 
The experts at NGI (
ISO New England’s Internal Market Monitor reported that total wholesale electricity costs in New England reached $15 billion in 2025, up 48% from 2024. The increase was driven by higher natural gas prices, tighter supply, changes in the resource mix, and shifts in market design. Day-ahead energy prices averaged $71.81/MWh, up 73%, while real-time prices rose 67% to $65.89/MWh. Natural gas prices more than doubled to $6.27/MMBtu. Carbon taxes added $1.1 billion to energy costs. Boiling it all down, aside from carbon taxes, high natgas prices are the main culprit. The report (full copy below) has some thoughts about why natgas prices are so high in New England. 
Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for January through March 2026 (full copy below). There were 101 new horizontal wells spudded (drilled) in 1Q26, an increase of 7 wells (+7%) compared to 1Q25. Natural gas production volume was 1,928 billion cubic feet (Bcf) in 1Q26, down less than 1/10th of a percent from 1,943 Bcf produced in 1Q25 (down 15 Bcf, -0.8%). The average Pennsylvania spot hub price was $5.22, a huge increase of $1.53 (+41%) from the prior year’s $3.69. 
A study commissioned by Constellation Energy concludes that the Everett Marine Terminal (EMT) in Massachusetts (LNG import terminal) remains critical to New England’s gas and electric reliability, particularly during peak winter demand. Constellation owns EMT. The report (full copy below) highlights EMT’s role during Winter Storm Fern in early 2025, when it prevented supply shortages and price spikes. Existing contracts with Massachusetts utilities run through 2030, costing ratepayers an estimated $946 million. The report says replacing EMT via pipeline expansion could cost $4.6–$6.1 billion. While consumer and environmental advocates favor demand-side alternatives such as electrification and efficiency, the report is skeptical, calling these strategies high-risk and unverified. 
We’re facing a full-blown crisis in building new AI data centers — at least in Pennsylvania (and in many other states). How do we know? Read this story published by the Wall Street Journal yesterday: 
U.S. industrial natural gas consumption is projected to reach record highs through 2027, driven by rising manufacturing activity, particularly in the chemicals subsector. According to the latest U.S. Energy Information Administration (EIA) Short-Term Energy Outlook, consumption hit a record 23.6 Bcf/d in 2025 and will grow by 1.2% in 2026 and 1.7% in 2027. Although low natural gas prices spurred significant mid-2010s expansions that raised demand, recent growth has been relatively flat. Moving forward, steady increases in the natural gas-weighted manufacturing index are expected to outpace ongoing industrial efficiency improvements, ensuring gradual but consistent demand growth, with distinct winter seasonal peaks. 
The U.S. Energy Information Administration (EIA) issued its latest monthly Short-Term Energy Outlook (STEO) yesterday. Using the official EIA dartboard, the STEO is the agency’s monthly best estimate of where energy prices and production will go over the next 12 months. There was a revision to the agency’s prediction about the spot price (at the Henry Hub) for natural gas in 2026 and 2027. For the second month in a row, the EIA has significantly lowered its predictions for the HH spot price. Last month, EIA predicted the spot price would average $3.67 per million British thermal units (MMBtus) this year, and $3.59 next year (see 
There’s a reason the University of California, Berkeley, is nicknamed “Berserkly.” It is a hotbed of bright red Communist philosophy and teaching. It produces people who are, well, berserk. And yet, in an unguarded moment of honesty and lucidity, a UC Berkeley researcher has just published a study outlining how natural gas from shale is saving American consumers on the order of $200 billion each year, a cumulative total of $5 trillion or more since 2007. This is astonishing — not only because of how much Americans have saved, but because UC Berkeley is willing to share that truth with the world, damaging its own reputation with the wacky, badacky left.