EIA Sept. STEO: Appalachia Flat While Permian, Haynesville Boom
The U.S. Energy Information Administration (EIA) dropped its September Short-Term Energy Outlook (STEO) yesterday, and for once the natural gas headline numbers barely budged. Henry Hub is forecast at $3.43/MMBtu for 2026 and $3.28/MMBtu for 2027 — a penny and three cents below last month. After August’s 23-cent haircut, that’s practically a rounding error. The interesting stuff this month isn’t in the price line. It’s in the regional production tables, where EIA lays out exactly who is growing and who isn’t. Spoiler: it’s the same story as last month, only now EIA has put hard numbers on it. Read More “EIA Sept. STEO: Appalachia Flat While Permian, Haynesville Boom”
Accounting giant Ernst & Young dropped its annual reserves benchmarking study yesterday, and while the press release leads with oil, the real story for our part of the country is buried in the tables: EQT is now the largest holder of proved natural gas reserves in the United States, and Appalachian-focused producers control roughly a third of all the gas reserves booked by America’s 30 biggest publicly traded drillers. 
Pennsylvania’s utility regulators just told the General Assembly what Marcellus drillers have been saying for two years: the electricity business is about to get very busy, and natural gas is going to be the one doing the heavy lifting. On Tuesday, September 1, the Pennsylvania Public Utility Commission (PUC) released its annual Electric Power Outlook for Pennsylvania, this one covering 2025 through 2030. The report is required by state law — the PUC has to collect demand forecasts from the state’s 11 electric distribution companies (EDCs, the utilities that run the poles and wires to your house) and hand a summary to the Legislature and the Governor every September. Usually it’s a snoozer. Not this year. 
Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its quarterly Natural Gas Production Report covering April through June 2026 (full copy below). Three numbers, all pointing in the same direction: PA drillers spudded (started drilling) 89 new horizontal wells in 2Q26, down 16 wells (-15.2%) from the 105 spudded in 2Q25. Production volume was 1,925 billion cubic feet (Bcf), down 32 Bcf (-1.6%) from 1,957 Bcf in 2Q25 — the lowest quarterly volume since 4Q24. And the average Pennsylvania spot hub price was $2.11 per MMBtu, down 27 cents (-11.3%) from last year’s $2.38. 
A new report from two respected energy economists puts a number on something MDN readers have watched play out all year: PJM’s capacity market is broken, and it’s about to cost ratepayers billions — while creating a wide-open lane for reliable Marcellus/Utica gas. The National Center for Energy Analytics (NCEA) published “Regional Transmission Organizations: Problem or Solution?” on August 27. Authors Jonathan A. Lesser (president, Continental Economics) and Brent Bennett (policy director, Life:Powered/Texas Public Policy Foundation) dig into why RTOs (Regional Transmission Organizations) like PJM — the grid operator covering all or part of 13 mid-Atlantic states, including Pennsylvania, Ohio, and West Virginia — are struggling to keep the lights on at a price anyone wants to pay.
A new report from Global Energy Monitor (GEM) — a group that says it exists “in support of the worldwide movement for clean energy” — was written to sound an alarm about a runaway natural gas buildout. Buried in one of its charts is the best news Appalachian landowners have gotten all year. Pennsylvania, Ohio, and West Virginia together added almost exactly as much new gas-fired power capacity in the first six months of 2026 as the entire state of Texas. 
The International Gas Union (IGU), Snam, and Rystad Energy released the 2026 Global Gas Report this morning (full copy below), and there’s one line in it Marcellus/Utica readers shouldn’t skip past. The record 4,147 billion cubic meters (bcm) of natural gas the world produced last year was driven, in the report’s words, overwhelmingly by North America — and the three basins it names are the Permian, the Haynesville, and Appalachia. That’s us. A bcm, by the way, is a billion cubic meters, or roughly 35.3 billion cubic feet (Bcf). North America’s 54 bcm of added supply works out to about 1.9 trillion cubic feet, or a little over 5 Bcf/d of new gas in a single year. 
A new Penn State study went looking for radium from fracking in southwestern Pennsylvania drinking water. It tested 91 private wells and springs in Washington and Greene counties and found exactly zero samples above the EPA limit — and the radium it did find carries the chemical fingerprint of the rock the water sits in, not Marcellus brine. You wouldn’t know that from Penn State’s press release headline, which falsely blares, “
The independent watchdog that grades the PJM electric grid put out its half-year report card last Thursday under the cheerful headline “Market Monitor Finds PJM Wholesale Electricity Markets Competitive.” Read down three paragraphs, and you find the opposite — the capacity market flunked, three years running, and the Monitor blames data centers. Buried further still is a number that ought to end a certain argument in Harrisburg for good: the biggest single driver of PJM’s price spike wasn’t natural gas. It was the wires. 
A free-market think tank in New Jersey has published a report that says out loud what MDN readers figured out years ago: the Garden State keeps its lights on with natural gas — a lot of it, Marcellus gas — while chasing a 2035 clean-electricity mandate propped up by offshore wind that does not exist and batteries that have barely been built. The report, Reliability Before Retirement: Reassessing New Jersey’s 2024 Energy Master Plan, comes from the Garden State Initiative (GSI), a Morristown-based nonprofit that pushes free-market policy in one of the least free-market states in America. Author Anurag Bhat is no fracking cheerleader — he’s a sustainability-credentialed analyst who co-wrote GSI’s 2025 critique of the same Energy Master Plan (EMP). Which makes the findings that much more useful to us.