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Constitution Pipeline Would Save Northeast Energy Consumers $11.6B
S&P Global’s Commodity Insights and Market Intelligence divisions jointly issued a new report (below) that says construction of the proposed Constitution Pipeline could provide significant price relief and other economic benefits for the U.S. Northeast region, generating up to $11.6 billion in energy savings for consumers and supporting nearly 2,000 jobs annually over a 15-year period. The report represents the independent analysis and views of S&P Global. However, the study was paid for by The Williams Companies, Inc., the company that would build and operate the Constitution. This report is significant for two reasons. Read More “Constitution Pipeline Would Save Northeast Energy Consumers $11.6B”
Last week, the Baker Hughes U.S. national rig count lost rigs after adding rigs for two consecutive prior weeks. The national count dropped four from 550 to 546. Baker Hughes said last week’s decline puts the total rig count down 39 rigs, or 7% below the same time last year. Rigs in the Marcellus/Utica remained the same last week at a combined 37 rigs, the same number for five weeks in a row. Pennsylvania remained unchanged at 17 active rigs. Ohio was the same at 13 rigs. And West Virginia maintained its 7 rigs, which it has operated since May 30. There were 23 rigs targeting the Marcellus and 14 targeting the Utica. 
The U.S. Energy Information Administration (EIA) issued its latest monthly Short-Term Energy Outlook (STEO) yesterday. The STEO is the agency’s monthly best guess about where energy prices and production will head in the next 12 months. In this latest assessment, EIA dropped its estimates for the Henry Hub spot price for 2025, again, as it has for months. The agency expects the HH spot price to average $3.40 per million British thermal units (MMBtu) in 2025, $0.10 lower than last month’s forecast (and $0.30 below the prediction from three months ago). EIA also dropped its 2026 forecast, quite radically, lowering it by $0.40 to $3.90/MMBtu. Hence, our suspicion that sometimes the data crunchers haul out the breakroom dartboard to help with forecasts. 
Carrie Crumpton, Vice President of Environmental Strategy, presented on behalf of CNX Resources at the recent 2025 Shale Insight Conference. Carrie provided an overview and update on CNX’s 
Although we’re seeing an increase in both natural gas demand and production, combining these factors with relatively normal winter weather, economic indicators and natural gas storage levels, the Natural Gas Supply Association (NGSA) is projecting “flat” pressure on natural gas prices compared to last winter, according to the NGSA’s annual Winter Outlook forecast of the wholesale winter natural gas market (full copy below). The NGSA 2025-2026 Winter Outlook, a forecast of the wholesale winter natural gas market, compared the upcoming winter to the winter of 2024-2025 when the average Henry Hub price of natural gas was $3.76 per MMBtu. “Winter” is defined as the period from November through March, the industry’s traditional winter heating season. 
A new report from big energy data analytics firm Enverus finds that the average breakeven price for new shale wells in the United States currently sits at $70 per barrel. That’s a problem, because the sale price for a barrel of West Texas Intermediate (WTI) crude has been firmly in the $60s for months. U.S. shale drillers can’t drill new wells if they lose money. Consequently, they’re beginning to lay down the rigs and stop new drilling. But here’s the even more troubling part of the report: Enverus predicts the breakeven price will rise to around $95 per barrel within ten years. 
The mighty BP (formerly British Petroleum) is an oil and natural gas company attempting to transition into a renewable energy company. They’re failing. BP is having an identity crisis. It’s a European company and has bought into the false narrative that fossil energy is on the way out (“transitioning” to so-called renewables) due to concerns over mythical global warming. BP’s recently published Annual Energy Outlook for 2025 report (full copy below) takes a different approach from previous versions of the report. It offers two scenarios: What will happen between now and 2050 if we don’t change anything, called “Current Trajectory,” which means humans will turn Earth into a burning hell; and what will happen if the world finally gets serious about mythical global warming and commits to ensuring temperatures don’t rise more than 2 degrees Celsius, called “Below 2°.” 
Recently, two neighboring towns in Greene County, PA, declared a Disaster Emergency related to a “frac-out” at the EQT Lumber well that happened three years ago, in July 2022 (see 
The American Exploration & Production Council (AXPC) yesterday released a new study (full copy below) analyzing the upstream oil and natural gas sector’s profound impact on the U.S. economy. The study found that upstream, onshore independent producers supported 3.1 million jobs nationally, contributed to $277 billion in labor income, and paid $129 billion in taxes — accounting for 87% of the sector’s total economic contributions in 2024. As vital contributors to America’s energy security, independents accounted for over 85% of onshore crude and condensate production and over 90% of onshore gas production from 2022 to 2024.