International LNG Prices Rise Amid Strait of Hormuz Closure
Following the February 28 closure of the Strait of Hormuz, global and U.S. natural gas prices have sharply diverged. The shutdown halted roughly 20% of global LNG supplies, primarily from Qatar, forcing Asian and European buyers to scramble for replacement cargoes. Consequently, European TTF and Asian JKM benchmark prices surged 35% ($14.80/MMBtu) and 51% ($16.02/MMBtu), respectively. In stark contrast, U.S. Henry Hub prices fell 9%. Because U.S. LNG export terminals are already operating at near-maximum capacity, producers cannot significantly increase exports to capture these high global prices. This leaves ample gas domestically, insulating the U.S. market from international price volatility. Read More “International LNG Prices Rise Amid Strait of Hormuz Closure”
NATIONAL: U.S. natural gas futures await support from weather; Blame anti-fossil fuel crusade, not war for gas prices; Trump met with oil and gas executives as Iran war drags on, prices surge; The folly of funding direct air capture; INTERNATIONAL: Oil surges as Hormuz blockade bites; Russia says it has no plans to leave OPEC+; Trump readies for prolonged US blockade of Hormuz; UAE’s OPEC bombshell signals a new Middle East order; IPCC troubles – the latest from Bangkok; The US is back in charge of the oil industry; Why the UK and EU keep doubling down on net zero dogma. 
In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see 
Yesterday, Pennsylvania Gov. Josh Shapiro announced $267 million in state funding for energy projects, including $31.5 million for CNX Green Ventures to capture coal mine methane at the Enlow Fork mine in Greene County. Funded through EPA Climate Pollution Reduction Grants, the RISE PA program supports industrial decarbonization. CNX plans to drill boreholes, capture methane from mine ventilation, and pipe it for processing and sale as remediated mine gas. 
Last May, MDN brought you the news that the Ohio Department of Natural Resources (ODNR) was laying the blame for a series of low-level earthquakes in southeastern Ohio on fracking at a shale well in Noble County (see 
Quick, send in the clowns. Don’t bother, they’re here.
This is really big news. Yesterday, we spotted an article in the Financial Times that the Abu Dhabi National Oil Company (ADNOC), which is the state-owned oil company of the United Arab Emirates (UAE), is planning to invest “tens of billions of dollars” to build a natural gas business in the U.S., as it accelerates efforts to diversify, as the Iran war disrupts the energy industry. We’re glad we held on to that story and kept it for today, because on the heels of that story, another, bigger one broke: The UAE is resigning from OPEC and OPEC+ as of Friday, May 1. That’s huge! 
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In February 2024, members of the South Carolina Public Service Commission approved a proposed project to build a 1,020-megawatt (MW) gas-fired power plant in the state’s Lowcountry, in Colleton County (see 
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