Record “Open Interest” Trading Across North American NatGas Markets
We spotted a press release by the Intercontinental Exchange (ICE) announcing record “open interest” across its global energy markets in May 2026, reaching 130.5 million contracts. It’s all highly technical financial jargon. We decided to research it to figure out (a) what it is saying, and (b) how/why it’s important for the Marcellus/Utica. We’re glad we did. The press release from ICE—one of the largest financial exchanges in the world—announces that the global energy market is currently seeing a historic amount of financial activity. In short, more energy companies, investors, and utilities than ever before are using financial contracts to lock in future natural gas and electricity prices. Read More “Record “Open Interest” Trading Across North American NatGas Markets”
OTHER U.S. REGIONS: Town of Rock approves LNG plant permit; NATIONAL: U.S. natural gas futures settle higher; The U.S. is a major energy exporter and importer, especially for petroleum; Amicus briefs urge SCOTUS to end Boulder’s climate lawsuit; Why do we keep wasting money on ‘renewable’ technologies?; INTERNATIONAL: Oil settles below $89 on deal hopes; US strikes Iran military site near Hormuz; BP Chairman says he was fired without explanation; Rage, rage against the dying of the net zero dream; Hormuz in the U.S.–Iran conflict as a strategic game changer. 
Calfrac Well Services Ltd.
Earlier this month, MDN told you that WhiteHawk Energy (undergoing a rename to WhiteHawk Minerals), a natural gas mineral and royalty interest owner in the Marcellus and Haynesville plays, with over 3.4 million gross acres under lease for drilling, was teeing up for an initial public offering (see 
The Virginia Supreme Court issued a ruling last Thursday with far-reaching consequences not only for the plaintiffs who won the case (EQT and Diversified Energy) but also for other conventional and, if it ever develops, shale drillers in the state. EQT and Diversified sued Wise County, VA, alleging that Wise County’s method of valuing their assets in the county overvalued them, resulting in a much higher tax bill. The Supremes agreed and sent the case back to a lower court to rework the valuations. 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its dysfunctional and irresponsible counterpart, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use requests for responsible, safe shale drilling. The SRBC published a notice in the May 23rd Pennsylvania Bulletin that the SRBC approved and/or renewed 33 general water use permits in April for individual shale gas well drilling pads in Bradford, Cameron, Lycoming, Sullivan, Susquehanna, Tioga, and Wyoming counties. 
East Kentucky Power Cooperative (EKPC) has officially broken ground on Liberty Station, a $500 million natural gas-fired power plant located in Casey County, Kentucky. Expected to be operational in late 2028, this project represents the cooperative’s first new greenfield power plant since the 1980s. The facility will use twelve large generators to produce electricity for approximately 95,000 homes (214 megawatts), significantly improving grid reliability for over 1 million customers across 89 counties. Running primarily on natural gas with ultra-low-sulfur diesel backup, the station will create over 20 high-paying, full-time jobs and deliver clean and reliable energy to rural residents. 
Last week, the combined Marcellus/Utica Baker Hughes rig count maintained its cumulative count of 36 active rigs after dropping 1 rig two weeks ago in the PA Marcellus (see 
Well, you knew this was going to happen. Last week, a group of disgusting Big Green groups and the New York State Attorney General both filed separate lawsuits in the U.S. Court of Appeals for the Second Circuit (2nd Circuit), challenging the Federal Energy Regulatory Commission’s (FERC) decision to resurrect the Constitution Pipeline under the existing (but dormant) docket. NY AG Tish James, representing the Department of Environmental Conservation (DEC), argues that a brand new review should be done by the state to evaluate the project for compliance with the federal Clean Water Act. You may recall that NY previously lost its right to evaluate the Constitution project by stretching out its review for years, causing FERC to overrule NY (see 
U.S. Secretary of Energy Chris Wright issued an emergency order on May 21 directing PJM Interconnection and Constellation Energy to keep Units 3 and 4 at Pennsylvania’s Eddystone Generating Station (near Philadelphia, in Delaware County) operational through the summer. Effective from May 25, 2026, to August 22, 2026, the mandate aims to ensure grid reliability. This directive follows four previous 90-day orders that have kept the aging, dual-fuel units online to support energy security. The DOE asserts that despite planned retirements, these 380-MW units remain essential for stabilizing the regional power supply. Big Green wants to close them down. 
Last Thursday (May 21), the commissioners of the Federal Energy Regulatory Commission (FERC) unanimously proposed significant changes to the agency’s natural gas blanket certificate program, the most substantial overhaul since 2006. The Notice of Proposed Rulemaking (NOPR) aims to roughly double the cost thresholds for pipeline companies to build and modify infrastructure without extensive case-by-case approval. It also expands eligible project categories and, for the first time, extends streamlined authorization to certain LNG facility activities. 
MDN will not publish on Friday, May 22, nor on Monday, May 25, in observance of the Memorial Day holiday. A shout out to all of our currently serving and former veterans, and remembrance for those who gave the ultimate sacrifice for our country. They are not forgotten.