MDN Upstream Index (MUI) – May 25, 2023
The most recent day of active trading was Wed., May 24, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – May 25, 2023”
-
-
Other Stories of Interest: Thu, May 25, 2023
NATIONAL: The time to expand mining and streamline permitting is now; INTERNATIONAL: Oil extends rally led by Saudi warning; UK windfall tax case study.
Read More “Other Stories of Interest: Thu, May 25, 2023” -
2 New NatGas Peakers Coming to Ontario, Canada – M-U to Feed?
We spotted a story from Windsor, Ontario (Canada) that caught our attention. We discovered a new customer for Marcellus/Utica gas might be coming just across the border. The Independent Electricity System Operator (IESO) that controls Ontario’s electricity supply has approved a plan by Capital Power to build two more natural gas peaking units at its East Windsor Cogeneration Centre in Windsor’s Ford City. Where is Ford City? Just across the Detroit River from Detroit, Michigan, and close the Dawn Hub–a major natural gas hub that gets some of its gas from the M-U.
Read More “2 New NatGas Peakers Coming to Ontario, Canada – M-U to Feed?” -
PA Dems Water Down Bill Raising Bonding Rates for Conventional Wells
Last summer Pennsylvania House Bill (HB) 2644 was passed into law, becoming Act 96 of 2022 (see New PA Act 96 Helps Boost Plugging Orphan Wells – Left Goes Nuts). Part of the new law keeps the right to raise bonding amounts for conventional wells with the legislature rather than allowing PA’s unelected Democrat bureaucrats in the bowels of the DEP’s Environmental Quality Board (EQB) from doing it. The radical Democrats who control the PA House (with a razor-thin, one-seat majority) introduced a bill a few weeks ago attempting to undo HB 2644 (see PIOGA Responds to Bill Raising Bonding Rates for Conventional Wells). That bill, which was going nowhere fast, has been watered down in an attempt to get it to pass.
Read More “PA Dems Water Down Bill Raising Bonding Rates for Conventional Wells” -
H2 Summit in Pittsburgh Highlights M-U Applications for Hydrogen Hub
The second annual Hydrogen Summit was held yesterday in Pittsburgh at the Energy Innovation Center Institute. The summit is a collaboration between Peoples Natural Gas, the Energy Innovation Center Institute, and Bedford Management Partners, with an aim to position the Pittsburgh region to be a leader in global energy innovation. Front and center at yesterday’s confab was talk about two applications from the Marcellus/Utica region hoping to receive money from a $7 billion pot that is part of Biden’s Hunger Games contest, money to be awarded to 6-8 new regional hydrogen hubs.
Read More “H2 Summit in Pittsburgh Highlights M-U Applications for Hydrogen Hub” -
SUPER DUG Event – Biden Intent on Destroying O&G; NatGas on Hold
First, there was DUG, the Developing Unconventional Gas industry conference founded and hosted by Hart Energy. Then there were regional editions of DUG, like DUG Permian, DUG Eagle Ford, DUG Bakken, and DUG East (which covered both the Marcellus and Utica). Now, there’s SUPER DUG! Which is the combination of events covering the Permian, Eagle Ford, Midcontinent (SCOOP/STACK), Bakken, and the Rockies (DJ Basin, etc.). SUPER DUG was held yesterday and today in Fort Worth, Texas. There was some interesting news coming from the first day–news about natural gas and about Joe Biden.
Read More “SUPER DUG Event – Biden Intent on Destroying O&G; NatGas on Hold” -
Big Green Report Admits O&G Methane Emissions Fell 28% from 2019-21
Three far-left organizations, the Clean Air Task Force (CATF), Ceres, and ERM Group, published their third annual report, “Benchmarking Methane and other GHG Emissions of Oil and Natural Gas Production in the United States” (full copy below), which analyzes the production-based emissions of the largest oil and gas producers in the U.S. While the aim of the report is to name-and-shame big oil and gas companies (the worst offenders) with respect to methane and so-called greenhouse gas emissions, the report could not gloss over the elephant in the room: This year’s analysis found that reported methane and greenhouse gas intensity in the oil and gas sector have declined 28% and 30%, respectively, between 2019 and 2021, despite an increase in natural gas and total hydrocarbon production.
Read More “Big Green Report Admits O&G Methane Emissions Fell 28% from 2019-21” -
Citizens Against Gov’t Waste Awards NY Gov “Porker of the Month”
Yesterday, Citizens Against Government Waste (CAGW), an independent, nonpartisan group, named New York Governor Kathy Hochul (Democrat) its May 2023 “Porker of the Month” for signing a budget that bans gas stoves and furnaces in new residential buildings. Hochul signed a $229 billion behemoth budget bill that bans new construction from connecting to natural gas pipelines (outlawing new gas stoves and furnaces), as well as forces the shutdown of seven gas-fired peaker power plants (see NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget). CAGW says the Hocul budget “is devastating for taxpayers, businesses, and consumers”–especially the gas ban.
Read More “Citizens Against Gov’t Waste Awards NY Gov “Porker of the Month”” -
Constellation Ekes Out 38% Hydrogen/NatGas Blend at Alabama Plant
Hillabee Energy Center We have nothing against using hydrogen as an energy source, other than it will never be able to power your home (see Why 100% Hydrogen Will Never Power Your Home; Why Antis Hate H2). One of the “promises” of hydrogen is that it can potentially be used as the main fuel in electric power plants–replacing natural gas in that role. Based on what we’ve read, we think it’s a pipe dream (pun intended). But companies continue to experiment with using hydrogen in gas-fired power plants. The first step is to combine hydrogen with natural gas and gradually increase the volume of hydrogen used.
Read More “Constellation Ekes Out 38% Hydrogen/NatGas Blend at Alabama Plant” -
MDN Upstream Index (MUI) – May 24, 2023
The most recent day of active trading was Tue., May 23, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – May 24, 2023” -
Other Stories of Interest: Wed, May 24, 2023
MARCELLUS/UTICA REGION: PA Supreme Court to consider legality of joining RGGI; OTHER U.S. REGIONS: PDC Energy deal makes Chevron even more formidable in Colorado; Texas, New York take divergent paths on natural gas generation; NATIONAL: Natural gas falls for 3rd consecutive session; Current correction in natural gas sets up for next advance; Biden climate warrior nominee has big stake in oil and gas firm; Biden energy officials snub House GOP hearing on gas stove regs; INTERNATIONAL: Qatar warns Europe of gas shortages; Scotland taps AI to accelerate green hydrogen production; The race to secure long-term LNG contracts; Environmental NGOs – saviors of humanity or predatory special interests?
Read More “Other Stories of Interest: Wed, May 24, 2023” -
As NatGas Production Stays High & Wx Moderate, Henry Hub Drops 8%
Although last week saw a nice increase in the futures price for natural gas (the NYMEX front month contract for June, for gas traded at the Henry Hub in Louisiana), the price decreased once again yesterday, dropping 7.7% (-$0.18) to $2.40/MMBtu, which erased more than half of the gains from last week. Why? Primarily because production remains at or near all-time highs of 100 billion cubic feet per day (Bcf/d), and the weather is mild right now–no extreme heat to cause folks to turn on the air conditioner (causing the need for more gas-fired electricity). So here we sit, with the price of natgas still bumping around under $2.50/MMBtu. Bummer.
Read More “As NatGas Production Stays High & Wx Moderate, Henry Hub Drops 8%” -
Big Green in Full Propaganda Mode Lying About PA RGGI Carbon Tax
We’ve noticed over the past several weeks a coordinated effort among Big Green groups, including the Sierra Club, Analysis Group, the so-called Resources for the Future, the Kleinman Center for Energy Policy, and others, engaged in a full-court press to try and convince Pennsylvanian’s that the Regional Greenhouse Gas Initiative (RGGI), a HUGE tax on carbon dioxide emissions aimed at closing down coal and natural gas-fired power plants in the state, won’t increase electric rates, will clean up the air, and in general, will make Pennsylvanian’s lives happier, live longer, and have better sex. (Well, they don’t mention the sex part, but it’s implied.) We can categorically say, THEY ARE LYING. The simple truth is that these groups are ALL anti-fossil energy and they seek to DESTROY the shale industry. And yes, RGGI will raise your electric rates if you live in PA.
Read More “Big Green in Full Propaganda Mode Lying About PA RGGI Carbon Tax” -
Anti-Drilling/Fossil Fuel | Electrical Generation | Industrywide Issues | Litigation | Regulation | Statewide WV | West Virginia
WV to Lead New Legal Challenge of EPA Power Plant Emissions Regs
Two weeks ago, the Bidenistas at the Environmental Protection Agency (EPA) released a hellscape of new regulations aimed at forcing coal- and natural gas-fired power plants to close (see New Biden EPA Regs a “Death Sentence” for Fossil-Fuel Power Plants). West Virginia coal, oil, and natural gas stakeholders, along with state politicians, are not happy. There is noise that WV Attorney General Patrick Morrisey will lead a new court challenge against these latest EPA regulations.
Read More “WV to Lead New Legal Challenge of EPA Power Plant Emissions Regs” -
Biden EPA Cut Corners with New Reg to Limit Fossil Fuel Power Plants
Two weeks ago, the Bidenistas at the EPA issued, for a second time, new regulations aimed at controlling how much carbon dioxide (CO2, the stuff you breathe out with every breath you take) electric power plants can emit. West Virginia intends to overturn the new regulations with a lawsuit, the same as the state did last year (see West Virginia Wins Supreme Court Case Against EPA re Power Plants). What we didn’t know until today is that this latest EPA reg was originally intended to try and kill off all remaining coal-fired power plants only–not gas-fired plants. Last-minute political prompting from the Biden White House goaded the EPA to add gas-fired plants too. But the agency hurried and cut corners to do it.
Read More “Biden EPA Cut Corners with New Reg to Limit Fossil Fuel Power Plants” -
ACCF Study Finds Building More Pipes Decreases NatGas Price by 10%
The American Council for Capital Formation (ACCF) is a nonprofit, nonpartisan economic policy organization that tilts to the conservative side. ACCF advocates for better (and less) regulation, innovation in energy policy, dynamic free trade, and better infrastructure policy. Yesterday the ACCF released a new study that shows the U.S. natural gas market remains “robust” and will have no problem meeting both growing domestic consumption and growing exports–all at relatively low prices. A key point made by the study is that natural gas prices can be even lower, 10% lower, for both ratepayers and for LNG customers–if the government would ease permitting delays for building new pipelines.
Read More “ACCF Study Finds Building More Pipes Decreases NatGas Price by 10%”
