MDN Upstream Index (MUI) – Feb 6, 2023
The most recent day of active trading was Fri., Feb. 3, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, Feb 6, 2023
NATIONAL: Princess Cruises next-generation ship features exciting spaces; Stock buybacks race to record $132 billion start; U.S. oil & gas rig count falls by the most in a week since June 2020; INTERNATIONAL: OPEC+ exports show Russia surges while Saudi Arabia dials back; Shell CEO says world ‘desperately in need’ of natural gas; BP’s CEO plays down renewables push as returns lag.
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Spot Price for NatGas in New England Trades as High as $225/MMBtu
Here in the northeastern part of the country, we are supposed to be getting clobbered by two days of super-cold, Siberian air–beginning today. The “otherworldly” temps are forecast to be in the minus 45 degrees Fahrenheit region in some places. Wind chill temps even lower. The spot (physically delivered, next day) price for natural gas in some locations in New England traded as high as $225 per MMBtu during the day yesterday. Even so, the national benchmark Henry Hub price (in southern Louisiana) sank another 1.2 cents to settle at $2.46/MMBtu.
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Antero Resources | Ascent Resources | Belmont County | Blackhill Energy | Bradford County | Carroll County | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Diversified Energy | Encino Energy | Energy Companies | EOG Resources | Harrison County | INR/Infinity Natural Resources | Jefferson County (OH) | Monroe County | Noble County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Range Resources Corp | Repsol | Susquehanna County | Washington County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County
59 New Shale Well Permits Issued for PA-OH-WV Jan 23-29
New shale permits issued for Jan. 23-29 in the Marcellus/Utica soared! There were 59 new permits issued in total, including 34 (!) new permits for Pennsylvania, 24 (!) new permits for Ohio, and just one measly permit issued in West Virginia. Chesapeake Energy was the runaway winner by grabbing 13 permits, all of them for wells in Bradford County, PA. EOG Resources was the runner-up, receiving eight permits for drilling in Noble County, OH.
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Beaver County | Energy Companies | Ethane | Industrywide Issues | Litigation | Pennsylvania | Processing Plants | Shell
Big Green Radicals Suing Shell for “Air Pollution” from PA Cracker
Yesterday two radicalized Big Green groups–the Environmental Integrity Project (based in D.C.) and the Clean Air Council (based in Philadelphia)–filed a notice of intent to sue the Shell Polymers Monaca ethane cracker plant near Pittsburgh. The notice, as well as the coming lawsuit, has all the hallmarks of being planned long ago, perhaps years ago, before the cracker plant even came online. The false claim in the notice and coming lawsuit is that the cracker plant is “repeatedly” violating air pollution limits.
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Sloooow OH O&G Land Management Commission Gets a Kick in the Pants
The Ohio Oil and Gas Leasing Commission, established in 2011 by a law signed by RINO Gov. John Kasich, is a five-member group designed to oversee drilling and fracking on state-owned land. After Kasich created it, he refused to appoint members, for years, to punish the oil and gas industry for not endorsing his plan to raise the severance tax rate. In 2017, under threat by the Republican legislature, Kasich finally relented and appointed the five members (see Ohio Gov Kasich About to Lose Power to Stop Drilling on State Land). Since that time, the commissioners have pretty much sat on their hands. That’s about to change.
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Ohio Rep. Johnson’s Bill Would Drop DOE from LNG Export Approvals
U.S. Rep. Bill Johnson, Republican Congressman from Ohio’s 6th congressional district (in the Utica Shale part of the state), has introduced his first bill of the new session of Congress. The bill is called the Unlocking Our Domestic LNG Potential Act. It will allow domestic suppliers of natural gas, including LNG, to export our gas to allies in Europe and Asia after completing the Federal Energy Regulatory Commission’s (FERC) review process only–cutting out a requirement to have the U.S. Department of Energy (DOE) also approve it. The DOE approval takes much longer (years) and has been a choke point. It’s time to end the delays. It’s time to get rid of the weakest link.
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Cruz & Manchin Float Bill to Block Bidenistas Banning Gas Stoves
In a bid to prop up his in-the-toilet poll numbers, West Virginia Sen. Joe Manchin (Democrat who voted to screw the country with the Inflation Reduction Act) has joined Republican Texas Sen. Ted Cruz to introduce a new bill aimed at blocking the Bidenistas at the Consumer Product Safety Commission from using federal funding to ban new or existing gas stoves. Since it’s a Republican and a Democrat jointly sponsoring the bill, the bill is considered “bipartisan,” and we can jam that label down the left’s throat. However, even if all Republicans plus Manchin vote for it, we’re still one vote shy of passing it (plus Biden will veto it for sure).
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The Coming Energy Supply Crisis Due to Underinvestment in O&G
Sometimes we (collectively) need to zoom out for a look at the bigger energy picture. Our little piece of the energy puzzle, production of natural gas, NGLs, and even oil here in the Marcellus/Utica, is part of a much larger picture of energy supply and demand. The left has convinced most of the human population that we MUST “transition” to so-called renewables to power the world or all is lost. Because of that false narrative now embedded in the brains of most people, governments are doing crazy things like banning natural gas in new construction (ala California and New York). Private companies–drillers and midstream companies–are reticent to invest big money in more drilling and infrastructure if, in the next 10-15 years, that investment will cease to provide a return. Companies are behaving rationally, given the irrational insanity around them, by NOT investing–even if energy prices are super high right now. Who can blame them?
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MDN Hits Milestone – Over 25,000 Posts!
Earlier this week, the Marcellus Drilling News website hit a true milestone–25,000 posts/articles. We don’t often (never, actually) stop to toot our own horn. But we thought this milestone deserved a mention. And a reminder that all MDN paying subscribers have access to ALL of our massive archive of articles. There are two ways to locate an article on a topic of interest quickly…
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Other Stories of Interest: Fri, Feb 3, 2023
OTHER U.S. REGIONS: Why whale deaths are dividing environmentalists; NATIONAL: ‘Electrofuels’ could play a role in decarbonizing transportation; Severe winter weather proves no one is “deceived” about oil and natural gas; INTERNATIONAL: Energy services sector will grow to $1 trillion in 2025; LNG prices may have plunged, but a rebound is on the horizon.
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Tanker with Marcellus LNG from Cove Point Breaks Down in Suez Canal
Grace Emilia (click for larger version) The Grace Emilia is an LNG tanker 975 feet long and 151 feet wide built and commissioned in 2021. According to VesselFinder, the Grace Emilia sails between the port of Dabhol in India and Cove Point in Maryland. India buys roughly half of the LNG produced at Cove Point (built by Dominion Energy, now operated by Berkshire Hathaway), while Japan buys the other half. As the Grace Emilia was transiting through the Suez Canal yesterday, it experienced a malfunction with its rudder. Some reports say the ship ran aground and tugs were used to float it again. Other reports (from the AP) don’t mention the ship running aground. We’re not exactly sure if it did or did not.
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MPLX (former MarkWest) Reports Gathering & Processing Less M-U Gas
In late 2015, MPLX (i.e. Marathon Petroleum) bought out and merged in the Utica Shale’s premier midstream company, MarkWest Energy, for $15 billion (see MarkWest Energy Investors/Unitholders Approve Merger with Marathon). The “new” MarkWest, aka MPLX, plays on a much larger stage now, including ownership and operation of major assets in the Permian Basin and in the Bakken Shale, in addition to the Utica/Marcellus. On Tuesday, MPLX issued its fourth quarter and full-year 2022 update. The company reports gathering and processing slightly less natgas in the M-U in 2022. But it was a comment from MPLX’s CEO during a conference call that really hit us in the gut.
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FERC Approves Freeport LNG Request to Reintro Feedgas to 1st Train
On Tuesday, Freeport LNG, which has been out of operation since an explosion and fire in June 2022, asked the Federal Energy Regulatory Commission (FERC) for permission to begin introducing feedgas back into one of three liquefaction “trains” (units) at the facility (see Freeport LNG Seeks to Take Next Step, Reintro Feedgas to 1st Train). Yesterday FERC responded by granting permission.
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Another Big Dip in NYMEX Gas Price – Biggest Mo. Drop in 22 Yrs
We keep commenting on the futures price of natural gas, the NYMEX Henry Hub price, because it keeps heading lower. Yesterday the NYMEX price closed down another 22 cents to $2.47/MMBtu, the lowest settlement price since April 6, 2021 (22 months). Here’s another somber statistic: The NYMEX price fell the most during a single month (in January), then it has fallen in 22 YEARS. The NYMEX price fell a whopping 40% in January.
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Biden Admin Regroups, Attacks Gas Stoves Again via New DOE Regs
In early January, MDN told you that the Bidenista who heads up the Consumer Product Safety Commission (CPSC) floated a trial balloon to ban the use of natural gas stoves across the entire country (see Bidenistas Make a Run at Banning Natural Gas Stoves Nationwide). The CPSC Bidenista used a sham study from the Rocky Mountain Institute that purportedly showed a link between gas stoves and childhood asthma as his excuse. Under withering attacks, the Rocky Mountain Institute has admitted, publicly, that their study does NOT prove a link between gas stoves and asthma actually exists (see Author of Sham “Study” on Gas Stoves Admits No Link to Asthma). There was an uproar over the CPSC statements, and the Bidenistas, including Biden spokesperson Raggedy Ann, walked back the comments. But what’s this? Since the CPSC botched the job, the Bidenistas at the Dept. of Energy (DOE) have decided to pick up the ball and run with it instead.
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