MDN Upstream Index (MUI) – Feb 10, 2023
The most recent day of active trading was Thu., Feb. 9, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Feb 10, 2023
OTHER U.S. REGIONS: Rhode Island climate goals may require statewide ban on new gas hookups; NATIONAL: As natural gas prices tumble, new worries for U.S. shale patch; For carbon-capture projects, storage risks require decades of monitoring; INTERNATIONAL: Cuadrilla owner takes $157m hit from fracking moratorium; Why taxing cow burps isn’t the best climate solution; China powers up use of liquefied natural gas.
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Canadian Bitcoin Operator Completes Purchase of WNY Gas-Fired Plant
Last September, the New York Public Service Commission (PSC), which oversees and regulates public utilities, approved the takeover of the Fortistar gas-fired power plant in North Tonawanda, NY, a town close to Niagara Falls, by Canadian crypto mining company Digihost. In December, the Federal Energy Regulatory Commission (FERC) offered its blessing too. All of which prompted the radicals of Earthjustice, representing two other disgusting radical groups–the Sierra Club and Clean Air Coalition of Western New York–to sue (see Green Radicals Sue NYS for Approving Niagara Falls Bitcoin Plant). Fortunately, the lawsuit didn’t stop the transfer, which happened yesterday. Digihost now owns the facility.
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Range 4Q Production Hits 2.2 Bcf/d, Proved Reserves Hit 18.1 Tcfe
A pair of announcements yesterday gave us a little peek into the numbers Range Resources will release later this month as part of its quarterly update. In one update, Range (the very first driller to sink a Marcellus well back in 2004) reported averaging 2.2 billion cubic feet equivalent per day (Bcfe/d) for production in the Marcellus/Utica region during the fourth quarter of 2022. A separate announcement said Range’s proved reserves for all of 2022 hit 18.1 trillion cubic feet equivalent (Tcfe), up 2% over the prior year.
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Marcellus Landowners Surprised by Reactivation of Expired Leases
Have you ever heard of reviving an expired lease through retroactive pooling and unitization? We sure hadn’t. But apparently, it’s a thing in the Marcellus region. According to the legal beagles at Pittsburgh energy law firm Houston Harbaugh, in some cases, landowners with leases that were expired are being notified those leases are now part of an amended (back-dated) declaration of pooling, which shows a date prior to the lease expiring.
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New England Once Again Burns Dirty Oil, Coal to Keep Lights On
Please don’t tell us politicians like Massachusetts Gov. Maura Healey and U.S. Senator Elizbeth “Pocahontas” Warren give a fig about global warming and carbon emissions. Their actions, along with the actions of other Democrat politicians, have blocked new natural gas pipelines into New England that would supply low-emission fuel to generate electricity for the region. When it gets brutally cold, as it did Feb 3-5, New England turns to burning oil and (yes) coal in order to keep the lights on for residents. It happened in December, and it happened again in February. So much for caring about Mom Earth. The actions of New England politicians speak so much louder than their many lying words…
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Lawmakers at State of Union Burst Out Laughing at Biden Oil Comment
Did you happen to catch President Biden’s State of the Union show? We didn’t. We couldn’t hack watching a doddering old fool spout nonsense for more than an hour. But we did catch the highlights from the speech. One highlight, in particular, was really funny. Biden was bashing Big Oil for “record profits” (he’s such a fool), and then, much to the horror of his handlers, Biden went off script and said that “We’re going to need oil for at least another decade.” The entire chamber erupted in laughter at such an asinine statement, which caught the old fool off guard, so he quickly added, “…and beyond that.”
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Industrywide Issues | Ohio | Pennsylvania | Pipelines | Regulation | Statewide OH | Statewide PA | Statewide WV | West Virginia
Dear President Biden: It’s Time to Allow More Pipelines from M-U
The heads of three major oil and gas groups in the Appalachian region–the Marcellus Shale Coalition (representing Pennsylvania), the Gas and Oil Association of West Virginia, and the Ohio Oil and Gas Association–combined to pen an open letter to President Biden encouraging him to let the Marcellus/Utica “lead the way” in achieving our country’s shared goals for domestic, affordable, and clean energy. It’s a great letter making strong and cogent arguments for why more M-U natgas can reduce emissions and benefit not only the economy but the environment. There’s just one small problem…
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L.A. Recklessly Leaps into Hydrogen Energy with No Safety Net
We spotted a fascinating story out of Los Angeles about the city’s foolish and reckless action in abandoning its largest natural gas-fired power generation plant in favor of using hydrogen instead. Hydrogen is the Holy Grail for the left. At least, for some on the left. Many on the left (and, it seems, on the right too) want to replace natural gas with 100% hydrogen in gas-fired power plants because natgas produces carbon dioxide when it burns, and hydrogen does not. Except (we learned from this article), hydrogen power generation has one huge, glaring, problem…
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MDN Upstream Index (MUI) – Feb 9, 2023
The most recent day of active trading was Wed., Feb. 8, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, Feb 9, 2023
NATIONAL: The clear and present danger in the electric transition; INTERNATIONAL: With years of high prices ahead, LNG buyers covet long-term deals; Will Asia start pulling large volumes of LNG away from Europe?
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February STEO Slashes 2023 Henry Hub by Another 30% to $3.40/MMBtu
Once a month, the analysts at the U.S. Energy Information Administration (EIA) issue the agency’s Short-Term Energy Outlook (STEO), their best guess about where energy prices and production will go in the next 12 months or so. We sometimes poke good-natured fun at the EIA because one month, their predictions go up, the next month, down, etc. What about the latest STEO dart board, published yesterday? EIA slashed the price of natural gas at the Henry Hub another 30% from the previous monthly STEO, saying natgas will average $3.40/MMBut in 2023, down from a forecast of $4.90 the month before. EIA’s new average price, if it holds, would be 50% lower than 2022’s average of $6.42/MMBtu.
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Natural Gas Starts, Then Stops Flowing to Freeport LNG Plant
Tuesday of last week, 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 re-introducing feedgas back into one of three liquefaction “trains” (units) at the facility. A day later, FERC agreed, and small amounts of gas began to flow (see FERC Approves Freeport LNG Request to Reintro Feedgas to 1st Train). Last Wednesday (a day later), Freeport said it was ready to begin loading ships with the LNG it’s producing and asked FERC for permission to do so (see Freeport Asks FERC for Permission to Load LNG onto Waiting Ships). So far (now a week later), FERC has not responded and has not granted permission to load the ships. As of yesterday, Reuters is reporting gas flows to Freeport have stopped.
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FERC Issues Draft EIS for Cumberland Pipeline to TN Power Plant
TVA Cumberland City coal plant The radicals of the odious Sierra Club and its sycophants at the Big Green-funded group Appalachian Voices are attempting to use scare tactics against the neighbors and landowners who live along the route of a 32-mile long, 30-inch wide natural gas pipeline that Kinder Morgan needs to build to feed a new gas-fired power plant near Cumberland City, Tennessee. Hyping up “blast zones” and other nonsense, the neighbors are understandably nervous. The good news is that the Federal Energy Regulatory Commission (FERC) issued a draft environmental impact statement (dEIS) last week for the project, indicating the project can get built and operated safely.
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U.S. to Retire 6.2 Gigawatts of Old Gas-Fired Power Plants in 2023
The supposedly non-partisan U.S. Energy Information Administration (EIA), which increasingly appears to be influenced (if not corrupted) by the Bidenistas, published a post yesterday on the agency’s daily Today in Energy website with this headline: “Coal and natural gas plants will account for 98% of U.S. capacity retirements in 2023.” The thrust of the article is that dirty fossil energy is being phased out of electricity production in favor of unreliable, intermittent so-called renewables (like solar and wind). EIA says operators plan to retire 15.6 gigawatts (GW) of electric-generating capacity in the U.S. this year, mostly natural gas-fired (6.2 GW) and coal-fired (8.9 GW) power plants. But as usual with the Biden administration, key facts are left out of the article. We have the rest of the story…
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How Hydrogen Hub Applicants Can Turn the Odds in Their Favor
“May the odds be ever in your favor.” – Hunger Games. For more than a year, we have covered the topic of the Bidenistas’ Hunger Games contest to award $7 billion to some 6-10 “hydrogen hubs” across the country. Each winning hub will receive $500 million to $1 billion of government largesse to help build a hub in a given region. The money for the hub projects was allocated as part of the so-called Infrastructure bill, passed in November 2021 (see Biden So-Called $1.2T Infrastructure Bill Passes Thanks to RINOs). Some 79 “concept papers,” which is a pre-application, were received by the Dept. of Energy. Of the 79, only 33 were given “encouragement” (i.e. permission) by the DOE to advance to the next stage of the Hydrogen Hunger Games (see 33 of 79 Hydrogen Hub Teams Encouraged to Submit Full Applications). How can those 33 turn the odds in their favor of being selected to receive the money? We have some insights on that, from RBN Energy.
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