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.
Read More “Other Stories of Interest: Fri, Feb 3, 2023”
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.
Read More “Tanker with Marcellus LNG from Cove Point Breaks Down in Suez Canal”
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.
Read More “MPLX (former MarkWest) Reports Gathering & Processing Less M-U Gas”
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.
Read More “FERC Approves Freeport LNG Request to Reintro Feedgas to 1st Train”
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.
Read More “Another Big Dip in NYMEX Gas Price – Biggest Mo. Drop in 22 Yrs”
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.
Read More “Biden Admin Regroups, Attacks Gas Stoves Again via New DOE Regs”
A false and misleading story by the Associated Press spins all sorts of excuses for why the Bidenistas at the federal Environmental Protection Agency (EPA) will not be able to do its job in tracking and enforcing reductions in fugitive methane. Donald Trump is one of the reasons, even though he’s been out of office for more than two years. According to the lying “reporters” of the AP, Trump “gutted” the EPA, and the agency doesn’t have enough help (wah wah wah). There aren’t enough satellites, either. And not enough drone technology. Not enough of this and not enough of that–even with the gazillions of dollars allocated to the agency. The truth that shines through the article is this: The Democrats, including Traitor Joe Manchin, passed a new law last year (the Inflation Reduction Act) that sets standards to reduce fugitive methane–and they have no practical way to know if those standards are being met. Isn’t that typical of the left?
Read More “Bidenistas Sets Methane Emissions Targets with No Way to Measure”
The most recent day of active trading was Wed., Feb. 1, 2023. The numbers below reflect yesterday’s closing numbers.
NATIONAL: Oil plunges as US stockpiles grow; US DOE provides funds for affordable clean hydrogen technologies; U.S. proved reserves of crude oil increased significantly in 2021; Democratic voters cheer on gas stove ban; Natural gas truck sales volatile, filling stations decrease; U.S. LNG exports fall 5% as shipments to Europe slip; INTERNATIONAL: LNG interest from Asia’s emerging gas markets rises as prices ease; German gas storage facility down until Friday, no indication of sabotage; Portfolio players take on critical roles in rapidly commoditizing global LNG market.
Read More “Other Stories of Interest: Thu, Feb 2, 2023”
In March 2014, the West Virginia legislature passed, and then-Gov. Earl Ray Tomblin (Democrat) signed, the Future Fund bill, which was designed to set aside 3% of revenue raised from WV’s oil and gas severance tax in a rainy day fund (see Back to the Future (Fund) – WV Gov. Tomblin Signs New Law). Do you know how much money that fund has collected from that day to this? NOTHING. Zero. Nada. So the 2023 session of the WV legislature is rapidly moving along a new bill to dismantle and kill the moribund Future Fund.
Read More “WV Advances Bill to End Severance Tax Investment Fund”
The Federal Energy Regulatory Commission (FERC) under the chairmanship of Richard “Dick” Glick moved like molasses when it came to approving new pipeline projects. Glick’s favorite move was to require a full environmental impact statement (EIS) for even small projects that do nothing more than add more compressors or looping pipe (laid next to existing pipe). Glick is now gone, thanks to Sen. Joe Manchin. Willie Phillips is the Acting Chairman. In a surprise move, Phillips has converted what would have been full EISs for three small but important pipeline projects (all of them affecting the Marcellus/Utica) into much faster and less onerous environmental assessments (EAs), shaving a full nine months off the time it takes to approve these projects.
Read More “FERC Chair Phillips Surprises, Moves to Quickly Advance 3 Gas Pipes”
Last week the Federal Energy Regulatory Commission (FERC) granted permission to Freeport LNG, which has been offline since an explosion last June, to begin the process of restarting the facility (see FERC Gives Freeport LNG Green Light to Begin Work on Restart). FERC gave permission for Freeport to cool down some of the piping and reinstate its “boil-off-gas management system.” Freeport has now asked FERC for permission to begin flowing feedgas to the first of three liquefaction trains.
Read More “Freeport LNG Seeks to Take Next Step, Reintro Feedgas to 1st Train”
On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a new, all-time daily record high of 141.0 billion cubic feet (Bcf). The previous record was set in January 2018. As you may recall, we had a cold snap and nasty winter weather in late December, driving up the use of clean, abundant, and still relatively cheap natural gas. Gas for heating saw a big increase in use, along with increased demand from gas-fired power plants. Combined, it drove usage to a new all-time high.
Read More “U.S. Hit All-Time High for Single-Day NatGas Use in Late December”
As we reported yesterday, the price of natural gas continues to bump along in the mid-$2/MMBtu range (see NYMEX Futures Price Hits 21-Month Low, Settles at $2.68/MMBtu). Warm weather both here and in Europe, along with a slight increase in production (5% higher now than it was a year ago), have combined to deliver low commodity prices for natgas. However, a Zacks analyst writes that even though natgas is “beaten down,” we may be on the cusp of “a multi-week rally” in the price. He lists five signs/reasons why natgas prices are due to turn around.
Read More “5 Reasons Why the Price of NatGas May Be Ready to Bounce Higher”
The mighty BP (formerly British Petroleum) is an oil and natural gas company trying to convert itself into a renewable energy company. We’d say they’re failing, big time. BP has gone screwy. It’s a European company and has bought into the false narrative that fossil energy is on the way out due to concerns over mythical global warming. In BP’s recently published Annual Energy Outlook for 2023 (full copy below), the company predicts (once again) that fossil energy is on the way out, but now it’s happening even faster than before because of (a) Putin’s war on Ukraine, forcing Europe to adopt unreliable renewables even quicker than before, and (b) Biden’s so-called Inflation Reduction Act, pouring billions into the effort to smash fossil energy and elevate electric-everything.
Read More “BP Energy Outlook 2023 – NatGas Demand & LNG Exports Growing”
Leftist top-down bureaucracies never work. NEVER. Socialism never works. Communism never works (at least in the long term). They all spring from the same poisoned root–arrogant elitists believe they know better than you how to run your life. They extinguish freedom. Example: The Bidenistas want to make decisions for you about which forms of energy you can and can’t use. They dream about a future where dirty, filthy fossil energy is no more. And they allocate trillions of dollars to make it happen. Then what happens? These egg-headed toads sit around and talk about it–and NEVER distribute the money! They hold endless Zoom calls. They require grant forms filled out in triplicate. And then, no money gets distributed. Welcome to Bidentopia.
Read More “Incompetent Bidenistas Fail to Distro Money from IRA, Infra Laws”
