M-U Spot Price of NatGas Comes Within $0.25 of Henry Hub
We’ve noticed something that, in our opinion, is very unusual. In reviewing the most recent NYMEX natural gas futures prices and comparing spot (physical) prices at various trading hubs in the northeast, we discovered that over the past week, the spot price in the Marcellus/Utica has risen by roughly $1.00 per MMBtu. Current spot prices in the M-U are now within 25 cents of the Henry Hub spot price, the “benchmark” for all natural gas prices nationwide. Read More “M-U Spot Price of NatGas Comes Within $0.25 of Henry Hub”
Ohio House Bill (HB) 170, which authorizes Carbon Capture and Storage (CCS) by injecting captured CO2 into subsurface “pore space,” passed the Ohio House and has advanced to the Ohio Senate. The bill establishes a state regulatory framework, delegating to the Ohio Department of Natural Resources (ODNR) the authority to govern Class VI injection wells. This bill, if it becomes law (as seems likely), has significant implications for both drillers and landowners. 
Vallourec Star, a steel pipe manufacturer in Youngstown, OH, serving the shale and other industries, was approved yesterday by the Ohio Tax Credit Authority for a seven-year job creation tax credit. It means the company will create 40 new full-time positions. The tax credit supports Vallourec Star’s plan to expand its current operations to manufacture a new line of high-quality steel pipe. 
The Pennsylvania Independent Oil & Gas Association (PIOGA) has approved a resolution to become the sole, controlling member of the Pennsylvania Independent Petroleum Producers Association, Inc. (PIPP), effectively making PIPP a subsidiary. This unification, approved by both boards in October, aims to strengthen the unified voice of the state’s oil and natural gas industry. According to PIOGA Board Chairman Michael Hillebrand and PIOGA President Dan Weaver, the move ensures independent producers speak with “one voice, one vision, and one future,” allowing the associations to operate more efficiently and amplify their advocacy efforts in Harrisburg and beyond. 
Diversified Energy (DEC) has achieved the Gold Standard Reporting certification, the highest level awarded by the UN’s Oil & Gas Methane Partnership 2.0 (OGMP 2.0). Diversified says this recognition validates the company’s commitment to significantly reducing methane emissions and providing transparent, measurement-based reporting, which the UN’s IMEO views as the industry standard. Given that the UN (United Nations) seeks to destroy fossil energy, we find it odd that the organization hands out awards to oil and gas companies. 
For over 30 years, the Henry Hub in Louisiana has served as the key anchor for natural gas pricing in the contiguous United States. Its role, however, has dramatically evolved over the last decade, primarily due to the rapid growth of U.S. LNG exports. Henry Hub has shifted from being a benchmark for U.S. natural gas to the primary index for global LNG cargo pricing. Consequently, the volume of physical gas exchanged at the hub is at its highest, and Henry Hub prices are now considered a premium compared to other domestic markets. 
NATIONAL: Real public health threats vs. climate hysteria; Why Big Oil is missing out on the AI energy bonanza; The AI race is an energy race, and regions with natgas are winning; INTERNATIONAL: Crude pauses after sanction-fueled rally; Is subdued COP 30 a Trump effect?; Green delusionists attending COP30 are clueless of their renewable idealism; Venezuela suspends energy agreements with Trinidad, including gas projects. 
Last week, the Baker Hughes U.S. national rig count added rigs for a second consecutive week, bringing the national count up by two to 550. Despite last week’s rig increase, the total count was still down 35 rigs, or 6% below this time last year. Rigs in the Marcellus/Utica remained the same last week at a combined 37 rigs, the same number for four weeks in a row. Pennsylvania remained unchanged at 17 active rigs. Ohio was the same at 13 rigs. And West Virginia maintained its 7 rigs, which it has operated since May 30. The Marcellus had 23 rigs and the Utica 14. 
Back in July, MDN told you that the New Fortress Energy project to build a regional LNG liquefaction plant in landlocked Wyalusing (Bradford County), PA, was dead and buried, given the company had changed its plans for the site (see 
Here’s an interesting and mysterious twist. EQT Corp., through its division EQT Ventures, has secured an option to purchase a sprawling, 400-acre former steel plant site along the Monongahela River in Washington County, PA, from Mon River Partners LP. The property, known as the Mon River Industrial Park, was once the Wheeling-Pittsburgh site and offers valuable access to the river, I-70, rail lines, and heavy-duty electrical infrastructure. 
EQT Corporation self-reported a wastewater spill at its Secretariat Well Site in Gilmore Township (Greene County), PA, on October 3. Multiple spots were found after the completions crew removed its containment apparatus from the pad. EQT immediately got to work remediating the site and has (so far) removed 340 barrels of wastewater (14,280 gallons) and 21.5 roll-off boxes of dirt. EQT reported the spill to the Pennsylvania Department of Environmental Protection (DEP) as soon as it was observed on October 3. A DEP inspector finally showed up on October 10. 
Baker Hughes (BH), either the second- or third-largest oilfield services company in the U.S., depending on the criteria used, issued its third-quarter update last Thursday. BH CEO Lorenzo Simonelli had some interesting comments. One of them was this: “This is the age of gas.” By 2040, Simonelli expects natural gas demand to grow by nearly 20% and global LNG demand to increase by 75%. Simonelli expects the focus for new infrastructure development to shift “from greenfield to brownfield developments.” 
The Trump administration wants to win the race for artificial intelligence (AI) with China. The administration is pulling out all the stops to ensure the U.S. is #1 in AI. That means building new data centers. Last Thursday, Secretary of the Department of Energy (DOE) Chris Wright took the unusual step of sending a directive to the Federal Energy Regulatory Commission (FERC), instructing the agency to initiate rulemaking procedures to rapidly accelerate the interconnection of large loads, including data centers. Wright even included his own proposed rule for FERC to adopt (spoon-fed). 
Two weeks ago, MDN brought you the rumor that President Trump was about to appoint newly confirmed Federal Energy Regulatory Commission (FERC) Commissioner Laura Swett as the next Chairperson of the agency (see