NYMEX Closes Above $4 Based on LNG Exports, Cold Winter Forecast
The NYMEX futures price for natural gas was a rocket ship over the past two weeks. The NYMEX price closed at $4.1240/MMBtu on Friday, breaking the $4 barrier barely a month after we struggled to break the $3 barrier. In October, the NYMEX front-month contract rose an astounding 82.10 cents per MMBtu, or 25%. In one month! October was the largest one-month gain since August 2022, and the largest one-month percentage gain since February 2025. Zooming out a bit, the NYMEX price was up $1.127 or 38% over the last two months. However, spot prices (at least in the Marcellus/Utica) are more of a mixed bag. Read More “NYMEX Closes Above $4 Based on LNG Exports, Cold Winter Forecast”
Pennsylvania’s Attorney General, Dave Sunday, pretends to be a Republican, but he’s really a Democrat. He’s also anti-shale, as evidenced by a wild attack against Seneca Resources launched on Friday. Sunday’s office filed three separate criminal complaints against Seneca, charging the company with 64 counts of criminal violations of the Solid Waste Management Act and 36 counts of criminal violations of the Clean Streams Law. Sunday, like his left-wing predecessors, is turning what should be regulatory enforcement actions into crimes. No wonder some drillers are saying “screw you” to Pennsylvania and moving their drilling operations to West Virginia and Ohio. 
On October 22, Coterra Energy reported a well control incident during fracking the 12H well on the Lauer pad in Susquehanna County to the Pennsylvania Department of Environmental Protection (DEP). A loss of control resulted in the high-pressure release of an unknown quantity of fracking and production fluids, along with natural gas, causing the fluid to “spray” on and off the well pad. Coterra, which was fracking five wells simultaneously, called in Cudd Well Control Services and did not regain control until 49 hours later on October 24, after installing a second bridge plug. 
Capital & Main is a left-leaning news outlet based in California. Capital & Main is about as left as left gets, yet pretends to be a legit news outfit [uncontrolled laughing]. Capital & Main has repeatedly targeted CNX Resources to smear the company and its Radical Transparency initiative. In September, we brought you Capital & Main’s latest hit piece alleging CNX’s operations are polluting and causing ill health for those who live nearby. The article also said CNX’s drilling program is anything but transparent (see 
In April, MDN told you about a new greenfield expansion of Kinder Morgan’s Elba Express pipeline into South Carolina to serve growing demand for natural gas in the state (see 
Last week, the Baker Hughes U.S. national rig count lost rigs after adding rigs for two consecutive prior weeks. The national count dropped four from 550 to 546. Baker Hughes said last week’s decline puts the total rig count down 39 rigs, or 7% below the same time last year. Rigs in the Marcellus/Utica remained the same last week at a combined 37 rigs, the same number for five 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. There were 23 rigs targeting the Marcellus and 14 targeting the Utica. 
MARCELLUS/UTICA REGION: PA DEP solicits bids on 2 contracts to plug 25 abandoned conventional wells; Pennsylvania and New Jersey’s race to the bottom; OTHER U.S. REGIONS: Wind and solar blackouts threaten New England; Connecticut and Maine team up to fast-track renewables; Unitil completes purchase of Maine Natural Gas Company; Oregon judge calls out ‘gob smacking’ failure of climate litigation attorneys; Can NY Democrats even DELAY the energy crisis their laws are creating?; NATIONAL: Trump says Canada trade talks won’t resume, contradicting Energy Sec; Trump administration announces $100 million in funding to upgrade coal plants; U.S. coal exports declined 11% in the first half of 2025 due to reduced exports to China; Plastics “Pact” harms consumers; INTERNATIONAL: Oil steadies ahead of OPEC+ talks; OPEC+ 8 decide to implement output adjustment; The global tug-of-war that sets oil prices; China buyers shun Russian oil amid sanctions; Is the IEA now telling us that we need more oil for longer? 
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On August 17, Eureka Resources’ Williamsport Second Street facility (one of the three plants previously operated by Eureka) leaked some of its stored untreated wastewater, which ended up in the nearby Susquehanna River via a storm drain (see 
Range Resources issued its third quarter 2025 update on Wednesday. Range’s production averaged 2.23 Bcfe/d in 3Q, approximately 69% natural gas. Range used two rigs and drilled ~262,000 lateral feet across 16 wells, while turning to sales ~228,000 lateral feet across 15 wells. 3Q25 drilling and completion expenditures were $165 million. In addition to D&C spending, Range spent approximately $16 million on acreage and $9 million on infrastructure, pneumatic devices, and other investments. CEO Dennis Degner stated during the earnings call that the company remains encouraged by the early activity in Pennsylvania, particularly with gas-fired power generation for data center projects. Degner said he’s convinced more than ever that data centers will create another 2.5 Bcf/d (billion cubic feet per day) of demand for Marcellus/Utica drillers like Range. 
DT Midstream (DTM), headquartered in Detroit, owns significant assets in the Marcellus/Utica region, as well as in other regions, including the Haynesville. The company recently issued its third quarter report with some interesting updates. Among the pipeline projects discussed during the update were Vector, Midwestern Gas Transmission, Millennium, and NEXUS. It was chatter about NEXUS and the AI data center market that caught our interest. 
Cayuga Station, owned by Duke Energy, is a three-unit coal-fired power plant built between 1970 and 1993 in Vermillion County, Indiana. The existing plant produces up to 1,040 megawatts (MW) of electricity. Earlier this year, Duke filed a request with the Indiana Utility Regulatory Commission (IURC) for permission to build two new gas-fired units at the Cayuga site to replace the coal-fired units (see 
During the third quarter, Expand Energy, formed by the merger of Chesapeake Energy and Southwestern Energy in late 2024, significantly expanded its portfolio by acquiring 82,500 new acres across the Marcellus and Haynesville shale plays for approximately $235 million. The company added approximately 7,500 acres in the Marcellus in Ohio and West Virginia for $57 million, which can accommodate over 40 well locations. The larger acquisition involved 75,000 acres in the western Haynesville for $178 million, with the potential for over 200 locations. Expand, which produced 7.33 Bcfe/d (92% natural gas), reported strong financial results for the quarter, including nearly $3 billion in revenue and a profit of $547 million. The company produced 7.2 Bcfe/d in 2Q25. Expand is the largest natural gas producer in the country.