According to the International Gas Union’s (IGU) 2023 Global Wholesale Gas Price Survey report (full copy below), 2022 was THE most turbulent year in the history of gas markets, as the global energy crisis intensified and the global price levels reached record highs. Last year saw record price levels, with Europe’s wholesale prices reaching over…
Read More...We continue to monitor the price of natural gas, which has remained mired in the mid-$2 range for months on end. Every time it seems like it might make a run for $3, the price slides–as it did yesterday (down $0.12 to close at $2.73). We spotted two somewhat contradictory stories about the price of…
Read More...Yesterday MDN editor Jim Willis had a nice chat with a renewing MDN subscriber (a landowner with wells and leases in Ohio). The question arose, “What do you see happening right now?” Jim’s response: “As long as the price of natural gas stays below $3, not much!” Jim made the point that price drives this…
Read More...Once a month, U.S. Energy Information Administration (EIA) analysts 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. The latest monthly report, issued Tuesday, predicts that U.S. natural gas production AND demand will rise to record highs in 2023. EIA projected…
Read More...Long-range forecasts for hot weather and a lighter-than-predicted storage report for natural gas led to a 6% spike up in the price of the NYMEX Henry Hub yesterday, closing at $2.76/MMBtu. The National Weather Service released modeling yesterday that shows hot temps will get hotter for the end of July and the beginning of August….
Read More...Even with much of the nation in an extreme heat event making record demands on gas-fired power plants, demand for natural gas appears to be nominal at best, and consequently, the price of natural gas, at least the Henry Hub NYMEX futures price, remains mired in the mid-$2 range. The NYMEX price was down again…
Read More...One of the factors in the price of natural gas is supply. Gas is about as pure a commodity market as you will find worldwide. Higher demand with the same or less supply will drive prices higher. And the reverse is true. Higher supplies with the same or less demand lead to lower prices. Last…
Read More...Last week we told you that the shale production situation in Pennsylvania has caught the eye of the number crunchers at the U.S. Energy Information Administration (see EIA Observes M-U Gas Production Flat, Key PA Counties in Decline). Production in PA, overall, is flat and possibly decreasing. Nationally, production is up in other plays and…
Read More...Once a month, U.S. Energy Information Administration (EIA) analysts 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. Last month the EIA predicted an average price at the Henry Hub of $2.66/MMBtu for 2023, and $3.42/MMBtu for 2024 (see EIA Slashes…
Read More...We keep a close eye out for any credible news predicting which way the price of natural gas will head in the near and longer term. Everyone has an opinion about whether natgas will go higher, go lower, or stay the same–and why. Nobody could predict what would happen last year after Vladimir Putin declared…
Read More...The Henry Hub price of natural gas (even physically traded spot prices around the country) are ever-so-gradually moving higher. Yes, we’re cheerleaders for higher natgas prices! (Not too high, but certainly higher than the current $2-$3 range.) Even though we’re pro-gas and cheerleaders for higher prices (we openly admit our bias), we’re also realists, and…
Read More...A Rystad Energy analyst says strong supplies and cool temps kept the price of natural gas low over the past few months–but that’s about to change. Rystad says new modeling shows a bump up in temps coming, and with it, a bump in the price of domestic natural gas. How much? Rystad believes the Henry…
Read More...Once a month, U.S. Energy Information Administration (EIA) analysts issue the agency’s Short-Term Energy Outlook (STEO), their best guess about… Continue reading The post EIA Slashes 2023/24 NatGas Price Prediction in June STEO Report first appeared on Marcellus Drilling News. This post appeared first on Marcellus Drilling News.
Read More...Last week the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for January through March… Continue reading The post IFO Report: Big Decrease in PA Shale Production, Drilling in 1Q23 first appeared on Marcellus Drilling News. This post appeared first on Marcellus Drilling News.
Read More...Although last week saw a nice increase in the futures price for natural gas (the NYMEX front month contract for… Continue reading The post As NatGas Production Stays High & Wx Moderate, Henry Hub Drops 8% first appeared on Marcellus Drilling News. This post appeared first on Marcellus Drilling News.
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