Prior to last week, the Baker Hughes national rig count had been in a freefall for weeks, dropping to a 3+ year low of 576 (see National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady). Last week, the trend finally turned around. The national count gained six rigs to 582. The Marcellus/Utica rig…
Read More...Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion…
Read More...Natural gas-fired electric power generation has increased in Pennsylvania since 2013 as the state has shifted toward natural gas as its main fuel source for electric power generation. In October 2024, natural gas-fired generation accounted for 57% of the electricity generated in Pennsylvania, more than twice the share in October 2013 (26%). This is thanks…
Read More...We’re in full crash mode with the Baker Hughes national rig count. After losing five rigs three weeks ago, and four more two weeks ago, the BH rig count lost another four rigs last week—13 rigs out of circulation in three weeks. The number of rigs nationally now stands at 576, the lowest since Dec….
Read More...The U.S. Energy Information Administration (EIA) stopped publishing its monthly Drilling Productivity Report (DPR) last June (see Biden EIA Dumps Detailed Monthly U.S. Shale Drilling Report). Since then, we’ve included some of the missing DPR data when we report on the EIA’s monthly Short-Term Energy Outlook (STEO). However, one of the metrics we used to…
Read More...We sometimes poke fun at the U.S. Energy Information Administration (EIA) predictions, accusing the analysts of using a dart board to generate the estimates they issue, especially with the future price of natural gas. But honestly, they have a tough job. Price is a complex issue with a lot of factors. Even though the EIA’s…
Read More...After losing five rigs two weeks ago, the Baker Hughes national rig count lost another four last week. The number of rigs nationally now stands at 580, the lowest since Dec. 2021 (over three years ago). The Marcellus/Utica rig count was a combined 34 last week—the same number for five weeks in a row. PA…
Read More...Hart Energy is reporting some startling statements from Bernstein Research in a new report. One insight (statement) offered by Bernstein is that U.S. natural gas will average $5/Mcf in 2025 and 2026, and that’s “conservative, in our view.” Bernstein predicts “a coming U.S. gas super-cycle.” The Bernstein team expects U.S. gas demand will grow from…
Read More...Two days ago, the U.S. Energy Information Administration (EIA) released its latest monthly Short-Term Energy Outlook (STEO), which we reported on yesterday (see Jan. STEO: NatGas Production & Demand to Hit New Highs in 2025). The EIA subsequently published a post on its Today in Energy site to review “five key energy forecasts through December…
Read More...The U.S. Energy Information Administration (EIA) issued its latest monthly Short-Term Energy Outlook yesterday, the agency’s monthly best guess about where energy prices and production will go in the next 12 months. The EIA number crunchers are making the bold prediction that dry gas production will hit new record highs in 2024 and 2025. The…
Read More...After remaining at the same level for five weeks in a row, the Baker Hughes U.S. rig count lost five rigs last week, dropping from 589 to 584. The Marcellus/Utica rig count was a combined 34 last week—the same number for five weeks in a row. PA has operated 15 rigs for the past nine…
Read More...The venerable Baker Hughes national rig count was 589 active rigs last week—which is FIVE weeks in a row. Very unusual. The Marcellus/Utica rig count was a combined 34 last week—the same number for FOUR weeks in a row. The national count remains rangebound between 581 and 589 since June 2024 (except for Sep. 13,…
Read More...This is an interesting pattern we’ve not seen in a long time for the venerable Baker Hughes rig count. The national rig count and the count for the Marcellus/Utica remained the same for multiple weeks in a row. The national count was 589 active rigs last week (now four weeks in a row). The M-U…
Read More...The Baker Hughes national rig count dramatically increased three weeks ago, adding seven rigs for a national count of 589 (see OH Drops 1, PA Adds 1 Rig; National Rig Count Soars, Adds 7 @ 589). For the past three weeks, we have held on to the gains made (still at 589), including last week….
Read More...Two days ago, MDN brought you analysis from RBN Energy that said U.S. LNG feedgas demand in 2024 would average “just under” the average from 2023, the first time since we began exporting LNG in 2016 that we have not grown our exports year over year (see Biden LNG “Pause” Caused 2024 Exports to Decrease…
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