The U.S. Energy Information Administration (EIA) published a post yesterday on the agency’s newly revamped Today in Energy website to announce it expects the Henry Hub natural gas spot price to average under $3.00/MMBtu in 2024 and 2025. What joyous news (not). The post explains the reasoning and thinking of EIA analysts and why they…
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 EIA issued the January STEO yesterday. Among its latest predictions is that the growth rate for natural gas production will slow this…
Read More...The Baker Hughes rig count lost ground again last week, as it has in three of the last four weeks. The count went from 622 active rigs two weeks ago down to 621 last week. The Marcellus/Utica count was steady at 40 active rigs, broken down as 19 active rigs in Pennsylvania, 12 in Ohio,…
Read More...The U.S. Energy Information Administration (EIA) is out with official numbers for 2023 concerning the price of natural gas traded at the benchmark Henry Hub in southern Louisiana. The Henry Hub natural gas price averaged $2.57 per million British thermal units (MMBtu) in 2023, about a 62% drop from the 2022 average annual price. Bear…
Read More...The venerable Baker Hughes U.S. rig count turned in its totals a day early this week. Likely because workers were heading for the exits early (we can’t blame them). The overall rig count lost ground again last week, as it has for the past couple of weeks. The count went from 623 active rigs last…
Read More...DBRS Morningstar is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, DBRS Morningstar is the fourth-largest credit rating agency in the world and a market leader in Canada, the U.S. and Europe in multiple…
Read More...This is one of those little gems we delight in unearthing for MDN readers — especially for our landowner/rights owner readers. Researchers from the University of Rochester and the University of Pittsburgh assembled a dataset of lease deals used in the Pennsylvania Marcellus (some 60,000 of them!) and analyzed the leases for compensation and clauses…
Read More...S&P Global Commodity Insights, one of the biggest and best in the energy information business, issued its annual Energy Outlook for 2024 yesterday. It’s an interesting read. S&P analysts say “uneven balances and OPEC+ resolve to remain key risks to markets,” and “coal, gasoline entering peak demand years.” Yep, the mighty S&P has bought into…
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 report predicted the price for Henry Hub natural gas futures would average $3.40 this winter (see EIA Predicts Henry Hub…
Read More...The Baker Hughes U.S. rig count hit a new low for 2023 five weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Since then, the count has steadily added at least one rig each week and now stands at 626 active rigs as of Friday….
Read More...According to the U.S. Energy Information Administration (EIA), the best number crunchers in the business, working natural gas in storage in the Lower 48 United States ended the natural gas injection season at 3,776 billion cubic feet (Bcf). The Lower 48 entered the winter heating season, which runs from November 1–March 30, with the most…
Read More...Each year, the Oil & Gas Journal updates oil and natural gas reserves by each O&G-producing country. It’s a fascinating look at where the biggest (and smallest) oil and gas supplies exist on the planet. Would it surprise you to learn that three other countries have more (far more) natural gas reserves than we have…
Read More...The Ohio Dept. of Natural Resources (ODNR) released production numbers for the third quarter of 2023 late last week, and nobody noticed…except MDN (thanks to a tip from a good friend). ODNR no longer issues a press release to summarize the results as they once did. We’ve got the full spreadsheet with oil and gas…
Read More...Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for July through September 2023 (full copy below). There were 102 new horizontal wells spud (drilled) in 3Q23, a huge decrease of 56 wells (-35%) compared to 3Q22. However, 3Q’s spud number was up nicely from the 89 drilled in…
Read More...The Pennsylvania Department of Environmental Protection (DEP) recently published its 2022 Oil and Gas Annual Report. This is the seventh year in a row the DEP has published the report in an interactive, electronic (i.e., online only) format. Don’t worry; we’ve made the report a convenient PDF for MDN readers. What does the 2022 report…
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