So, we’re publishing a late for this period. We’ve had some personal things to take care of that limited the time we could spend on this. Hope you’ll forgive.
Gas prices were at $2.29/MMBtu on October 1.
China’s gas demand is growing leaps and bounds. Analysts doubt it will be able to produce enough to keep up with growth. That gas has to come from somewhere.
India and China are trying to put together an agreement to work together when buying oil. India is also trying to get South Korea and Japan involved.
FERC has approved Elba Island’s first LNG train. There are nine more to come in the next year or so.
Holy Moley! The United Stage Geological Survey (USGS) has released a new estimate for recoverable natural gas from the Utica and Marcellus shale formations. Just for perspective, the estimate for about 15 years ago was about 2 trillion cubic feet of gas. Then it went up to 84 trillion, then 97 trillion. Now ….. drum roll ….. 214 trillion! That’s a lot of gas. I mean, the USGS is a conservative organization and is probably making calculations based off current natural gas prices, so this shows that producers are figuring out how to get more gas out of the rock. We’re not running out of natural gas any time soon.
Here’s an article that briefly goes into how U.S. LNG is competing with foreign LNG.
The drone attack on Saudi oil refining did not have a strong impact on oil prices, but the long-term implications towards stability are surprising.
There’s some talk of extending I-68 to run west of Morgantown. That’s some rugged country out there. I’d be curious to see where the route would go.
OPEC would like to have all of the oil producing countries in the world join with it.
A nice, concise article from RBN Energy describes how the fundamentals of natural gas are affecting the price of natural gas.
Every once in a while something bad happens in the oil patch. Honestly, we probably don’t hear about most of them. This one made headlines. There’s a gas well up in PA that caught fire. Local firefighters were able to put it out in about four hours.
Virginia has forced the Mountain Valley Pipeline to pay a $2.15 million dollar fine and submit to additional oversight during construction.
In related news, some permits the MVP needs have been pulled.
Research has turned up a new method for determining how much gas is in a formation and possibly which formations may produce gas. It’s cheaper and better, so companies will likely adopt it pretty quickly.
Gas prices ended at about $2.32/MMBtu on October 15, 2019. This post is published on October 20, so I haven’t scraped the exact data on the date.