Natural gas prices are at $4.57/MMBtu, which is really high considering how much gas we have in storage (see below). I suspect that investors are expecting a hard winter and additional energy use from AI data centers.
Drilling rigs at 549, up just a little from last month.
Gas storage is at 3,946 Bcf, and is finally on its way down. However, it got up to the five-year high before it started coming down, which means that we have a lot of gas in storage. What I’ve seen in the way of weather forecasts suggest that we’ll have a pretty cold winter, though, so we may be very happy we have that much gas in storage before the end of the season.
West Virginia and Diversified have partnered up to plug abandoned wells.
EQT is selling a part of its ownership interest in some of its pipelines to an asset manager called Blackstone.
NextDecade has announced a positive FID for Train 5 at its Rio Grande LNG facility near Brownsville, TX. This is probably at least in part because of EQT’s commitment to purchase LNG from the facility.
If you’re the type that likes to dig into quarterly reports, here’s EQT’s 3Q25.
The Mountain Valley Pipeline is requesting the ability to pump 2.6 Bcf/day.
New turbines are out, old jet engines are in! Since there’s a dearth of new turbines, but AI really needs a lot of electricity, some companies are taking old jet engines (yes, from airliners) and hooking them up to generators.
The Trump Administration is taking advantage of low oil prices by buying 1 million barrels of oil for the Strategic Petroleum Reserve.
Weather predictions turned colder, so natural gas prices went up.
Expand Energy has acquired about 7,500 acres in Ohio and West Virginia, giving it another 40 “locations”, or 425,000 lateral feet, which makes “locations” sound like “wells”. They paid an average of $7,600 per acre. It’s not clear from the article whether those acres were new leases or acquisitions from other producers.
Here’s Antero’s 3Q25 Earnings Call over at Seeking Alpha. Someone did a summary.
Chevron’s CEO thinks that the U.S. has just scratched the surface of oil production, that new technologies will increase the amount of oil we can produce. If that’s true for oil, it’s true for natural gas, too.
Here’s CNX’s 3Q25 Earnings Call over at Seeking Alpha.
Here’s some news and analysis about production and pricing in the Appalachian Basin. The most interesting aspect of this to me was that producers are turning on and off production in relations to the price of gas. Didn’t used to be that way, at least not this much. The industry can match, to some extent, demand levels.
Here’s Diversified Energy’s 3Q25 Earnings Call over at their own website.
FirstEnergy held an event at the Harrison County coal plant where they talked about the 1,200 megawatt natural gas-fired power plant they intend to build.
U.S. natural gas production is expected to increase next year. In totally unrelated news, Europe’s demand for natural gas grew a lot this year.
McKinsey & Co. have analyzed building out new pipelines in the Marcellus-Utica region. Their report can be found here. Rumblings about pipelines are picking up. If I were a betting man, I’d bet there will be a new pipeline out of West Virginia announced next year.
Surya Oil and Gas, previously Cunningham Energy, has recommenced work in West Virginia, as per its 3Q25 report. The work is mainly road and site development.
The head of the EPA visited West Virginia to talk about energy and manufacturing.
Blackstone Energy has announced a FID for a gas-fired power plant in Harrison County, WV! At last, reason has prevailed!