Natural gas prices are at $2.64/MMBtu, having gotten as low as $2.50 and as high as $2.80 in the last month. Gas storage is at 3,205 Bcf, which is a little closer to the five year average than it was last month. Rig counts are at 641, down one from last month, but up from the low of 631 a couple weeks ago. Perhaps we’ve hit bottom on the rig count?
PHMSA, the Pipeline and Hazardous Materials Safety Administration, has ordered MVP to inspect all the pipe that’s already in the ground and all the pipe that’s going to be installed. It’s also ordered that all surface locations be inspected for ground movement.
I’d like to see the MVP get built. I’d also like to see a case challenging MVP’s ability to use eminent domain go in favor of the landowner; I’m not a fan of where eminent domain law has gone. The case may still go forward in the D.C. circuit, but it hasn’t been ruled on yet.
The likelihood that West Virginia will benefit from the hydrogen hub grants being reviewed by the federal government has gone up. Another company has announced its intention to build a hydrogen powered data center in West Virginia.
EQT has completed its acquisition of Tug Hill. This shouldn’t change much of anything for royalty owners, but if it does, rest assured that EQT will not be easy to deal with. In spite of their recent changes, they’re still the bad boys on the block.
WV-GO published an article that states that West Virginia is the country’s fourth largest natural gas producing state and produces 10% of the country’s gas supply.
Work on the MVP re-started back on August 4th.
PHMSA has issued a new set of regulations for gas pipelines.
The Biden Administration has blocked six million acres of undersea oil and gas from inclusion in a federal lease. This will probably drive oil and gas prices up a little. This kind of development is very long-term, so short-term prices will not probably jump a lot.
There is a lot of talk in certain circles in West Virginia about hydrogen as an energy source and about carbon capture. The linked article does a pretty good job of addressing both subjects.
A coal fired power plant here in West Virginia has been brought back to life in order to provide hydrogen, among other things.
Someone used Molotov Cocktails on two pieces of heavy equipment that were being used to build the MVP.
Antero has donated $4 million to WVU’s College of Engineering and Mineral Resources. This comes at a time when WVU has announced that it is cutting a lot of staff and eliminating a number of degrees.
Reuters has a pretty good article about worldwide oil and natural gas production and prices. It’s definitely worth at least a skim.
Two more protesters have been arrested for locking themselves to heavy equipment used to build the MVP.
OPEC+ has extended its supply cut for another three months.
In Gulfport’s quarterly report, they note that their newest wells will produce an EUR (estimated ultimate recovery) of 2.5 Bcfe per 1,000 feet of lateral. That’s up from an average of 1.5 Bcfe per 1,000 of lateral.
Protesters stopped work on the MVP in Talcott, WV.
The power plant up in Pleasants County that started back up is going to need a little more land in order to convert over to running on hydrogen.
MVP is suing the protesters who have been stopping work on the pipeline.
MVP is requesting a rate increase to cover the additional cost of building the pipeline.
Freeport LNG just can’t catch a break. They’ve shut down, indicated by zero inflow of gas to the facility. There’s no news as to why.
The U.S. exported more natural gas than any other country in the first half of 2023.