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U.S. Energy Policy Must Support Natural Gas In Appalachia And West Texas

The US Energy Policy. Appalachia and the Permian are the main reasons why U.S. C02 emissions have been falling faster than any other nation.

Gas usage increases even under the most stringent of environmental policies under International Energy Agency modeling.

President Trump’s visit on Tuesday to the Shell “cracker” plant. In Beaver County outside the great city of Pittsburgh really got my wheels turning.

It’s a giant of a project: a $6 billion, 7,400 permanent jobs-creating, industrial facility that will convert ethane from flowing shale gas from the region into ethylene, the basic building blocks for plastic manufacturing. It’s the first U.S. cracker outside the Gulf Coast region in over two decades. And it shows how quickly the U.S. shale revolution since 2008 has transformed domestic and global energy markets, with always improving technologies and operational efficiencies surpassing all expectations.

Today, thanks to the Utica and Marcellus shale plays, Appalachia (PA, OH, WV) produces a whopping 33 Bcf/d or 37% of total U.S. gas supply. In fact, the triad now produces nearly 10% of the world’s gas, more than any other nation except the U.S. as a whole and Russia. Explaining Trump’s visit: “Pennsylvania As The New Natural Gas Giant.”

 

 

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Source: Forbes.com

 

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Natural Gas Price Prediction – Prices Whipsaw but Remain Buoy on Strong LNG Deliveries

Natural gas price prediction whipsawed testing lower levels and then rebounding to close up 0.5% in the trading session.

Natural gas delivery to LNG facilities hit a record in July.

Natural gas delivered by pipelines to Mexico and to US LNG export facilities reached 10.9 Bcf per day in July. On average 10.0 Bcf per day in the first seven months of this year. This is 30% more than in the same period in 2018.

Technical Analysis and Natural Gas Price Prediction

Natural gas prices initially moved lower but bounced on Monday near support at the 10-day moving average of 2.15. Resistance is seen near last week’s highs at 2.27 and then the August highs at 2.33. Medium-term momentum is positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward-sloping trajectory which points to higher prices. Short-term momentum is flat as the fast stochastic consolidates, in the middle of the neutral range which reflects consolidation.

LNG Deliveries Hit Record

The EIA reports that natural gas deliveries to US facilities producing liquefied natural gas for export set a monthly record in July 2019, averaging 6.0 billion cubic feet per day which accounts for 7% of the total US dry natural gas production. In the first seven months of 2019, natural gas feedstock deliveries to LNG export facilities have been the fastest growing among all US natural gas consumption sectors. Natural gas delivered by pipelines to Mexico and to US LNG export facilities reached 10.9 Bcf per day in July and averaged 10.0 Bcf per day in the first seven months of this year, 30% more than in the same period of 2018.

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Source: FXempire.com

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Oil Prices Climb After Saudi Oilfield Attack

Crude oil prices climb on Monday following a weekend attack on a Saudi oil facility by Yemeni.

The oil market was jolted in mid-September 2019 following a drone attack on Saudi Arabia’s oil processing facilities. The attacks, which were claimed by Iranian-backed Houthi rebels from Yemen, caused widespread damage and panic across the industry.

The Abqaiq oil facility and Khurais oil field attack was one one of the most significant oil supply disruptions in history. It affected almost 5% of the global oil supply. The following day, the oil market reacted with a significant surge in oil prices. This is as traders scrambled to cover their positions.

The global benchmark for crude oil, Brent, surged by over 14%. Meanwhile the US benchmark, West Texas Intermediate (WTI), jumped 15%. As the world’s largest oil exporter, Saudi Arabia’s production cuts led to a sudden tightening of oil supplies, causing a ripple effect across the industry.

This blog post will examine the impact of the attack on the oil market, including the surge in oil prices and more.

Brent crude was up 64 cents, or about 1.1 percent, at $59.28 a barrel at 0255 GMT, and US crude was up 55 cents, or 1 percent, at $55.42 a barrel.

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Source: TheHinduBusinessLine.com

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Yemen rebel drone attack targets remote Saudi oil field

DUBAI, United Arab Emirates — Drones launched by Yemen’s Houthi rebels attacked a massive oil and gas field deep inside Saudi Arabia.

The attack on the Shaybah oil field, which produces some 1 million barrels of crude oil a day near the kingdom’s border with the United Arab Emirates

 

 

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Source: The Washington Post

Oil steadies as Saudi, Kuwait signals offset demand fears

Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since Jan. 1.

He said fears of a global economic downturn were “exaggerated,” and said global demand for crude should pick up in the second half, helping reduce the surplus in oil inventories gradually.

 

 

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Source: REUTERS.COM

Occidental Petroleum and Columbia Ecopetrol form $1.5 Billion Joint Venture

Occidental Petroleum and Colombia’s Ecopetrol have announced a $1.5 billion joint venture to develop acreage in the Midland Basin.

The joint venture is comprised of 97,000 net acres of Occidental’s holdings. This is across Andrews, Ector, Glasscock, Howard, Martin, Midland, Reagan, and Upton counties.

The acreage includes 4,700 gross locations with rights to multiple benches. It includes the Middle and Lower Spraberry and the Wolfcamp A, B, and C.

Ecopetrol will pay $750 million in cash at closing. This is an expectation in the fourth quarter, and $750 million in capital during the joint development period. Ecopetrol put at the next five years during its presentation to investors.

Occidental will have 51 percent ownership percent of the joint venture and Ecopetrol 49 percent. The joint venture does not include Occidental’s existing wells. This is why Occidental will continue to operate the acreage. During the joint development period, Ecopetrol will pay 75 percent of Occidental’s share of capital expenditures. From there, Occidental will receive 51 percent of the joint venture’s production.

Vicki Hollub, president and chief executive officer, told investors the joint venture is an opportunity to develop its Midland Basin assets. This is during the Occidental’s second-quarter earnings call. Meanwhile, it is also focusing on its Delaware Basin assets.

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Source: mrt.com

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Oil prices rise on expectations of more OPEC output cuts

Saudi Arabia has said it planned to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories

The United Arab Emirates also will continue to support actions to balance the oil market, the country’s energy minister Suhail Al-Mazrouei said.

 

 

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Source: ARABNEWS.COM

Qatar invests $550 million in Permian midstream operator

Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian basin.

Upon completion of the remaining part of the system under construction, Oryx’s total transportation capacity will exceed 900,000 barrels per day and access multiple takeaway options.

The partnership is the latest in a series of investments undertaken by QIA across the US where QIA aims to increase investment to $45 billion in the coming years.

 

 

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Source: WORLDOIL.com

WV oil and gas production reaches record high for tenth consecutive year

Natural WV oil and gas production gas production in the state rose to 1.8 trillion cubic feet in 2018 from 1.5 trillion cubic feet in 2017, a year-over-year increase of 17 percent.

West Virginia household consumes about 72 thousand cubic feet of natural gas per year,” she said. “We produce enough gas in one day to meet the needs of all West Virginians.”

Charlie Burd, executive director of the Independent Oil and Gas Association of West Virginia. Said the industry has come a long way in just over a decade. “We started developing horizontally in late 2007. In 2008, we only produced 256 billion cubic feet of natural gas,” he said. “That’s many more times now than then.”

Oil production in West Virginia grew nearly 60 percent, from 7.5 million barrels in 2017 to 12 million barrels in 2018. This is the largest amount of oil produced in the state since 1900, when West Virginia produced 16 million barrels, according to the DEP.

Doddridge County is the state’s most prolific natural gas producer at 434 billion cubic feet a year. 2018 production in Doddridge County increased 53 billion cubic feet over 2017 levels, growing by 14 percent year-over-year. In Tyler County, production grew by 59 percent to 272 billion cubic feet from 2017 to 2018. Making it the state’s second largest gas-producing county. Coming in third, Ritchie County saw production increase 26 percent from 2017 to 2018. Rising from 158 billion cubic feet to 200 billion cubic feet in the span of one year.

WV oil and gas production

 

 

 

 

 

 

 

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Source: VWNEWS.com

 

 

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Exxon

Exxon, Chevron Move to Dominate Permian as Smaller Players Pull Back

The Big Oil companies Exxon Mobil and Chevron are keeping their promises to dominate the Permian Basin

Exxon Mobil has, by far, become the Permian’s most active driller with more than 50 rigs operating in the West Texas oil field. It is increasing production thereby nearly 90 percent in 12 months. Chevron, along with Occidental Petroleum of Houston, is one of just two companies producing more than 420,000 barrels of oil. It is equivalent per day from the region, the companies said Friday in their quarterly earnings reports.

The Permian, now the world’s most productive oil and gas basin, is producing about 4.2 million barrels of crude oil a day, more than one-third of the nation’s record output of more than 12 million barrels a day. The basin, by far the central focus of the shale boom, also is the country’s second-most prolific natural gas producer.

Small and midsize oil firms led the so-called shale revolution, proving horizontal drilling and hydraulic fracturing techniques. Exxon and Chevron — and energy majors generally — came to shale slowly, but now they are using their deep pockets, size and diversified income to continue to invest in drilling projects in the Permian and drive growth there. To a lesser extent, the European energy majors Royal Dutch Shell and BP also are focusing on Permian growth.

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Source: businessreport.com

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