Natural Gas Prices Move Lower on EIA Gas Stockpiles Report
Natural gas prices moved lower on Thursday following the Energy Departments inventory report....
Natural gas prices moved lower on Thursday following the Energy Departments inventory report. Prices have given back most of last week’s gains. The weather is expected to be warmer than normal for most of the US over the next two weeks which should increase cooling demand. That will likely be offset by the slowing of the reopening of the US economy due to the rise in the spread of COVID.
Natural gas inventories rose to 3,133 Bcf as of Friday, as of July 3, 2020, according to EIA estimates. This represents a net increase of 56 Bcf from the previous week. Expectations were for a 57 Bcf build in stockpiles. Stocks were 685 Bcf higher than last year at this time and 454 Bcf above the five-year average of 2,679 Bcf. At 3,133 Bcf, total working gas is within the five-year historical range.
Front-month U.S. natural gas futures on Thursday were down 0.045 cents to $1.779 per MMBtu.
Supreme Court says eastern half of Oklahoma is Native American land
The Supreme Court on Thursday ruled that a huge swath of the state of Oklahoma is Native American land...
The Supreme Court on Thursday ruled that a huge swath of the state of Oklahoma is Native American land for certain purposes, siding with a Native American man who challenged his conviction by state authorities in the territory.
The 5-4 decision was authored by Justice Neil Gorsuch.
Oklahoma argued that the Creek Nation’s former territory was not a reservation at all. The state said that if the Supreme Court accepted McGirt’s reasoning it would “cause the largest judicial abrogation of state sovereignty in American history, cleaving Oklahoma in half.”
Equinor Makes Gas, Condensate Discovery in North Sea
Norway’s Equinor and its partners have discovered gas and condensate in the 30/2-5...
Norway’s Equinor and its partners have discovered gas and condensate in the 30/2-5 S Atlantis exploration well in the North Sea, the company said in a news release July 8.
The well, drilled to a depth of 4,359 m below sea level, was the first exploration well drilled in production license 878 offshore Norway. Partners are Equinor Energy AS (60%), Source Energy (20%) and Wellesley Petroleum AS (20%).
Comstock Resources, held by Dallas Cowboys owner Jerry Jones,...
Comstock Resources, held by Dallas Cowboys owner Jerry Jones, has filed applications with the Railroad Commission of Texas to drill four new wells targeting the Carthage field of the natural gas-rich Haynesville Shale in East Texas. Meanwhile, oil major Shell is looking to drill four new wells in the Permian Basin's Delaware portion and ConocoPhillips is eyeing three new wells in the DeWitt field of the Eagle Ford Shale.
Bakken Shale operators may be forced to keep wells shut-in...
Bakken Shale operators may be forced to keep wells shut-in for a longer period as the court-ordered shutdown of the Dakota Access Pipeline threatens to leave producers with no economical transportation options, analysts warn. Crude-by-rail could fill the void, but it can cost more than twice as much as pipeline transportation, and "that would put pressure on in-basin differentials and will make the economics very challenging at current WTI prices," said Susquehanna Financial Group analyst Biju Perincheril.
