Nat Gas Prices Hit Three-Year Low
From WSJ: Natural gas prices drop 4% to close at $2.1850/mmBtu, the lowest closing price since May 27, 2016 and the largest one-day decline this month, after the EIA reported a larger-than-forecast 115-billion-cubic-feet rise in storage for the week ended June 14.
“For the sixth consecutive week, the EIA has reported a triple-digit injection. This is the first time this has happened since 2014,” says Austin, Texas-based Drillinginfo. “With the summer’s peak demand season just around the corner, don’t expect the triple-digit injections to hang around much longer. As power burn ramps up in July and August, some of the gas that is currently being injected into storage will need to be used to meet power burn demand.”
Views: 2440
Replies to This Discussion
-
Permalink Reply by lee on
-
This explains why BP has pulled out of Angelina, San Augustine, and Nacogdoches Counties, i should have taken Black Stones offer to purchase my mineral rights.
-
Permalink Reply by Skip Peel - Mineral Consultant on -
lee, as of Friday, BP was running 2 rigs in Nacogdoches and 1 in San Augustine.
-
Permalink Reply by Skip Peel - Mineral Consultant on
-
It doesn't take long to get permits. As long as BP has rigs under contract they will be drilling somewhere in E TX and NW LA. BP has had a lot on its plate since the acquisition of the LA Haynesville acreage. I don't think they are going anywhere.
-
-
They laid off all of their Haynesville land crews Friday effective immediately over 150+ landmen unemployed now. 2021 expected to return.
-
-
Permalink Reply by Skip Peel - Mineral Consultant on
-
Sounds like BP is through with their leasing, for now. The company landmen can handle most of the land work required for a drilling program.
-
Permalink Reply by Rock Man on
-
Building on Skip's comments, attached are two PDF's - BP leases filed in Angelina Co over past 60 months (some as recent as a couple of months ago) and 25 Haynesville permits filed in the past year.
BP isn't walking away from this deep gas asset. They may not be drilling right now, but their plate is full. They will not let this opportunity expire and blow away in my opinion.
- Attachments:
-
Permalink Reply by Sod Holder on
-
So after reading all of the comments here I am wondering what will happen with our wells that the permits are filed for. They brought a rig in back in May and drilled for a week or so and loaded up and left. I think most of us have a year and a half left on our leases, so I guess they have plenty of time to drill. And with record lows on the gas price, I would prefer that they wait. Does anyone have any insight into what rigs are still here in Angelina County?
-
Permalink Reply by Skip Peel - Mineral Consultant on
-
No rigs are currently drilling in Angelina as of last Friday's rig report.
-
Permalink Reply by Sod Holder on
-
Thank you. I have seen the sand trucks taking sand out 103 East to either Nacogdoches or San Augustine county all of this week.
- ‹ Previous
- 1
- 2
- 3
- Next ›
Support GoHaynesvilleShale.com
Top Content
Blog Posts
The Lithium Connection to Shale Drilling
Shale drilling and lithium extraction are seemingly distinct activities, but there is a growing connection between the two as the world moves towards cleaner energy solutions. While shale drilling primarily targets…
ContinuePosted by Keith Mauck (Site Publisher) on November 20, 2024 at 12:40
Not a member? Get our email.
Groups
-
San Augustine, TX
386 members
-
Miller County, Arkansas
27 members
-
Sabine Parish, LA
455 members
-
South Caddo Parish Group
440 members
-
Natchitoches Parish
400 members
-
Bienville Parish, LA
244 members
-
Fayetteville Shale
149 members
-
North Caddo Parish
358 members
-
Central Texas Gas
63 members
-
Cass County, TX
119 members
© 2024 Created by Keith Mauck (Site Publisher).
Powered by
