Appalachian Basin

West Texas natural gas cash prices remain mired in negative territory amid weak weather-driven demand and a massive supply overhang. Waha cash prices on Monday ticked up a half-cent but still averaged negative 69.5 cents/MMBtu, according to NGI data. The West Texas benchmark has mostly hovered in the red since early March. El Paso Permian…

The second day of natural gas bidweek trading Monday (March 25) saw baseload prices maintain the weakening trend that began Friday, according to NGI’s Bidweek Alert (BWA). Deal volumes slowed somewhat from Friday levels. Bidweek trading concludes on Tuesday. Leading on volume for deals, Dawn in the Midwest saw 80 total deals. Its basis trading…

Natural gas forward prices pushed modestly higher at the front of the curve during the March 14-20 trading period, particularly in the Northeast and Appalachia, data from NGI’s Forward Look show. Meanwhile, spring contracts at hubs near the congested Permian Basin struggled under the weight of weak near-term fundamentals. Fixed prices for April delivery at…

Appalachian Basin producer CNX Resources Corp. said Tuesday it is tapping the brakes on production growth and slashing output guidance for 2024 in response to the current natural gas price slump.  The Pittsburgh-based firm “will delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the…

Oklahoma City-based Gulfport Energy Corp., 92% weighted to natural gas, plans to remain nimble this year to ensure it may “defer or accelerate” activity depending on the direction of prices. Speaking to analysts during the recent fourth quarter conference call, CEO John Reinhart said the “volatile natural gas environment reinforces the importance of developing our…

Recent construction setbacks will see Mountain Valley Pipeline LLC’s (MVP) long-delayed completion slip further, now into the second quarter. Still, the finish line is in sight for backer Equitrans Midstream Corp. (ETRN), and the company is also eyeing longer-term growth facilitated by the eventual start-up of the embattled Appalachia-to-Southeast natural gas conduit. Last summer, Congress…

Chesapeake Energy Corp. said Wednesday it would significantly slash spending and natural gas production this year in one of the biggest activity cuts announced yet for U.S. onshore operations in response to tanking prices.  The company, one of the largest natural gas producers in the Lower 48, plans to reduce capital expenditures (capex) in 2024…

Despite crashing prices, executives at EQT Corp. said the U.S. natural gas market is not as oversupplied as most think, suggesting the stage is being set for a rebound.  Henry Hub has traded below $2/MMBtu for seven straight sessions. The contract hasn’t been this low since June 2020 during the Covid-19 pandemic. NGI’s Weekly Spot…

Growth in the Permian Basin, countered by declines in Appalachia and the Haynesville Shale, will see combined natural gas production from key Lower 48 regions hold steady at just over 100 Bcf/d in March, according to the U.S. Energy Information Administration (EIA). Total production from seven major Lower 48 producing regions — a list that…