Intraday natural gas price volatility was on full display midweek as traders assessed the impacts of a substantial, though likely temporary, decline in export demand and the potential for a more moderate end-of-February following some of the coldest weather in years. After tumbling to a $2.741/MMBtu intraday low, the March Nymex gas futures contract bounced…
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Midcontinent Execs See ‘Substantial’ Jump in Drilling When Oil Averages $56, Natural Gas at $3.28
Oil and natural gas activity in the Midcontinent expanded moderately in the final three months of 2020, but it still lagged year-ago levels, according to a survey by the Federal Reserve Bank of Kansas City. Energy operators also said they need West Texas Intermediate (WTI) oil to average $56/bbl “for a substantial increase in drilling…
January 11, 2021
Controversial Wyoming Oil, Gas Project in PRB Moving Forward After Favorable BLM Decision
A Bureau of Land Management (BLM) decision to allow year-round oil and natural gas drilling within 1.5 million acres of federal and Wyoming state land has ended a six-year stalemate among a consortium of producers and regulators. The BLM decision allows the exploration and production (E&P) companies to drill on 1,500 multi-well pads within the…
January 5, 2021
Aethon Energy, Burlington Resources Get Green Light to Develop 4,250 Wells as Part of Moneta Divide Project
The U.S. Department of the Interior’s Bureau of Land Management (BLM) said it approved the development of up to 4,250 oil and gas wells for the Moneta Divide Project in Wyoming. The project stretches across more than 327,000 acres of mostly public lands. Aethon Energy Management and Burlington Resources Oil and Gas Company LP proposed…
August 10, 2020
Canada Oil, Gas Drilling in Modest Recovery, but Covid-19 Saps Expectations
Canadian oil and gas drilling has begun to recover, but it remains well below expectations before the Covid-19 pandemic inflicted a near total halt on field activity. As of this week the Canadian Association of Oilwell Drilling Contractors (CAODC) reported 42 rigs in action including 31 in Alberta, eight in British Columbia (BC) and three…
July 24, 2020
Wyoming’s Declining Fossil Fuel Revenue Contributes to $1B Budget Deficit
Facing a $1 billion budget deficit in part linked to a decline in revenue from the energy sector, Wyoming Gov. Mark Gordon has ordered a 10% budget cut across the board. Given the budget challenges from the coronavirus and the economic slowdown, “the quicker we act, the greater ability the state will have to minimize…
July 15, 2020
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