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Amid a growing global reach for U.S. natural gas, and the coincidental timing of gas contract expirations, Henry Hub December basis prices are trading at
Cimarex, Cabot Combination ‘Building an Ark, Not a Party Boat’ in Lower 48 Oil, Natural Gas Cimarex Energy Co. and Cabot Oil & Gas Corp. on Monday agreed to combine in an all-stock merger, tying together their extensive operations in the Marcellus Shale, Permian and Anadarko basins. Denver-based Cimarex controls 560,000 net acres combined in the Permian and Anadarko, while Houston-based Cabot has 173,000 net acres in the Marcellus. Cabot CEO Dan Dinges has been tapped as executive chairman, while Cimarex chief Tom Jorden would be CEO of the to-be-named company. The merger is “the start ...
Spot Natural Gas Prices Surge to $600 as Deep Freeze Cuts Production, Fuels Record Demand Spot gas prices in the Midcontinent, often the cheapest in the Lower 48, surged to as high as $600.00/MMBtu on Friday as snow, ice and subfreezing temperatures saturated the region. Oneok Gas Transmission, aka OGT, had been gaining traction over the past couple of days as a train of winter storms began barreling across the United States. At the start of the week, the Oklahoma point was trading in the $3.00 range. By Friday, no transaction was executed below $125.00. AccuWeather said temperatures were f...
The natural gas storage report from the EIA for the week ending December 11th indicated that the quantity of natural gas held in underground storage in the US had decreased by 122 billion cubic feet to 3,726 billion cubic feet by the end of the week, which left our gas supplies 284 billion cubic feet, or still 8.3% higher than the 3,442 billion cubic feet that were in storage on December 11th of last year, and 243 billion cubic feet, or 7.0% above the five-year average of 3,483 billion cubic feet of natural gas that have been in storage as of the 11th of December in recent years....the 122 bi...