Natural Gas News
Analysis: Shale Crescent Region produces more natural gas than Texas
Since 2007, there has been a regional shift in liquefied natural gas (LNG) production in Ohio, West Virginia and Pennsylvania because of technological advances in drilling and delivery. According to an analysis by the publicly held company IHS Markit, these three states combined produce more natural gas than Texas. From 2008 to 2018, 85 percent of all natural gas growth in the U.S. has come from these three states because of the development of the Marcellus and Utica Shale formations. If Ohio, West Virginia and Pennsylvania were a country, they would be the world’s third-largest natural gas producer, behind only the U.S. and Russia, Greg Kozera at Shale Crescent USA, an economic development initiative, says. Kozera maintains that the most profitable region to build a petrochemical plant is in the Shale Crescent region because it is one of the few global
locations where the natural gas is located in the same area as the manufacturing plants and end-use consumers.
What’s Holding Natural Gas Prices Back?
The oil markets have been enjoying a period of sustained rally, thanks to a stream of positive factors including somewhat successful compliance to agreed production cuts, a partial rebound in oil demand as well as growing optimism about a possible extension to the OPEC+ cuts. Brent prices briefly touched $40/barrel on Monday, a level they last touched several months ago with WTI looking to also breach the psychological level if
OPEC+ signs off on extensions when it reconvenes on June 10. The same, however, can hardly be said about the natural gas situation.