Natural Gas News – January 9, 2019
Natural Gas News – January 9, 2019
Report: Oil & Natural Gas Production Continues to Rise Despite Flat Jobs Growth
Houston Chronicle reported: The Texas oil and natural gas industry appears to be doing more with less. Crude oil and natural gas production continues to rise despite flat job growth, a new report from the Texas Independent Producers & Royalty Owners Association reveals. Texas crude oil production reached 1.35 billion barrels through November 2018 — an increase of 209 million barrels compared to the same period in 2017, the association reported. December figures are still pending, but crude oil production is expected to surpass the 1.5-billionbarrel forecast for 2018. Most of the increased output came from the Permian Basin of West Texas, which has become the top shale play in the United States, the association reported. For more on this story visit houstonchronicle.com or click https://bit.ly/2Fn6bub
U.S. Natural Gas Prices Sink on Mild Weather and Hedge Fund Sales
Reuters reported: U.S. natural gas prices have fallen sharply as the unusual cold weather of late November and early December has given way to warmer-than-normal temperatures in the last four weeks. Futures prices for gas delivered at Henry Hub in February 2019 have fallen below $3 per million British thermal units from a peak of almost $4.80 in the middle of November. The exceptional rally in gas prices during the late summer and early autumn has unwound, leaving gas prices back at the low level that has prevailed for the last three years. Cumulative heating demand for the 2018/19 heating season was around 6 percent higher than the long-run average through Dec. 12, according to the U.S. government Climate Prediction Center. But the sustained period of cold in late autumn and early winter has been replaced by an extended period of mild weather and cumulative heating demand has now dropped 4 percent below normal (“Degree days statistics”, CPC, Jan. 8). For more on this story visit reuters.com or click https://reut.rs/2FiW7U5
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