Natural Gas News – January 17, 2019

Natural Gas News – January 17, 2019

Pittsburgh Suburb Says No to Natural Gas Drilling Under Park

WITF reported: A Pittsburgh suburb has rejected a proposal to allow drilling for natural gas under a local park. The Franklin Park borough council voted 4-2 Wednesday against signing a lease with PennEnergy Resources. The company wants to drill from a well pad in the neighboring community of Economy into Franklin Park. If the borough had approved the proposal, the company could have drilled wells that extend horizontally underground below Linbrook Park, a local green space with soccer fields, baseball diamonds and a disc golf course. PennEnergy can still drill in the vicinity, but it will have to go around the park in areas where it has signed leases with private mineral owners. Numerous residents on both sides of the matter voiced their opinions in front of the council, including Monday at a hearing and again Wednesday. None of the council members made any comments of their own before they voted.

Oil Sinks on China Slowdown Fears; Natural Gas Surges 5%

Marketwatch reported: Oil futures declined sharply Thursday, tracking lower moves in most global equity benchmarks, as fear of a China -led demand slowdown gripped investors. West Texas Intermediate crude for February delivery CLG9, -1.70% fell $1.16, or 2.2%, to $51.15 a barrel on the New York Mercantile Exchange, a day after posting a modest gain in the previous session. March Brent crude LCOH9, -1.34% gave up $1.15, or 1.9%, to $60.18 a barrel on ICE Futures Europe. U.S. oil has enjoyed two consecutive days of gains and more broadly, futures have only settled lower on two days since Dec. 28, according to FactSet data. Market participants attributed Thursday’s slide to uncertainty over whether the U.S. and China will resolve a protracted trade spat that has weighed on investment sentiment and raised questions about the health of China, one of the world’s biggest importers of crude.