Natural Gas News – March 12, 2024
Natural Gas News – March 12, 2024
EQT To Buy Equitrans Midstream
March 11 (Reuters) – Top U.S. natural gas producer EQT Corp (EQT.N), opens new tab on Monday said it agreed to buy Equitrans Midstream (ETRN.N), opens new tab in an all-stock deal that values its former pipeline unit at about $14 billion including debt, as companies look to navigate decade-low prices for the commodity. Merger activity in U.S. shale oil and gas has soared in pursuit of greater scale and cost efficiencies amid volatile prices, with $250 billion in deals in the oil and gas industry in 2023. The combination will allow EQT to lower costs to produce and transport its natural gas to market by adding more than 2,000 miles of pipelines, the companies said on Monday. “The only way to truly thrive in this world is to be at the low end of the cost curve,” EQT finance chief Jeremy Knop said on a conference… For more info go to https://tinyurl.com/ytewwcan
Natural Gas News: Futures Tumble
U.S. natural gas futures are experiencing a notable decline on Monday, influenced by weather conditions and market trends. At 13:11 GMT, Natural Gas futures are trading $1.768, down $0.037 or -2.05%. Recent weather patterns, especially warmer-than-expected temperatures, have significantly impacted natural gas demand. NatGasWeather is forecasting mild conditions across most of the U.S. for March 11-17, leading to very low demand. These conditions are
expected to persist, with only a temporary spike in demand anticipated around March 17-20 due to colder weather. According to the U.S. Energy Information Administration (EIA), there was a meager 40 billion cubic feet (bcf) withdrawal from natural gas storage last week. This figure is considerably lower than last year’s 72 bcf and below the five… For more info go to https://tinyurl.com/2cjxp694
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