Natural Gas News – January 31, 2018

Natural Gas News – January 31, 2018

Fracking Accounts for Most New Oil and Gas Production in U.S., Agency Says

Tribe Live reported: Hydraulically fractured horizontal wells accounted for 69 percent of all oil and natural gas wells drilled in the United States, and 83 percent of the total linear footage drilled, in 2016, the U.S. Energy Information Administration reported on Tuesday. The combination of horizontal drilling and hydraulic fracturing, or fracking, has increased the rate of recent U.S. crude oil, lease condensate and natural gas production in Pennsylvania and other states, the EIA said. The combination of horizontal drilling and hydraulically fracturing has contributed to increases in crude oil and natural gas production in the United States, which are both expected to reach record levels in 2018 . Record production levels are largely attributable to increased production of natural gas and crude oil enabled by the use of fracking techniques in tight rock formations, the EIA said. The agency expects increases in natural gas production to be the leading contributor to overall fossil fuels production growth in 2018. For more on this story visit triblive.com or click http://bit.ly/2nsdy9o

NYMEX March Natural Gas Futures Up 3.4 Cents at $3.201/MMBtu

Platts reported: NYMEX March natural gas futures were on the offensive overnight ahead of the Tuesday, Jan. 30, open, as colder weather in store spelled elevated heating demand and additional large storage draws. Updated National Weather Service outlooks show a wide swath of below-average temperatures encompassing the bulk of the central and eastern US through both the upcoming six- to 10-day and eight- to 14-day periods, hemmed in by bands of average temperatures stretching over a few areas of the South into portions of the Midwest and a small section of the Northwest. Above-average temperatures are called only for much of the West, parts of the west-central US and fringes of the Southeast. For more on this story visit platts.com or click http://bit.ly/2DQ7Kx6

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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