Natural Gas News – September 6, 2018

Natural Gas News – September 6, 2018

Oil Prices Drop to 1-Week Lows as Gulf Coast Storm Gordon Misses Major Energy Sites

Marketwatch reported: Oil prices settled on Wednesday at their lowest levels in about a week as a major storm that passed through the Gulf of Mexico missed the bulk of the oil and natural-gas operations in the region. “Gordon largely turned out to be a non-event for the energy market, and if anything, the sell-the-news aspect of the tropics trade has triggered a profit-taking pullback across the space,” said Tyler Richey, coeditor of the Sevens Report. October West Texas Intermediate crude on the New York Mercantile ExchangeCLV8, +0.03% the U.S. oil benchmark, fell $1.15, or nearly 1.7%, to settle at $68.72 a barrel—the lowest for the contract in just over a week. November BrentLCOX8, +0.32% the global benchmark, settled at $77.27 a barrel, down 90 cents, or almost 1.2%, on the ICE Futures Europe exchange. It marked the lowest finish since last Wednesday.

Pennsylvania Consumers Saved More Than $30 Billion over 10 Years from Lower Natural Gas Prices

Marketwatch reported: Thanks to increased production and new technologies, which have decreased the price of natural gas, Pennsylvanians saved more than $30.5 billion between 2006 and 2016, according to a new state report released today by Consumer Energy Alliance (CEA). Residential users alone saved almost $13.3 billion, while commercial and industrial users saved upwards of $17.2 billion, the report, titled “Everyday Energy for Pennsylvania,” said. The analysis examined how the shale revolution across the Marcellus region has provided benefits to the Keystone State’s end-use energy consumers by boosting disposable income and economic investment, as well as revitalizing communities.