Kevin Dobbs

Counter to rig count trends over much of 2023, natural gas production in the Haynesville Shale proved robust through the first half of November and could continue to help drive strong overall output, according to East Daley Analytics. 

Natural gas prices trended mostly higher during the first day of December bidweek trading on Wednesday even as production hovered near record levels, supplies in storage remained robust and weather-driven demand proved seasonally soft.

CME Group, the derivatives marketplace that operates New York Mercantile Exchange (Nymex) Henry Hub natural gas futures, said its new micro trading platform for gas got off to a strong start this month.

Robust flows of natural gas southward from Canada into the Lower 48 in November are bolstering already stout U.S. supplies, helping to keep next-day cash prices in check relative to last year, analysts say.

WhiteHawk Energy LLC said it acquired additional Marcellus Shale natural gas mineral and royalty assets from an undisclosed seller for $54 million.

The U.S. inflation rate in October flattened month/month and slowed from the lofty 2022 pace, impacted by lower natural gas prices and moderating energy costs overall. 

Mild temperatures and light heating demand intersected with surging production volumes to send weekly natural gas cash and futures prices lower.

Employment in the U.S. oilfield services (OFS) and equipment sector rose by an estimated 1,736 jobs to 652,874 in October, according to an Energy Workforce & Technology Council analysis of federal data.

Enbridge Inc. further expanded its presence in the Lower 48 by acquiring a string of renewable natural gas (RNG) facilities.

Production of associated natural gas – fuel produced in concert with oil – surged in the prolific Permian Basin over the past five years, supporting strong total supplies and, for much of this year, helping to keep U.S. prices in check.