The era of long-term natural gas prices averaging around $2 per million Btu is over. So says ESAI, the consulting firm based in Wakefield, Massachusetts. The market is headed for an average price closer to $4.50 per MMBtu, says gas analyst Scott DePasquale. "The continental market's indigenous supplies are either not as endless as expected, or are locked-up in the western U.S. due to federal regulation and environmental lobbying." He adds that in any case, getting the country's abundant reserves to market is becoming more difficult and more expensive. Meanwhile, springtime U.S. gas storage levels have been at their lowest point in 10 years. "With demand growing beyond the ability of domestic supply, over the next 10 years, the U.S. market will be forced to rely more and more on LNG imports on the margin." -Leslie Haines
Recommended Reading
STRYDE Awarded Seismic Supply Contracts in Mexico
2024-09-03 - STRYDE was awarded two seismic node supply contracts in Mexico, the company’s first projects in the country.
Artificial Lift Meets Artificial Intelligence, with Hit and Miss Results
2024-08-23 - Oxy and Chevron are among companies trying to find the sweet spot between data analytics and machine learning with human intervention to optimize production and predict failures before they happen.
PakEnergy Plows Ahead with New SCADA Solution
2024-09-17 - After acquiring Plow Technologies, home of the OnPing SCADA platform, PakEnergy looks to enhance its remote monitoring solutions.
HNR Increases Permian Efficiencies with Automation Rollout
2024-09-13 - Upon completion of a pilot test of the new application, the technology will be rolled out to the rest of HNR Acquisition Corp.’s field operators.
APA, Palantir Expand Partnership to Deploy New AI Across E&P Operations
2024-09-25 - APA Corp. will introduce new AI capabilities to its oil and gas operations with Palantir Technologies’ Artificial Intelligence Platform (AIP) software.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.