GAS DAILY
Monday, January 28, 2019
News Headlines
Final Daily Price Survey - Platts Locations ($/MMBtu)
NATIONAL AVERAGE PRICE: 3.640
Trade date: 25-Jan
Flow date(s): 26-Jan—28
Arctic temperatures to lift US gas
demand to winter 2018-2019 high
■■US gas demand to set winter record at 64.8 Bcf/d Wednesday
■■Transco Zone 6 NY, Algonquin city-gates balmo contracts surge
US LNG export project timelines face
uncertainty in market amid regulatory questions
■■FERC has yet to act on Calcasieu Pass terminal proposal
■■Trade tensions, partial government shutdown also loom
Texas Eastern to return about 1 Bcf/d
of capacity to service following blast
■■Explosion ruptured line near Berne Compressor Station
■■Northeast US saw significant production decline
Alaska to ask producers if they want
back into LNG export project: official
■■BP, ConocoPhillips and ExxonMobil previously part of project group
■■Companies left project in 2016, citing low energy prices
($/MMBtu)
0
-1
-2
Source: S&P Global Platts
TX Eastern M-3 (NE)
Transco’s 400 MMcf/d New York-area gas project advances at FERC
States can’t use CWA to delay hydro license, says court
Transco met storage obligations, says FERC in rejecting call for credits
Judge’s ruling adds new obstacle for pipeline project to Jordan Cove terminal
Anti-drilling group targets forced pooling in Colorado
NYMEX February gas climbs as demand spikes on cold snap
Regional Gas Markets
Gas Daily Supplement Links
www.twitter.com/PlattsGas
Vol.Deals
IGBEE21
IGBDK21
IGBDW21
IGBCR21
IGBRP21
IGBEJ21
IGBCS21
IGBRQ21
IGBJC21
IGBEI21
IGBRR21
IGBRS21
IGBEK21
IGBEN21
IGCGL21
IGCHL21
IGBEM21
IGBEL21
IGBJS21
IGBJT21
7.250-8.350
3.100-3.400
——3.720-3.900
4.100-5.000
4.490-6.500
3.450-3.500
4.400-5.500
——7.850-9.500
9.000-9.500
7.850-8.300
3.100-3.450
3.275-3.450
3.300-3.350
3.275-3.450
3.100-3.750
3.200-3.400
3.200-3.400
——-
7.445-7.995
3.100-3.250
——3.780-3.870
4.355-4.805
4.490-5.290
3.475-3.500
4.400-4.940
——7.895-8.720
9.000-9.130
7.950-8.175
3.125-3.300
3.305-3.395
3.330-3.350
3.305-3.395
3.270-3.595
3.200-3.295
3.200-3.295
——-
115 29
16
4
— —
323 103
91 36
161 43
43 11
125 14
— —
59 24
15
9
43 15
254 58
363 74
63 14
300 60
196 51
357 69
357 69
— —
IGBDE21
IGBJU21
IGBDB21
IGBDC21
IGBFJ21
IGBDD21
IGBIW21
IGBJN21
IGBFL21
IGCFL21
IGBJE21
IGBIS21
2.930
—
2.870
2.815
3.070
3.050
3.010
2.945
2.980
2.975
2.730
2.965
IGDAA00 2.940
-0.035
—
-0.045
-0.085
-0.030
-0.100
-0.080
-0.040
-0.005
-0.015
-0.105
-0.055
2.900-2.965
——2.860-2.905
2.750-2.860
3.030-3.090
3.050-3.050
3.010-3.050
2.925-3.020
2.950-3.000
2.960-2.990
2.700-2.840
2.900-3.000
2.915-2.945
——2.860-2.880
2.790-2.845
3.055-3.085
3.050-3.050
3.010-3.020
2.925-2.970
2.970-2.995
2.970-2.985
2.700-2.765
2.940-2.990
691 127
— —
202 37
468 96
147 28
8
2
32 12
185 31
77 30
71 14
616 104
295 78
ANR, Okla.
IGBBY21 2.995
-0.145
2.950-3.045
2.970-3.020
208
37
Enable Gas, East
NGPL, Amarillo receipt
IGBCA21 3.005
IGBDR21 3.120
-0.125
-0.005
3.000-3.020
3.050-3.150
3.000-3.010
3.095-3.145
54
219
16
36
NGPL, Midcontinent
IGBBZ21 2.825
-0.070
2.700-2.855
2.785-2.855
378
48
Oneok, Okla.
IGBCD21 2.640
-0.270
2.620-2.750
2.620-2.675
192
27
Panhandle, Tx.-Okla.
IGBCE21 2.970
-0.100
2.930-3.010
2.950-2.990
319
77
Southern Star
Tx. Eastern, M-1 24-in.
Midcontinent regional average
IGBCF21 2.830
IGBET21 3.115
-0.300
-0.035
2.750-2.850
3.100-3.140
2.805-2.850
3.105-3.125
69
36
10
6
-0.120
-0.060
-0.015
-0.005
-0.020
-0.015
-0.030
-0.080
+0.035
+0.000
+0.040
-0.010
+0.065
-0.050
3.060-3.110
3.070-3.170
3.070-3.200
3.070-3.200
3.120-3.150
3.100-3.180
3.030-3.090
3.040-3.160
3.040-3.400
2.980-3.020
3.110-3.330
3.090-3.220
3.120-3.330
3.000-3.100
3.065-3.090 928
3.095-3.145
60
3.105-3.170 749
3.110-3.175 245
3.135-3.150 177
3.115-3.155 306
3.050-3.080 457
3.050-3.110 722
3.045-3.225 201
2.990-3.010 631
3.170-3.280 242
3.130-3.195 569
3.205-3.310 375
3.040-3.090 1028
132
7
142
54
38
48
80
102
47
103
47
85
78
173
Appalachia
IGEAA00 2.940
Upper Midwest
Inside this issue
www.platts.com
Common
Midcontinent
Dominion S Pt (Appal)
Chicago (Mid C)
Henry Hub (SE)
Houston Ship (ETX)
Waha (SW)
CIG (NW)
PG&E CG (SW)
SoCal Gas (SW)
Sumas (NW)
AECO-C (NW)
-4
Panhandle TX-OK (Mid C)
Daily spot price change
Daily cash basis change
Daily spot price change from bidweek
-3
+/-Absolute
7.720 -0.865
3.175 +0.285
—
—
3.825 +0.195
4.580 -0.245
4.785 -0.990
3.485 +0.120
4.665 -0.490
—
—
8.305 -0.355
9.005 -0.260
8.060 -0.320
3.210 -0.890
3.350 -0.840
3.340 -0.845
3.350 -0.840
3.430 -0.825
3.245 -0.905
3.245 -0.905
—
—
IGCAA00 4.480
Algonquin, city-gates
Algonquin, receipts
Dracut, Mass.
Iroquois, receipts
Iroquois, zone 1
Iroquois, zone 2
Niagara
Tennessee, z5 (200 leg)
Tennessee, z6 (300 leg) del.
Tennessee, zone 6 del.
Tennessee, zone 6, del. North
Tennessee, zone 6, del. South
Tx. Eastern, M-3
Transco, zone 5 del.
Transco, zone 5 del. North
Transco, zone 5 del. South
Transco, zone 6 N.Y.
Transco, zone 6 non-N.Y.
Transco, zone 6 non-N.Y. North
Transco, zone 6-non-N.Y. South
Northeast regional average
Columbia Gas, App.
Columbia Gas, App. non-IPP
Dominion, North Point
Dominion, South Point
Lebanon Hub
Leidy Hub
Millennium, East receipts
Tennessee, zone 4-200 leg
Tennessee, zone 4-300 leg
Tennessee, zone 4-313 pool
Texas Eastern, M-2 receipts
Transco, Leidy Line receipts
Appalachia regional average
SPOT PRICE AND BASIS CHANGES
1
Midpoint
Northeast
7
8
8
9
9
11
12
16
Alliance, into interstates
ANR, ML 7
Chicago city-gates
Chicago-Nicor
Chicago-NIPSCO
Chicago-Peoples
Consumers city-gate
Dawn, Ontario
Emerson, Viking GL
Mich Con city-gate
Northern Bdr., Ventura TP
Northern, demarc
Northern, Ventura
REX, Zone 3 delivered
Upper Midwest regional average
IGBDP21
IGBDQ21
IGBDX21
IGBEX21
IGBFX21
IGBGX21
IGBDY21
IGBCX21
IGBCW21
IGBDZ21
IGBGH21
IGBDV21
IGBDU21
IGBRO21
3.075
3.120
3.135
3.140
3.140
3.135
3.065
3.080
3.135
3.000
3.225
3.160
3.255
3.065
IGFAA00 3.120
Gas Daily
Monday, January 28, 2019
Platts ICE Gas Indices Americas (GIA), ($/MMBtu)
Final Daily price survey - Platts Locations ($/MMBtu)
Trade Date: Jan 25
Flow Date(s): Jan 26—28
AverageDaily Change
GIA Northeast
IGKAA00
2.933
-0.217
Trade date: 25-Jan
Flow date(s): 26-Jan—28
GIA South
GIA Midwest
GIA West
GIA North America
IGLAA00
IGMAA00
IGNAA00
IGOAA00
2.770
3.114
2.573
2.837
Midpoint
+/-
Absolute
Common
Vol. Deals
East Texas
-0.145
-0.039
-0.127
-0.156
Assessment rationale: The GIA daily natural gas indices comprise 20 locations across 4 regions in the
US and Canada and are based upon trade data reported to Platts by market participants and the
Intercontinental Exchange. Details on GIA methodology can be found at
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/natural-gas.
Details on historical prices and locations, location weightings, and region weightings can be found at
http://plattsinfo.platts.com/GIA.
This rationale applies to symbols found in market category GH listed at http://plts.co/uwHX30kyPG0
4DAYAHEAD TEMPERATURE FORECAST MAP
Agua Dulce Hub
Carthage Hub
Florida Gas, zone 1
Houston Ship Channel
Katy
NGPL, STX
NGPL, Texok zone
Tennessee, zone 0
Tx. Eastern, ETX
Tx. Eastern, STX
Transco, zone 1
Transco, zone 2
East Texas regional average
IGBAV21
IGBAF21
IGBAW21
IGBAP21
IGBAQ21
IGBAZ21
IGBAL21
IGBBA21
IGBAN21
IGBBB21
IGBBC21
IGBBU21
3.020
2.945
3.035
2.945
2.965
2.980**
2.950
2.965
3.005
2.995
2.995
3.010
IGGAA00 2.985
-0.010
-0.060
-0.020
-0.055
-0.045
-0.060
-0.060
-0.020
-0.015
-0.005
-0.015
-0.010
3.020-3.030
2.920-2.965
3.000-3.060
2.940-2.950
2.940-3.000
2.980-2.980
2.920-3.010
2.920-3.020
3.000-3.100
2.980-3.050
2.975-3.010
2.970-3.030
3.020-3.025
12
3
2.935-2.955 111 17
3.020-3.050
49
6
2.945-2.950 207 37
2.950-2.980 1046 119
2.980-2.980
0
0
2.930-2.975 1067 168
2.940-2.990 632 97
3.000-3.030
19 12
2.980-3.015 344 63
2.985-3.005 124 36
2.995-3.025
57 13
IGBBF21 3.045
IGBBG21 3.055
IGBBH21 3.005
IGBED21 —
IGBBJ21 3.060
IGBBK21 3.080
IGBBL21 3.090
IGBBO21 3.065
IGBHI21 3.045
IGBBP21 3.055
IGBBQ21 3.025
IGBBS21 3.075
IGBDI21** 3.095
IGBBR21 3.050
IGBAO21 3.045
IGBBT21 3.050
IGBBV21 3.065
IGBDJ21 3.070
IGBBX21 3.030
IGBBW21 3.070**
IGBGF21 3.040
-0.005
-0.025
-0.025
—
-0.005
+0.005
-0.030
+0.005
-0.035
+0.005
-0.015
-0.005
-0.005
+0.015
-0.015
-0.015
+0.005
+0.000
+0.010
-0.020
-0.020
3.000-3.070
3.045-3.070
2.980-3.020
——3.060-3.060
3.060-3.110
3.050-3.155
3.040-3.120
3.000-3.100
3.040-3.100
2.990-3.100
3.050-3.110
3.095-3.095
3.010-3.070
3.020-3.055
3.040-3.065
3.050-3.100
3.035-3.100
3.030-3.030
3.070-3.070
3.005-3.055
3.030-3.065 172 33
3.050-3.060 121 22
2.995-3.015 838 122
——— —
3.060-3.060
20
1
3.070-3.095 402 66
3.065-3.115 817 123
3.045-3.085 566 96
3.020-3.070 282 58
3.040-3.070 529 102
3.000-3.055 1288 170
3.060-3.090 327 57
3.095-3.095
0
0
3.035-3.065 327 46
3.035-3.055 732 107
3.045-3.055 102
9
3.055-3.080 337 39
3.055-3.085 1968 268
3.030-3.030
2
2
3.070-3.070
0
0
3.030-3.055 191 36
2.985 -0.080
2.965 -0.055
3.225 -0.095
3.205 -0.145
3.420 +0.020
2.930 -0.105
3.205 -0.160
3.265 -0.100
3.000 -0.150
3.310 -0.045
1.890 +0.020
0.850 +0.040
2.975 -0.065
IGIAA00 3.135
2.855-3.020
2.920-2.990
3.200-3.250
3.170-3.340
3.400-3.500
2.880-2.960
3.160-3.340
3.250-3.280
3.000-3.000
3.240-3.400
1.840-1.945
0.800-0.920
2.880-3.000
2.945-3.020
2.950-2.985
3.215-3.240
3.170-3.250
3.400-3.445
2.910-2.950
3.160-3.250
3.260-3.275
3.000-3.000
3.270-3.350
1.865-1.915
0.820-0.880
2.945-3.000
IGBCG21
IGBAB21
IGBCH21
IGBFR21
IGBES21
IGBEB21
IGBDM21
IGBDL21
IGBGG21
IGBAE21
IGBGK21
IGBAD21
2.650-2.860
2.200-2.670
2.740-2.880
3.000-3.050
3.400-3.430
3.450-3.530
2.750-2.870
2.800-3.420
3.540-3.800
2.330-2.330
2.700-2.870
2.200-2.430
2.770-2.860
44
8
2.270-2.505 1007 167
2.795-2.865 250 50
3.000-3.020
11
4
3.410-3.425 124 23
3.465-3.505 1001 156
2.755-2.815
22
6
3.005-3.315 301 73
3.540-3.630 278 68
2.330-2.330
4
2
2.790-2.870 165 20
2.245-2.360 566 97
Louisiana/Southeast
ANR, La.
Columbia Gulf, La.
Columbia Gulf, mainline
Florida city-gates
Florida Gas, zone 2
Florida Gas, zone 3
Henry Hub
Southern Natural, La.
Tennessee, zone 1
Tennessee, 500 Leg
Tennessee, 800 Leg
Tx. Eastern, ELA
Tx. Eastern, M-1 30-in.
Tx. Eastern, WLA
Tx. Gas, zone 1
Tx. Gas, zone SL
Transco, zone 3
Transco, zone 4
Trunkline, ELA
Trunkline, WLA
Trunkline, zone 1A
Louisian/Southeast regional average
IGHAA00 3.055
Rockies/Northwest
Source: S&P Global Platts, Custom Weather
Platts Natural Gas Daily Assessment Rationale
These locations were assessed by Platts and deviated from the standard
volume weighted average methodology in the following ways:
1. NGPL, STX: Price of $2.98/MMBtu was assessed at a 3-cent premium to NGPL,
Texok Zone based on recent daily gas trading and verified by ICE bid/offer activity.
Texas Eastern M1-30: Price of $3.0950/MMBtu was assessed at a 10-cent
premium to Texas Eastern, South Texas based on recent daily gas trading and
verified by ICE bid/offer activity.
Trunkline, WLA: Price of $3.07/MMBtu was assessed at a 4-cent premium to
Trunkline, ELA based on recent daily gas trading and verified by ICE bid/offer activity.
All other Platts daily indices are based upon trade data reported to Platts by
market participants and trade data submitted by Intercontinental Exchange.
The indices are calculated using detailed transaction level data from these
providers. Platts editors screen the data for outliers that may be further
examined and potentially removed. A volume weighted average is then
calculated from the remaining set of data. For more details on this methodology
please see our North American Natural Gas Methodology and Specifications
Guide on Platts.com, located at: http://www.platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpecs/na_gas_methodology.pdf
Questions may be directed to Arsalan Syed at 713-655-2217 or
arsalan.syed@spglobal.com
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
2
Cheyenne Hub
CIG, Rockies
GTN, Kingsgate
Kern River, Opal
NW, Can. bdr. (Sumas)
NW, s. of Green River
NW, Wyo. Pool
PG&E, Malin
Questar, Rockies
Stanfield, Ore.
TCPL Alberta, AECO-C*
Westcoast, station 2*
White River Hub
Rockies/Northwest regional average
IGBCO21
IGBCK21
IGBCY21
IGBCL21
IGBCT21
IGBCQ21
IGBCP21
IGBDO21
IGBCN21
IGBCM21
IGBCU21
IGBCZ21
IGBGL21
324 69
63 15
10
4
683 112
100 24
143 17
215 48
392 48
20
2
57 16
729 107
200 44
232 30
Southwest
El Paso, Bondad
El Paso, Permian
El Paso, San Juan
El Paso, South Mainline
Kern River, delivered
PG&E city-gate
PG&E, South
SoCal Gas
SoCal Gas, city-gate
Transwestern, Permian
Transwestern, San Juan
Waha
Southwest regional average
2.820
2.385
2.830
3.005
3.415
3.485
2.785
3.160
3.565
2.330
2.830
2.300
IGJAA00 2.910
-0.150
-0.335
-0.095
-0.245
-0.205
-0.065
-0.265
-0.280
-0.415
-0.495
-0.065
-0.375
*Price in C$ per gj; C$1=US$0.7544; **Assessed Price; Volume in 000 MMBtu/day. Symbols represent gas
flow date.
Gas Daily
Monday, January 28, 2019
Platts Gas Daily Mexico Prices ($/MMBtu)
CRE Mexico Natural Gas Prices
Trade Date: 25-Jan
Flow Date(s): 26-Jan—28
Type
Month
Price
(MXN/GJ)
IPGN
ACRPA00 Apr-18
71.8538
IPGN
ACRPA00 May-18
74.3111
IPGN
ACRPA00 Jun-18
74.7387
IPGN
ACRPA00 Jul-18
74.1109
IPGN
ACRPA00 Aug-18
73.6902
IPGN
ACRPA00 Sep-18
78.1838
IPGN
ACRPA00 Oct-18
66.1140
IPGN
ACRPA00 Nov-18
NA
IPGN
ACRPA00 Dec-18
87.9815
Region I
ACREB00 Nov-18
NA
Region II
ACREC00 Nov-18
NA
Region III ACRED00 Nov-18
NA
Region IV ACREE00 Nov-18
NA
Region V ACREF00 Nov-18
NA
Region VI ACREG00 Nov-18
NA
Region I
ACREB00 Dec-18
43.3173
Region II
ACREC00 Dec-18
63.5531
Region III ACRED00 Dec-18
84.8124
Region IV ACREE00 Dec-18 115.7307
Region V ACREF00 Dec-18 100.4800
Region VI ACREG00 Dec-18 114.9912
Location
Region
Net Forward
Net Forward
Location
Price
AAZMC21
Socal Border
3.160
Rosarito
Baja
Aguascalientes
Central
AAZMO21
El Encino
2.978
Tula
Central
AAZMN21
Tuxpan
4.052
Valtierrilla
Central
AAZMH21
Los Ramones Monterrey
3.625
Villa de Reyes
Central
AAZMI21
Los Ramones Monterrey
3.625
El Encino
North
AAZME21
Waha
2.300
Juarez
North
AAZMA21
Waha
2.300
Los Ramones Northeast AAZMF21
Tennessee, zone 0
2.965
Monterrey
Reynosa
Northeast AAZMB21
TETCO STX
2.995
Sierrita
Northwest AAZMD21
Waha
2.300
Topolobambo
Northwest AAZMP21
El Encino
2.978
Merida
Peninsula
AAZMK21
Ciudad Pemex
4.366
Ciudad Pemex
South
AAZMJ21
Tuxpan
4.052
Puente Moreno
South
AAZMG21
Los Ramones Monterrey
3.625
Tuxpan
South
AAZML21
Reynosa
3.507
Guadalajara
West
AAZMM21
Aguascalientes
3.556
Transport
Cost
0.190
0.578
0.545
Price
3.350
3.556
4.597
0.615
4.240
0.579
0.678
0.521
0.660
4.204
2.978
2.821
3.625
0.512
0.973
0.554
0.684
0.314
3.507
3.273
3.532
5.050
4.366
0.492
0.545
0.637
4.117
4.052
4.193
Prices are a netforward calculation using selected Platts Gas Daily indices plus fully loaded
transportation costs and are published in USD per MMBtu.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
3
Price
Vol.(GJ) Counter- Deals Deals
($/MMBtu) parties ReportedExcl.
4.1321 154646713.7
20
180
5
4.0228 160445522.8
19
179
8
3.8824 170329829.7
21
183
7
4.0901 215370674.4
20
205
9
4.1336 245943829.2
21
207
11
4.3292 229240571.9
20
214
7
3.6590 198724042.1
21
273
11
3.8866
NA
NA
NA
NA
4.6005 196440198.0
22
294
13
2.4758
NA
NA
NA
3.1737
NA
NA
NA
4.2398
NA
NA
NA
5.1114
NA
NA
NA
4.4809
NA
6
NA
4.1293
NA
3
NA
2.2650
0
1
19
3.3231
0
1
30
4.4347
0
3
64
6.0514
0
2
26
5.2540
0
4
120
6.0128
0
2
35
Prices are published by CRE and reflect the weighted average of natural gas transactions reported
by month.
Gas Daily
Monday, January 28, 2019
Arctic temperatures to lift US gas
demand to winter 2018-2019 high
■■US gas demand to set winter record at 64.8 Bcf/d Wednesday
■■Transco Zone 6 NY, Algonquin city-gates balmo contracts surge
Another blast of arctic weather will bring additional snowfall and frigid
temperatures to the US Midwest and Northeast from Wednesday to
Thursday, lifting gas demand to its highest yet this season.
By mid-week, low temperatures in Chicago, Minneapolis, Detroit
and Milwaukee will fall significantly below zero-degrees Fahrenheit,
boosting heating demand to new highs.
Along the US East Coast, temperatures in New York and Boston will
fall into the low-teens Fahrenheit, but are currently forecast to remain
slightly above levels seen earlier this month.
The next winter storm to sweep the continental US, though, should
lift aggregate US gas demand to more than 126 Bcf on Wednesday, or
its highest yet this winter.
The call on residential-commercial gas supply will set a winter
2018-2019 record at over 64.8 Bcf/d. Gas demand from power
generators should top out at 26.7 Bcf/d, falling just shy of this winter’s
record level.
While the Midwest is expected to endure the coldest temperatures
from the approaching arctic air mass, gas hubs in New York and New
England are likely to see the biggest impact to cash prices, which
could begin moving sharply higher in Monday trading.
On Friday, Midwest and Northeast gas prices for weekend flow
dates were little changed on the day, according to preliminary
settlement data from S&P Global Platts.
needle much on February contracts, with New York and New England
gas prices for the month-ahead rising about 60 cents/MMBtu. At
Chicago, the February contract only gained about 20 cents/MMBtu,
Platts M2MS forwards data showed.
Storage
During second-half January, significantly colder temperatures in
the Midwest and Northeast are increasing the call on gas in storage in
a move that could increase price volatility next month.
On Thursday, the US Energy Information Administration estimated the
US working gas inventory at 2.37 Tcf for the week ending January 18.
At just 305 Bcf below the prior five-year average, the US gas
storage deficit is now at its lowest yet this season, down from a
record-high 725 Bcf deficit in late-November.
With the recent influx of colder weather, though, Platts Analytics is
forecasting that deficit to widen again.
For the weeks ending January 25 and February 1, massive
drawdowns at over 200 Bcf each week are expected to widen the
storage deficit to 439 Bcf below the prior five-year average.
If realized, gas storage levels would begin February at 1.936 Tcf,
or their lowest level since the Polar Vortex winter of 2013-2014, EIA
data shows.
— J. Robinson
US LNG export project timelines face uncertainty
in market amid regulatory questions
Forwards
■■FERC has yet to act on Calcasieu Pass terminal proposal
On Thursday, increasing certainty over recent balance-of-January
weather forecast sent a chill through the market, moving forwards
prices sharply higher.
At Transco Zone 6 New York, the balmo contract jumped $6.75 to
settle at $16.75/MMBtu. At the Boston-area Algonquin city-gates hub,
balmo prices were up $4.35 to end trading at $12/MMBtu.
At the Chicago city-gates, where gas supply is less susceptible to
volatile daily-price swings, the balmo contract climbed more than $1 to
settle Thursday at $4.785/MMBtu.
Stronger balance-of-month prices, though, failed to move the
■■Trade tensions, partial government shutdown also loom
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
4
The Federal Energy Regulatory Commission’s inaction on Venture
Global LNG’s permit application for its Calcasieu Pass export terminal in
Louisiana is raising concerns in the market about a broader impact on
approval schedules set for other projects.
The stakes are high: US developers are already facing significant
headwinds on the commercial side from trade tensions between
Washington and Beijing. Also, the partial government shutdown that
lasted for more than a month before an apparent breakthrough Friday
Gas Daily
Monday, January 28, 2019
— albeit one that may only be temporary — impacted several agencies
that are involved in the project review process.
New regulatory hurdles could further complicate developers’
efforts at a time when they are racing to make final investment
decisions so they can start up the second wave of US liquefaction
facilities by the early- to mid-2020s to meet expected global LNG
demand. Venture Global LNG acknowledged the urgency when it
requested earlier this month that FERC keep to its previously stated
schedule, which called for a decision on certification by January 22.
That date passed without a decision, and as of press time Friday
afternoon the commission still had not acted.
“We believe the timing of the approval is particularly important for
VG as it had made plans to begin site construction in early 2019 upon
FERC approval, but prior to formal FID,” Wells Fargo Securities analyst
Michael Webber said in a note to clients Wednesday. “Beyond VG, we
think the idea of modest regulatory delays seems at least somewhat
likely, at least in terms of final project approval — however, it’s unclear
how evenly distributed any delays will be, if at all.”
certificates would be issued for most of them this year.
In addition to Calcasieu Pass, projects that received environmental
review and/or final permit schedules with decisions expected within
the next six months include Tellurian’s Driftwood LNG in Louisiana and
Sempra Energy’s Port Arthur LNG in Texas.
Tellurian spokeswoman Joi Lecznar said Friday that company
officials have “no concerns and remain on schedule to begin
construction mid-2019.” That would be subject to FERC approval, and a
final investment decision. Sempra still believes it will receive its final
environmental impact statement by January 31 for Port Arthur LNG,
spokeswoman Paty Ortega Mitchell said.
Charles Riedl, executive director of the Center for Liquefied
Natural Gas, said there is some concern in the industry about
whether it will take seating a fifth commissioner at FERC to move
the second wave of LNG projects that are now nearing decision
points. “There absolutely is a scenario where you could see project
timelines start to slide as a result of the fact that there isn’t
agreement” at the commission, he said.
Path forward
Commission agenda
In an email Friday responding to questions, FERC Commissioner
Cheryl LaFleur said she believes there is a path forward on the
dockets for the pending LNG export projects. “I hope that through
constructive engagement by the commissioners we can work
toward that goal,” she said.
A Venture Global LNG spokeswoman did not respond to a request
for comment.
Eagerly watching are developers of the dozen projects that in
August 2018 received environmental review schedules and expected
final authorization timelines that allowed for the possibility that permit
The last FERC meeting marked the second straight month in which
a natural gas infrastructure project was removed from the meeting
agenda, he noted.
Rick Smead, RBN Energy managing director of advisory services,
agreed that missing the target date for Venture Global LNG’s project is
of concern.
“What we’ve got is basically a 2-2 commission, and if they don’t
resolve how they’re going to deal with GHG issues, stuff is just getting
held up, and it’s just very unpredictable to see how it’s going to come
out,” he said.
Gas projects nearing FERC decisions
Final EIS/EA
*Agency deadline
Pending LNG projects
Calcasieu Pass
CP15-550
22-Jun-18
22-Oct-18
Freeport LNG Train 4 *EA 02-Nov-18
Driftwood LNG
CP17-117
14-Sep-18
18-Jan-19
Port Arthur LNG
CP17-20
28-Sep-18
31-Jan-19
Corpus Christi Stage 3 EA
CP18-512
EA 08-Feb-19
Texas LNG
CP16-116
26-Oct-19
15-Mar-19
Eagle LNG
CP17-41
16-Nov-18
12-Apr-19
Gulf LNG Liquefaction
CP15-521
15-Nov-18
17-Apr-19
CP16-480
14-Dec-18
19-Apr-19
Annova LNG Brownsville
Rio Grande LNG
CP16-454
12-Oct-18
26-Apr-19
Docket no.
Draft EIS
24-Jan-19
31-Jan-19
18-Apr-19
01-May-19
09-May-19
13-Jun-19
11-Jul-19
16-Jul-19
18-Jul-19
25-Jul-19
Pending gas projects
Sweden Valley Project
CP18-45
EA 31-Aug-18
Empire North Project
CP18-89
30-Oct-18
CP18-534
EA 21-Nov-18
Northern Lights 2019
Portland XPress
CP18-506
27-Nov-18
South Mainline Expansion
CP18-332
14-Dec-19
CP18-102,103
18-Dec-18
Cheyenne Connector and Hub
Northeast Supply Enhancement
CP17-101
23-Mar-18
25-Jan-19
CP18-46
04-Jan-19
Adelphia Gateway EA
Sendero Carlsbad Gateway EA
CP18-538
11-Jan-19
Southeastern Trail EA
CP18-186
08-Feb-19
CP18-487
08-Mar-19
Sabine Pass Compression
Del-Mar Energty Pathway EA
CP18-548
01-Apr-19
CP18-525
04-Mar-19
Willis Lateral Project EA
29-Nov-18
28-Jan-19
19-Feb-19
25-Feb-19
12-Feb-19
18-Mar-19
25-Apr-19
04-Apr-19
11-Apr-19
09-May-19
06-Jun-19
30-Jun-19
02-Jun-19
*authorization deadline for agencies cooperating in FERC process
Source: FERC © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
5
Gas Daily
Monday, January 28, 2019
Commercial efforts
It is relatively new for there to be transparency about FERC’s
specific target date for reaching a decision on natural gas projects.
FERC last year came under pressure from Senate Energy and Natural
Resources Committee members to disclose such dates.
Even if the regulatory questions are resolved, projects still must secure
sufficient commercial contracts to finance construction. That makes the
US-China trade tension perhaps the biggest wildcard, including for projects
that have already received FERC permits but have not yet reached an FID.
“Trade is a major issue,” said a person familiar with one of those
projects’ commercial efforts.
— Harry Weber, Maya Weber
Texas Eastern to return about 1 Bcf/d
of capacity to service following blast
■■Explosion ruptured line near Berne Compressor Station
■■Northeast US saw significant production decline
Texas Eastern Transmission plans to return to service by the end of the
month about 1 Bcf/d of capacity on its system, which had been knocked
off line following an explosion on a pipeline in eastern Ohio on January 21.
In a notice issued late Thursday night, Texas Eastern stated that it
expects to return the north-to-south capacity through the Berne
Compressor Station on the pipe’s 30-inch-diameter line between
January 28 and January 30.
The explosion ruptured Line 10, one of three pipelines that run
between Texas Eastern’s Berne and Athens compressor stations,
making up its 30-inch-diameter pipeline system in this area. In the
wake of the blast, pipeline owner Enbridge issued a force majeure
declaration, shutting flows on Line 10 as well as the other two pipelines
in the system, Line 15 and Line 25, as a precautionary measure.
S&P Global Platts Analytics forecasts that the return to service of
partial capacity at the compressor station should help allow gas
production levels in the US Northeast to recover, approaching the 31
Bcf/d level seen earlier in the month.
The Northeast saw a significant production drop several days prior
to the Berne outage as regional temperatures reached the low single
digits. Production hit a low point at 29.1 Bcf/d on January 21, the
coldest day of the recent cold snap as well as the same day of the
Texas Eastern explosion. Since then, production has rebounded to as
high as 30.3 Bcf/d on January 24, Platts Analytics data shows.
— John McManus, Jim Magill
Alaska to ask producers if they want
back into LNG export project: official
■■BP, ConocoPhillips and ExxonMobil previously part of project group
■■Companies left project in 2016, citing low energy prices
Alaska will ask North Slope producers whether they want to return as
partners in the proposed $43 billion Alaska LNG Project, the state’s
new commissioner of revenue, Bruce Tangeman, told a state legislative
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
6
committee Friday.
The project is now being led by the state-owned Alaska
Gasline Development Corp., which is also still negotiating an LNG
purchase deal and financing with three Chinese companies.
Alaska LNG involves an 800-mile, 42-inch-diameter gas pipeline
built from the North Slope to a large LNG export plant at Nikiski, in
southcentral Alaska,
“We intend to sit down and talk with them [the producers] in the
next couple of months,” Tangeman told the Finance Committee of the
state Senate.
For new Alaska Governor Mike Dunleavy, who took office in
December, the current approach as a state-owned project exposes
Alaska to high levels of financial risk.
“The risk is significant, and we’re not comfortable in shouldering
that,” Tangeman told the senators. Dunleavy recently did a shakeup at
the state corporation, replacing some board members and terminating
AGDC CEO Keith Meyer.
Slope producers BP, ConocoPhillips and ExxonMobil were
previously part of a four-party consortium that included the state gas
corporation. The group completed a $600 million preliminary front-end
engineering and design for Alaska LNG but in 2016 the producers pulled
away, citing low energy prices.
“It wasn’t that the companies weren’t interested but at the
time they wanted to slow the project and reduce cash calls”
because low oil prices were eating into available cash for the
companies.
As a partner in the project, the state had the option to continue
work with the AGDC as owner and focus mainly on securing federal
regulatory approvals and marketing. Former Governor Bill Walker
supported the idea and in late 2017 the state reached agreement with
China’s Sinopec to negotiate purchases of 15 million mt/year of the
project’s potential 20 mt/year of exports.
The deal called for the Bank of China to do financing and China
Investment Corp. considering an equity stake.
The original goal was for contracts to be signed by late December
2019, but that has now been extended six months given the current
US-China trade battle.
All three of the companies have said they support the state’s
current approach and two of them, BP and ExxonMobil, have agreed to
price and volume terms under which they would sell gas to the project.
Negotiations with ConocoPhillips continue.
Despite changes at AGDC, Goldman Sachs is still on track for the
offering, according to Jessie Carlstrom, a spokesman for the
corporation.
Meanwhile, the issue of who bears the risk, mainly from
construction cost overruns, is a major worry for the new state
administration. There is also a concern over who would manage
construction, a giant undertaking that may be beyond the capability of
the state gas corporation.
Sinopec, which can manage large projects, has said it would not
manage construction because it has no experience working in Arctic
conditions. In contrast, the slope producers have a record of
successful construction in the Arctic beginning with the Trans Alaska
Pipeline System in the mid-1970s.
— Tim Bradner
Gas Daily
Monday, January 28, 2019
Transco’s 400 MMcf/d New York-area gas
project advances at FERC with positive EIS
■■Project could ease pressure on Transco Zone 6 pricing
■■FERC sees impacts reduced despite residents’ worries over NJ
compressor
Transcontinental Gas Pipe Line’s Northeast Supply Enhancement
Project gained ground Friday, as federal regulators released an
environmental impact statement that found “all project effects would
be reduced to less-than-significant levels.”
The action by the Federal Energy Regulatory Commission staff
marks an important milestone in the review process for the project,
which would allow for as much as 400 MMcf/d of incremental supply
into New York markets and potentially place downward pressure on
Transco Zone 6 pricing.
Outright prices in Transco Zone 6 NY settled above $18/MMBtu
during a recent cold snap, a premium of more than $15/MMBtu above
US benchmark Henry Hub. Transco aims to bring the expansion into
service in the fourth quarter of 2020.
Transco has called the project critical to allowing National Grid
to convert about 8,000 customers a year from heating oil to natural
gas in New York City and Long Island and to keep up with new
development in the area.
Addressing those concerns, FERC staff in the final EIS cited safety
standards the project would meet, a low potential for a significant incident
at a given compressor station, and an analysis that showed negligible
blast-induced displacement from the quarry at the compressor station.
The commission addressed concerns raised about air quality
impacts by noting the compressor would meet National Ambient Air
Quality Standards and by pointing to a final general conformity
determination attached to the EIS. It said emissions of NOx would be
offset through direct mitigation or the purchase of emission credits in
order to comply with New York and New Jersey air quality plans. New
York regulators had been pushing for direct mitigation.
FERC’s timeline for the EIS slipped last year as a result of the need
to address the general conformity review.
Assessing questions about potential adverse impacts to aquatic
species due to contaminated offshore sediment disturbance associated
with construction of the Raritan Bay Loop, FERC found impacts to aquatic
resources would be temporary and minor to moderate.
In a statement, Transco welcomed the EIS as a key step toward final
approval, which it said is expected later this spring. “We believe that the
final EIS positively reflects our efforts to collaborate with stakeholders to
design this project in an environmentally responsible manner,” it said.
The project gained attention during New York state primary
elections last fall, when activists pressured Governor Andrew Cuomo
to oppose the expansion. The state has several times denied water
quality permits for interstate natural gas pipeline projects.
— Maya Weber
Project scrutiny
The expansion has faced substantial pushback in the FERC docket,
and there have been signs it could face an uphill battle to water quality
permitting in New York. According to the EIS, 80% of comments in the
FERC docket came from those concerned about a proposed compressor
station in Somerset County, New Jersey (CP17-101). In addition, the New
York State Department of Environmental Conservation in April 2018 denied
without prejudice the water quality certification for the NESE project.
Transco refiled that application in May.
The project entails the new compressor station, as well as
installation of about 23.5 miles of pipeline in the New York Bay, 3.5
miles of pipeline in Middlesex County, New Jersey and 10 miles of
42-inch-diameter pipeline in Lancaster County, Pennsylvania.
Compressor station
Many commenters worried about the proximity of the compressor
station to homes, schools and an active rock quarry, the FERC EIS said.
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7
Gas Daily
Monday, January 28, 2019
States can’t use CWA to delay hydro license,
says court; pipe impacts possible
■■Decision could impact pending gas pipeline projects
But if that process ultimately fails, the DC Circuit’s decision means
that FERC could act on the pending re-licensing application and
impose new environmental conditions without further delay, Somerville
said in an email.
■■Shelving certifications usurps FERC’s control: opinion
Broader impacts
States cannot use water quality certifications to hold up the federal
hydropower licensing process, the DC Circuit Court of Appeals
decided Friday, clearing the way for the Federal Energy Regulatory
Commission to decide on the license for the Klamath hydro project
in California and Oregon.
State certifications under Section 401 of the Clean Water Act have
been a sticking point for energy projects, including natural gas
pipelines, and some say Friday’s decision could discourage use of
water certifications to delay federal permit decisions.
At issue is the license for the 169 MW Klamath hydro project, which
includes seven hydro developments in southwestern Oregon and
northern California. In 2004, PacifiCorp filed with FERC to relicense the
upper dams and decommission the remaining dams. Since the original
license expired in 2006, PacifiCorp has been operating under annual
interim licenses.
In 2008, stakeholders including Oregon, California and PacifiCorp
signed a deal with interim environmental measures and a 2020
decommission date. As part of the settlement agreement, the states
and PacifiCorp agreed to defer the one-year statutory deadline for
Section 401 approval by annually withdrawing and resubmitting the
water quality certification request that is a pre-requisite to FERC’s
licensing review.
The Hoopa Valley Tribe, which was not a party to the deal, asked
FERC to declare that California and Oregon had waived their Section
401 authority and that PacifiCorp had failed to diligently pursue its
license. FERC denied the request.
Somerville suggested the decision “will likely discourage state
regulators and federal license applicants from attempting to use the
Clean Water Act certification process to delay federal licensing
decisions,” he said.
The decision could impact pending lawsuits for the Constitution
and Northern Access natural gas pipelines, Rob Rains of Washington
Analysis said. Constitution tried but failed to get FERC to find New
York’s CWA review waived due to delay and is now appealing that FERC
decision to the DC Circuit.
“While the facts here are distinct from Constitution, the scope of
the ruling enhances the odds of Constitution being constructed,
although New York officials are still likely to seek to block the project
via other means,” he said.
The decision could also have positive implications for pipelines that
have yet to receive water quality certifications, Rains said, citing the
PennEast and Northeast Supply Enhancement projects. “This decision
may drive developers to challenge potential denials on the basis that
this case would overturn state rejections,” he said.
Court decision
Throughout a lengthy and involved repair and maintenance program
at a major storage operation in Mississippi, Transcontinental Gas
Pipe Line continued to meet all of its contractual commitments, the
Federal Energy Regulatory Commission ruled on Thursday, rejecting
assertions by North Carolina regulators that customers may be
entitled to rate credits.
Originally certificated in 1970, the Eminence Salt Dome Storage
Field in Covington County, Mississippi, grew to seven operating
caverns. Due to a loss of cavern integrity, however, Transco sought and
received commission authorization to take Caverns 1-4 out of service
(CP11-551), reducing total capacity from 20.5 Bcf to 15.025 Bcf. The
original four caverns were among the oldest solution-mined gas
storage caverns in the US.
Following the 2013 abandonment of those caverns, Transco was
forced to repair leaks in the remaining three caverns, requiring periodic
reductions in operating pressure on a phased basis from one cavern to
the next.
Flagged to the changes in operating pressure by a November 2017
Transco maintenance report, the North Carolina Utility Commission in a
January 2018 FERC filing contended that Transco had altered the
mandatory parameters at the three remaining caverns without prior
commission authorization.
On appeal, the DC Circuit agreed with the tribe. PacifiCorp’s
certification request has been ready for more than a decade, and the
scheme to withdraw and resubmit the request every year does not
save states from the statutory requirement to act on a certification
within a year, the court said.
“By shelving water quality certifications, the states usurp FERC’s
control over whether and when a federal license will issue,” the DC
Circuit said (Hoopa v. FERC, 14-1271).
“According to FERC, it is now commonplace for states to use Section
401 to hold federal licensing hostage,” the court said, noting that 27 of the
43 licensing applications before FERC were awaiting a state’s water quality
certification. with four pending for more than a decade.
The DC Circuit vacated and remanded FERC’s order denying the
tribe’s request, saying FERC should proceed with its review of the
Klamath license.
The Hoopa Valley Tribe hailed the decision, saying it shows that
FERC, California, Oregon and PacifiCorp can no longer stall dam license
conditions to protect fish. The tribe supports prompt removal of the
four Lower Klamath River dams under the current license transfer and
surrender application currently being evaluated by FERC, said Thane
Somerville, an attorney for the tribe.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
8
— Kate Winston
Transco met storage obligations,
says FERC in rejecting call for credits
■■Storage service provided during repairs, says order
■■Additional capacity abandonment granted by FERC
Gas Daily
Monday, January 28, 2019
The NCUC asked FERC to issue a show-cause order requiring Transco
to confirm whether parameters of the storage field conform with
requirements set in FERC’s February 2013 abandonment order, as well as
to show that Transco has stood ready to fulfill maximum contractual
obligations under two firm rate schedules — Eminence Storage Service
and Emergency Eminence Storage Withdrawal Service — or has provided
credits. It asked FERC to grant relief as it may deem necessary.
All is well, FERC countered in its January 24 order (CP18-42).
While Transco temporarily reduced maximum pressures at two of the
caverns to facilitate repairs, the pressures were “still above the
certificated minimum pressures for the caverns,” the commission
noted. What’s more, the company demonstrated that, “over the last
five years, Transco has consistently operated Caverns 5, 6 and 7
within the minimum and maximum pressures certificated by the
commission.”
Contracts were fulfilled
Transco’s actions “were prudent measures taken to ensure the
safe operation” of the Eminence field, FERC continued, adding that the
company all along was able to satisfy its contractual obligations to firm
customers under rate schedules ESS and EESWS. “Accordingly, those
customers did not experience a reduction or interruption in service and
no demand charge credits are due,” said the order.
In a separate order (CP18-145) Thursday, FERC approved
abandonment of a portion of the remaining capacity at Eminence.
Transco has determined that, in order to maintain cavern integrity, it
must operate two of the caverns at reduced pressures.
The abandonment will bring total capacity from 15.025 Bcf (10.048
Bcf working gas) to 13.6 Bcf (8.65 Bcf working). According to the FERC
order, the reduction will not disrupt service to any existing customer.
— Christopher Newkumet
Judge’s ruling adds new obstacle for pipeline
project to serve Jordan Cove terminal
■■Decision could block efforts to build Pacific Connector pipeline
■■LNG project on Oregon coast faces tough opposition
A decision by a circuit judge in Oregon has thrown another roadblock in
the path of construction for the proposed Jordan Cove LNG terminal,
which Canadian company Pembina proposes to build on the Pacific
coast of Oregon.
Kathleen Johnson, a circuit judge in Douglas County, on
Wednesday ruled that the county had erred in its earlier decision to
continue extending a conditional land use permit to a 7-mile portion of
the proposed 229-mile Pacific Connector pipeline, which would deliver
natural gas to the proposed LNG project.
In her decision, Johnson ruled in favor of opponents of the pipeline
project who contended that the county had improperly granted
extensions of the permit in December 2016 and December 2017, after
the original permit had expired on December 10, 2016.
The decision adds uncertainty for the proposed pipeline project —
a 36-inch-diameter pipeline designed to transport gas from
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
9
interconnections with the Ruby Pipeline and the Gas Transmission
Northwest Pipeline near Malin, Oregon, to the LNG terminal in Coos
County, Oregon — and the LNG project itself.
The LNG project developers are “considering all options, including
appeal,” Michael Hinrichs, a spokesman for Jordan Cove LNG, said in
an email Friday.
“We are also looking at the administrative option of filing for a new
permit. Any suggestion that we are out of options is misleading,”
Hinrichs said.
Jordan Cove’s rocky history
The ruling is just the latest stumbling block thrown in the path of
the proposed Jordan Cove terminal and the associated pipeline
project, which has been under consideration by Pembina and original
project developer Veresen for more than five years. Pembina inherited
the projects when it acquired Veresen in 2017.
In 2016, the Federal Energy Regulatory Commission rejected the
initial applications that Veresen had filed for the projects in 2013, in
part because of a failure to show sufficient market demand. Veresen
later announced the signing of offtake agreements that would support
the projects.
The company filed a second application in September 2017, just
before its acquisition by Pembina was completed.
In the intervening time, opponents of the LNG terminal have
launched a fierce effort to derail the associated projects in state and
local government venues as well as in the courts.
— Jim Magill
Anti-drilling group targets
forced pooling in Colorado
■■Group was behind Proposition 112
■■Plaintiffs’ lead attorney is new executive director
A group of homeowners in Broomfield, Colorado, has sued the state to
end the practice of “forced pooling,” which can be used to compel
mineral rights owners into contracts with producers to extract oil and
gas from their properties.
The plaintiffs, the Wildgrass Oil and Gas Committee, a collection of
mineral owners in a Broomfield subdivision targeted for a pending
drilling project, have received support from Colorado Rising, a wellknown organization that opposed to the Colorado oil and gas industry.
Colorado Rising introduced a proposition on the ballot last November,
which would have all but killed new drilling projects in the state by
increasing setbacks from 500 feet to 2,500 feet.
The initiative failed, but only after the industry poured more than
$40 million into defeating it. The lead attorney for the plaintiffs in the
case is Joe Salazar, a former state representative and newly
announced executive director of Colorado Rising.
The suit, filed in the US District Court for the District of Colorado on
Thursday, names the defendants as the State of Colorado, Democratic
Governor Jared Polis, the Colorado Oil and Gas Conservation
Commissioner, acting COGCC director Jeffrey Robbins and the state itself.
Gas Daily
Monday, January 28, 2019
Constitutional question
The case challenges the state constitutionality of pooling. When
producers approach a project, they can sometimes opt to organize
multiple mineral rights holders into a single pool. As long as a certain
percentage of the people in the pool agree to the terms of the lease,
the project can go forward, even without consent from all mineral
rights owners. Mineral owners who do not agree and are forced to pool
still receive compensation, but the suit also argues the formula for
compensation for them is unfair.
“Once rare, forced pooling is now much more common because of
the large 640-acre to 1,280-acre drilling units that are being developed
through horizontal drilling,” the lawsuit states. “While the COGCC does
not require operators to report the number of people that they force
pool, and does not itself publish this information, Plaintiff estimates
that at least 30,000 mineral owners were force pooled in 2018 alone.”
The lawsuit also takes issue with horizontal drilling and hydraulic
fracturing, claiming the practice allows a “lessee under an oil and gas
lease to acquire title to the oil and gas that it produces from drilled
wells, even though part of the minerals have migrated from adjoining
lands.” It asserts the pooling laws need to be updated in accordance
with modern drilling and completion techniques.
“This lawsuit exposes the charade of Colorado Rising’s failed
2,500-foot setback measure, as they repeatedly claimed during the
campaign that horizontal drilling would overcome that extreme
distance,” said Colorado Oil and Gas Association CEO Dan Haley. “Yet
technical experts and regulators saw it for what it was – an attempt to
ban industry. Turning their argument on its head, now they are going
after horizontal drilling itself, as pooling is essential for modern-day
horizontal drilling.”
About two dozen oil and gas producing states have some type of
forced pooling law in place. Industry representatives say they feel
confident that the law will be on their side in this latest suit.
“Pooling has not only stood on sound legal footing for nearly a
century, but it is a critical step in energy development that now
requires detailed communication among mineral right owners well
before permits are ever filed,” Haley said.
Opposition not going away
Colorado Rising has stated if the legislator fails to pass tougher
regulations on the industry this year it will pursue another ballot
initiative for the 2020 election.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
10
The city and county of Broomfield has become a contentious area
for oil and gas developers in the Denver Julesburg Basin. Last year,
locals sued the city for approving an 84-well oil and gas development
in city limits to Extraction Oil and Gas.
Despite the issues facing oil and gas development in the DJ
Basin, producers continue to increase output. Based on current
drilling patterns, S&P Global Platts Analytics projects gas and oil
production to climb by 200 MMcf/d and 48,000 b/d, respectively.
The DJ Basin is the only play in the state which has kept production
on the rise as production in the San Juan and Piceance basins are
in a slow state of decline.
— Brandon Evans
Gas Daily
Monday, January 28, 2019
Natural Gas Futures
NYMEX Henry Hub gas futures contract, Jan 25
Settlement
NYMEX February gas climbs
as demand spikes on cold snap
NYMEX February natural gas futures contract climbed 7.90 cents and
settled at $3.178/MMBtu Friday, as near-term demand jumped due to
extremely low temperatures across much of the US.
The front-month contract traded between $3.047/MMBtu and
$3.207/MMBtu.
The US National Weather Service expects lower-than-average
temperatures in the Northeast, Midcontinent, Southeast and Texas
over the next six to 10 days.
The possibility of further cold spells in February and March also
provided support.
The March contract climbed 7.40 cents and settled at $3.072/
MMBtu, moving between $2.946/MMBtu and $3.090/MMBtu.
Total demand is set to jump to 127.4 Bcf Friday, up 13.8 Bcf day on
day, on the cold snap, S&P Global Platts Analytics data showed.
However, demand is projected to taper and average 106 Bcf/d over the
next eight to 14 days, the data showed.
So far in January, demand is averaging 110 Bcf, a 3.9 Bcf year-onyear decrease.
The storage gap, which drove prices higher during cold snaps in
November, has narrowed significantly on weak draws in December,
putting current gas inventories at 2.37 Tcf, down 11.4% from the fiveyear average of 2.675 Tcf, according to data from the US Energy
Information Administration.
The near-term demand may see strong pulls from storage again,
driving prices higher in the coming days.
But the market could also weaken as there is not much left of the
winter, said Kyle Cooper, an analyst at IAF Advisors, noting that there is
storage deliverability if demand peaks in February and March, leading
to price fluctuations.
Total US dry gas production slid to 84 Bcf/d over the past 10 days,
down 1 Bcf/d compared with the 10 days prior, likely due to freeze-offs,
according to Platts Analytics.
MONTHAHEAD TEMPERATURE FORECAST MAP
— Veda Chowdhury
HighLow
+/-
Volume
Feb 2019
3.178
3.207
3.047
0.079
20074
Mar 2019
3.072
3.090
2.946
0.074
68922
2.884
2.889
2.806
0.040
15295
Apr 2019
May 2019
2.868
2.873
2.802
0.030
4018
2.907
2.913
2.852
0.022
1846
Jun 2019
Jul 2019
2.951
2.956
2.902
0.019
3844
2.953
2.954
2.905
0.021
490
Aug 2019
Sep 2019
2.927
2.927
2.877
0.024
427
2.951
2.951
2.897
0.026
1330
Oct 2019
Nov 2019
2.998
2.998
2.944
0.026
548
3.146
3.146
3.095
0.024
313
Dec 2019
Jan 2020
3.239
3.239
3.187
0.025
696
3.164
3.164
3.126
0.021
46
Feb 2020
Mar 2020
2.980
2.980
2.944
0.017
191
2.618
2.619
2.607
0.000
351
Apr 2020
May 2020
2.568
2.568
2.562
0.000
29
2.592
2.593
2.585
0.001
18
Jun 2020
Jul 2020
2.618
2.618
2.611
0.000
0
2.619
2.620
2.615
0.000
152
Aug 2020
2.606
2.606
2.601
0.000
26
Sep 2020
Oct 2020
2.631
2.631
2.625
0.000
176
Nov 2020
2.681
2.681
2.681
0.000
0
2.851
2.851
2.851
0.000
3
Dec 2020
2.966
2.966
2.966
0.000
3
Jan 2021
Feb 2021
2.898
2.911
2.898 -0.001
1
2.730
2.730
2.730
0.000
0
Mar 2021
Apr 2021
2.490
2.490
2.490
0.005
0
2.465
2.465
2.465
0.005
0
May 2021
Jun 2021
2.503
2.503
2.503
0.005
0
2.543
2.543
2.543
0.005
0
Jul 2021
Aug 2021
2.557
2.557
2.557
0.005
0
2.551
2.551
2.551
0.005
0
Sep 2021
Oct 2021
2.578
2.578
2.578
0.005
0
2.643
2.643
2.643
0.005
0
Nov 2021
Dec 2021
2.825
2.543
2.543
0.005
0
Jan 2022
2.945
2.945
2.945
0.005
0
Contract data for Thursday
Volume of contracts traded: 320,315
Front-months open interest:
Feb, 29,174 ; Mar, 305,531; Apr, 154.316
Total open interest: 1,320,097
Data is provided by a third-party vendor and is accurate as of 5:30 pm Eastern time.
NYMEX PROMPT MONTH FUTURES CONTINUATION
($/MMBtu)
5.0
4.5
4.0
3.5
3.0
2.5
25-Sep
11-Oct
29-Oct
14-Nov
03-Dec
19-Dec
08-Jan
25-Jan
Note: The entire wick of the candlestick depicts the high and low daily front-month
Henry Hub futures price range. The body of the candlestick depicts the price range
between the open and close, with a red candlestick indicating a close on the downside
and a green candlestick indicating a close on the high end.
Source: S&P Global Platts
US GAS STORAGE SURPLUS vs ROLLING 5YEAR AVERAGE
400
(Bcf)
($/MMBtu)
Storage surplus
3-week forecast
200
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
11
7
6
0
5
-200
4
-400
3
-600
2
-800
Source: S&P Global Platts, Custom Weather
HH cash (right)
HH prompt (right)
Feb-18
May-18
Aug-18
Nov-18
1
Feb-19
Gas Daily
Monday, January 28, 2019
Northeast spot and forward basis ($/MMBtu)
Northeast Gas Markets
Spot basis
MTD
MTD
25-Jan 24-Jan ChgAvg. last year
Prices dip as weekend demand moderates;
Cove Point returns to full utilization
Henry Hub
10
($/MMBtu)
— Jason Lord
Algonquin CG
Iroquois Zn2
3.12 -0.03
3.08
Algonquin CG
4.63
5.47 -0.84
Iroquois Zn2
1.70
2.66 -0.96
Tenn Zn6 Dlvd
5.22
Transco Zn 6 NY
Transco Zn5 Dlvd
3.76
Chg
25-Jan 24-Jan
Chg
-0.67
3.18
3.10
0.08
3.25
13.67 -10.41
5.75
6.02 -0.27
2.31
13.38 -11.08
6.10
6.10
5.54 -0.33
3.36
15.96 -12.60
5.86
6.13 -0.27
0.34
1.14 -0.80
1.36
18.35 -16.99
4.55
5.36 -0.81
0.26
1.07 -0.81
0.71
16.09 -15.37
2.74
3.23 -0.49
Transco Zn6 Non-NY
0.16
1.03 -0.88
0.62
15.93 -15.31
2.65
3.06 -0.41
TX Eastern M-3
0.12
0.98 -0.86
0.63
11.80 -11.17
2.60
2.86 -0.26
Col Gas Appal
-0.16
-0.16 -0.01
-0.20
-0.20
+0.00
-0.23
-0.23
Dominion N Pt
-0.22
-0.21 -0.02
-0.22
-0.60
+0.38
-0.42
-0.41 -0.01
Dominion S Pt
-0.28
-0.22 -0.06
-0.25
-0.61
+0.36
-0.27
-0.26 -0.01
Lebanon Hub
-0.02
-0.02
0.00
-0.13
-0.25
+0.12
-0.09
-0.05 -0.05
Millennium East Receipts
-0.08
-0.03 -0.05
-0.15
-0.69
+0.54
-0.29
-0.29
0.00
Tenn Zn4-200 Leg
-0.15
-0.14 -0.01
-0.18
-0.17
+0.00
-0.13
-0.15
0.02
Tennessee zone 4-300 leg -0.11
-0.14
0.03
-0.21
-0.75
+0.55
-0.29
-0.30
0.01
Texas Eastern M-2 receipts -0.36
-0.29 -0.08
-0.27
-0.44
+0.17
-0.31
-0.33
0.02
Transco Leidy Line receipts -0.13
-0.10 -0.03
-0.17
-0.63
+0.45
-0.20
-0.18 -0.01
18.64 -12.09
Northeast region
Northeast and Appalachian prices have moderately decreased after a
short spurt of demand pushed levels over 30 Bcf/d for Friday and
Saturday flows, S&P Global Platts Analytics data shows.
Even though Saturday demand levels are forecast at 32.71 Bcf,
flows will retreat to 28.38 Bcf and 29.56 Bcf for Sunday and Monday,
respectively, Platts Analytics data shows.
Friday’s price decreases didn’t undo the strong gains that took
place in Thursday’s trading with Algonquin city-gates losing 86.5 cents
to trade at $7.72/MMBtu.
Iroquois Zone 2 shed 99 cents to price at $4.785/MMBtu.
Iroquois Receipts, moved against the region increasing 19.5 cents
to trade at $3.825/MMBtu. Niagara also increased, changing hands at
$3.485/MMBtu up from $3.365/MMBtu Thursday.
Bitter cold is setting in across the Upper Midwest impacting these
northern and western located pricing hubs, respective to the Northeast
region.
Platts Analytics data shows the Arctic front that is impacting the
Upper Midwest to not have an impact in the Northeast this weekend.
Following Saturday’s 7 degree Fahrenheit departure below normal,
prices will moderate to normal for Sunday and Monday.
Looking ahead, the cold will return on Wednesday and Thursday
next week as temperatures will drop to 12 and 17 degrees Fahrenheit
below normal, respectively, according to Platts Analytics data.
Cove Point, the Maryland liquefaction terminal, has its feedgas
demand is returning to fully operational levels after running at partial
utilization the last three days, Platts Analytics feedgas data indicates.
After averaging 741 MMcf/d month to date, feed gas demand has
averaged 600 MMcf/d Tuesday through Thursday this week. Friday’s
preliminary flows are shown at 718 MMcf.
A similar ramping down of feedgas capacity utilization down
occurred at the end of 2018.
Of note, the secondary upstream interconnecting pipeline receipt
impacted during lower utilization was observed at the Transco
Pleasant Valley interconnect. Through the days of lower utilization this
week, Dominion and Columbia Gas interconnects maintained their
flows with the Transco interconnect substantiating the majority of the
declines.
NORTHEAST FORWARD BASIS
3.09
Prompt forward basis
Transco Zn6 NY
8
0.00
Appalachia
0.00
Other locations
—
—
—
6.55
6.67
6.97 -0.30
Iroquois Receipts
0.74
0.51
0.23
0.51
4.58
-4.08
1.15
1.15
Niagara
0.40
0.25
0.15
0.16
1.30
-1.14
0.09
0.16 -0.07
Dracut MA
0.00
Source: Platts M2M data
NORTHEAST DEMAND FORECAST
40
(Bcf/d)
Actual
Forecast
Yesterday forecast
Normal
35
30
25
20
15-Jan
19-Jan
Source: S&P Global Platts
23-Jan
27-Jan
31-Jan
04-Feb
08-Feb
APPALACHIA FORWARD BASIS
0.00
($/MMBtu)
Col Gas App
Dominion S
Tennessee Z4-300
Transco Leidy
-0.25
6
-0.50
4
2
-0.75
0
-2
Feb-19
Aug-19
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Aug-19
Source: S&P Global Platts
Source: S&P Global Platts
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
-1.00
Feb-19
12
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Gas Daily
Monday, January 28, 2019
Southeast Gas Markets
Southeast spot and forward basis ($/MMBtu)
Spot basis
MTD
MTD
25-Jan 24-Jan ChgAvg. last year
Southeast market softening
heading into weekend
Henry Hub
Despite demand hitting its highest level in a week Friday, continued
withdrawals from storage applied negative pressure at most pricing
points in the Southeast.
Louisiana benchmark Henry Hub came off 3 cents to trade at
$3.09/MMBtu, while Southern Natural Zone 0 was flat at $3.065/
MMBtu. Transco Zone 3 saw a slight rise however and was moving
along at $3.065/MMBtu after ticking up 0.50 cent.
Texas locations were all looking up at Thursday’s prices. Houston
Ship Channel shed 5.5 cents to $2.945/MMBtu, Carthage fell 6 cents
and was changing hands at $2.945 and Katy was trading at $2.96/
MMBtu after dropping 4.5 cents.
Total demand in Texas and the Southeast for Friday was estimated
by S&P Global Platts Analytics at 39.181 Bcf, a 2.224 Bcf increase from
Thursday’s 36.957 Bcf. Over the last week, demand has averaged
36.573 Bcf/d. Breaking things down, the Friday’s Southeast demand
was 24.374 Bcf, while Texas was about half that at 12.584 Bcf.
Supply has remained at virtually the same level all month. Friday’s
combined supply stood at 32.444 Bcf. For the month so far, the
average is 32.937 Bcf/d.
But the rise in demand was not reflected in prices as heavy draws
from storage were on the table. Platts Analytics saw Friday’s pull at
12.276 Bcf/d, which is a whopping 4.232 Bcf more than the Thursday
pull of 8.044 Bcf. If the Friday estimate holds true, it would mark the
third time in the last seven days that a double-digit withdrawal was
seen. The largest previous withdrawal over the last seven days was the
10.638 Bcf taken out January 20. Moving ahead, more withdrawals may
be seen as demand will still be at robust levels, averaging 37.083 Bcf/d.
Balance-of the month contracts were also coming off, but were
still above the cash market.
Henry Hub was down 5.4 cents to $3.228/MMBtu and Houston Ship
Channel was down a similar amount, falling 5 cents to $3.15/MMBtu.
With just a few days for February to serve as the front-month, that
Houston Ship Channel contract fell 5.8 cents to Henry Hub basis minus
9 cents/MMBtu.
Waiting in the wings, March was down 1.25 cents to Henry Hub
minus 3.25 cents/MMBtu.
3.09
Chg
Prompt forward basis
25-Jan 24-Jan
Chg
3.12 -0.03
3.08
3.76
-0.67
3.18
3.10
0.08
Southeast
ANR LA
Col Gulf LA
Col Gulf-Mainline
FL Gas Zn1
FL Gas Zn2
FL Gas Zn3
Florida CG
SoNat LA
Tenn LA 500 Leg
Tenn LA 800 Leg
TETCO-M1
Texas Gas Zn SL
Texas Gas Zn1
Transco Zn2
Transco Zn3
Transco Zn4
Trunkline E LA
Trunkline WLA
Tx Eastern E LA
TX Eastern W LA
-0.05
-0.04
-0.09
-0.06
-0.03
-0.01
—
-0.03
-0.04
-0.07
0.01
-0.04
-0.05
-0.08
-0.03
-0.02
-0.06
-0.02
-0.02
-0.04
-0.07
-0.04
-0.09
-0.07
-0.06
-0.05
—
-0.06
-0.07
-0.08
-0.02
-0.06
-0.06
-0.10
-0.06
-0.05
-0.10
-0.03
-0.04
-0.09
0.03
0.01
0.01
0.01
0.03
0.04
—
0.04
0.04
0.02
0.03
0.02
0.02
0.02
0.04
0.03
0.04
0.01
0.03
0.05
-0.08
-0.08
-0.14
-0.06
-0.04
-0.04
0.15
-0.06
-0.07
-0.10
-0.13
-0.07
-0.13
-0.09
-0.06
-0.05
-0.10
-0.06
-0.10
-0.07
-0.13
-0.12
-0.16
-0.06
0.01
0.09
1.75
-0.08
-0.11
-0.12
-0.10
-0.06
-0.07
0.00
0.00
0.07
-0.13
1.48
-0.17
-0.17
+0.04
+0.04
+0.02
-0.01
-0.05
-0.13
-1.60
+0.01
+0.04
+0.03
-0.03
-0.02
-0.06
-0.09
-0.06
-0.12
+0.04
-1.54
+0.08
+0.09
-0.10
-0.09
-0.16
-0.06
-0.05
-0.03
0.26
-0.07
-0.06
-0.08
-0.07
-0.19
-0.19
-0.02
-0.03
-0.02
-0.11
-0.04
-0.12
-0.10
-0.10
-0.09
-0.15
-0.05
-0.03
-0.01
0.28
-0.07
-0.06
-0.08
-0.07
-0.14
-0.14
-0.03
-0.04
-0.02
-0.11
-0.04
-0.13
-0.10
0.00
0.00
0.00
-0.02
-0.02
-0.02
-0.02
0.00
0.00
0.00
0.00
-0.05
-0.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
East & South Texas
Agua Dulce
Carthage Hub
Houston Ship Channel
Katy
NGPL S TX
NGPL Texok Zn
Tenn Zn0
Transco Zn1
TX Eastern E Tx
TX Eastern S TX
-0.07
-0.15
-0.15
-0.13
-0.11
-0.14
-0.13
-0.10
-0.09
-0.10
-0.09
-0.12
-0.12
-0.11
-0.08
-0.11
-0.14
-0.11
-0.10
-0.12
0.02
-0.03
-0.03
-0.02
-0.03
-0.03
0.01
0.02
0.02
0.03
-0.02
-0.15
-0.06
-0.06
-0.09
-0.20
-0.13
-0.10
-0.15
-0.09
0.32
0.00
0.43
0.34
-0.10
-0.27
-0.17
-0.04
-0.11
-0.10
-0.34
-0.15
-0.49
-0.41
+0.01
+0.08
+0.05
-0.06
-0.04
+0.00
-0.03
-0.18
-0.09
-0.09
-0.09
-0.16
-0.10
-0.09
-0.13
-0.10
0.01
-0.14
-0.03
-0.01
-0.05
-0.15
-0.09
-0.09
-0.14
-0.10
-0.04
-0.04
-0.06
-0.07
-0.05
-0.01
-0.01
0.00
0.01
0.01
Source: Platts M2M data
SOUTHEAST & TEXAS DEMAND FORECAST
(Bcf/d)
Actual
Forecast
Yesterday forecast
Normal
40
35
30
25
15-Jan
19-Jan
23-Jan
27-Jan
31-Jan
04-Feb
08-Feb
Source: S&P Global Platts
— John DeLapp
SOUTHEAST FORWARD BASIS
0.1
($/MMBtu)
Col Gulf-Mainline
EAST AND SOUTH TEXAS FORWARD BASIS
FL Gas Zn3
Transco Zn4
TX Eastern W LA
0.1
0.0
-0.0
-0.1
-0.1
-0.2
-0.2
-0.3
Feb-19
Aug-19
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
-0.3
Feb-19
Agua Dulce
Aug-19
Source: S&P Global Platts
Source: S&P Global Platts
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
($/MMBtu)
13
Houston Ship Chnl
Feb-20
Aug-20
NGPL Texok Zn
Feb-21
TX Eastn S TX
Aug-21
Feb-22
Gas Daily
Monday, January 28, 2019
Central Gas Markets
Central spot and forward basis ($/MMBtu)
Spot basis
MTD
MTD
25-Jan 24-Jan ChgAvg. last year
Midcontinent, Upper Midwest mostly
down as inflows reach near four-year high
Henry Hub
Chg
Prompt forward basis
25-Jan 24-Jan
Chg
3.09
3.12 -0.03
3.08
3.76
-0.67
3.18
3.10
0.08
ANR ML 7
0.03
0.06 -0.03
-0.11
0.21
-0.32
0.15
0.30 -0.15
Chicago CG
0.05
0.03
0.02
-0.11
0.17
-0.28
0.13
0.26 -0.13
Consumers Energy CG
-0.03
-0.03
0.00
-0.12
0.05
-0.17
-0.08
0.01 -0.09
Dawn Ontario
-0.01
0.04 -0.05
-0.09
0.25
-0.34
0.10
0.17 -0.07
Mich Con CG
-0.09
Midwest/East Canada
The Midcontinent and Upper Midwest faced downward pressure on
Friday as inflows into the regions ramped up to almost a four-year high
to alleviate supply concerns amid a demand spike.
Inflows into the Central region increased 387 MMcf on the day to 15.93
Bcf on Friday, according to S&P Global Platts Analytics. This is the highest
level of inflows since they were 16 Bcf on February 28, 2015.
Inflows from the Southeast into the Upper Midwest increased 63%
on the day to 1 Bcf, according to Platts Analytics. In times of high
demand in the Upper Midwest, flows from the Southeast ramp up to
provide support to the region.
Trunkline is a pipeline that takes flows from the Southeast into the
Upper Midwest. Flows on Trunkline into the Midwest increased 181 MMcf
on the day to 388 MMcf, according to Platts Analytics. Flows have not
reached this level since they were 455 MMcf on February 23, 2018.
The upward pressure caused by an increase in demand in the
Upper Midwest was alleviated by the increase of inflows. Total demand
in the Central region increased approximately 6 Bcf to 39.23 Bcf on
Friday, according to Platts Analytics. This is highest level demand has
been since it was 39.39 Bcf on February 5, 2018.
The cold weather in the Upper Midwest has intensified and is
projected to stick around. Chicago reached a low of minus 3 degrees
Fahrenheit on Friday. Chicago low temperature is expected to average
minus 2 degrees the next seven days, according to the National
Weather Service.
Cash price for Chicago city-gate decreased 1.5 cents to $3.135/
MMBtu on Friday as there was a bearish sentiment in the market as
increase of inflows overpowered strong demand.
Looking farther north, inflows from Western Canada to the Upper
Midwest on Northern Border Pipeline decreased 88 MMcf to 1.17 Bcf,
according to Platts Analytics. Inflows on NBPL from Western Canada
averaged 1.25 Bcf in the last ten days.
Cash price for Northern Border Ventura increased 6.5 cents on the
day to $3.255/MMBtu as there was upward pressure as inflows from
Western Canada decreased.
-0.12
0.03
-0.14
-0.63
+0.49
-0.10
-0.01 -0.09
Northern Ventura
0.17
0.07
0.10
-0.13
0.27
-0.40
0.78
1.00 -0.22
Viking-Emerson
0.05
-0.02
0.07
-0.15
0.26
-0.41
0.17
0.17
0.00
Midcontinent
ANR OK
-0.10
0.02 -0.12
-0.24
-0.50
+0.27
-0.23
-0.18 -0.05
Enable Gas East
-0.09
0.01 -0.10
-0.15
0.07
-0.22
-0.08
-0.06 -0.02
NGPL Midcontinent
-0.27
-0.23 -0.04
-0.43
-0.48
+0.05
-0.44
-0.44
0.02
-0.17
-0.16
-0.01
0.03
0.04 -0.02
0.07
Northern NG Demarc
0.05
0.00
Oneok OK
-0.45
-0.21 -0.24
-0.45
-1.06
+0.61
-0.49
-0.42 -0.07
Panhandle TX-OK
-0.12
-0.05 -0.07
-0.27
-0.53
+0.27
-0.29
-0.26 -0.03
Southern Star TxOkKs
-0.26
0.01 -0.27
-0.26
-0.53
+0.27
-0.25
-0.22 -0.03
Source: Platts M2M data
MIDWEST & MIDCONTINENT DEMAND FORECAST
40
(Bcf/d)
Actual
Forecast
Yesterday forecast
Normal
35
30
25
20
15-Jan
19-Jan
23-Jan
27-Jan
31-Jan
04-Feb
08-Feb
Source: S&P Global Platts
— Arsalan Syed
MIDWEST FORWARD BASIS
1.0
($/MMBtu)
Chicago CG
MIDCONTINENT FORWARD BASIS
Dawn Ontario
Mich Con CG
Northern Ventura
0.5
0.5
0.0
0.0
-0.5
-0.5
Feb-19
Aug-19
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Source: S&P Global Platts
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
($/MMBtu)
-1.0
Feb-19
NGPL Midcon
Aug-19
Source: S&P Global Platts
14
Northern NG Demarc
Feb-20
Aug-20
Panhandle TX-OK
Feb-21
Aug-21
ANR OK
Feb-22
Gas Daily
Monday, January 28, 2019
West Gas Markets
West spot and forward basis ($/MMBtu)
Spot basis
MTD
MTD
25-Jan 24-Jan ChgAvg. last year
West cash prices slide as warmer weather
outlook pushes down demand
Henry Hub
Chg
Prompt forward basis
25-Jan 24-Jan
Chg
3.09
3.12 -0.03
3.08
3.76
-0.67
3.18
3.10
0.08
GTN Kingsgate
0.14
0.20 -0.07
0.34
-1.27
+1.61
0.05
0.03
0.02
Northwest Sumas
0.33
0.28
0.05
0.44
-1.03
+1.47
0.38
0.38 -0.01
Northwest Stanfield
0.22
0.24 -0.02
0.42
-1.02
+1.43
0.18
0.16
Cheyenne Hub
-0.11
-0.06 -0.05
-0.26
-0.64
+0.38
-0.28
-0.26 -0.03
CIG Rockies
-0.13
-0.10 -0.03
-0.25
-0.75
+0.50
-0.28
-0.26 -0.03
Kern River Opal
0.12
0.23 -0.12
0.40
-0.73
+1.13
0.17
0.18 -0.01
NW WY Pool
0.12
0.25 -0.13
0.40
-0.72
+1.11
0.17
0.18 -0.01
Questar Rky
-0.09
0.03 -0.12
0.07
-0.83
+0.91
0.16
0.17 -0.01
El Paso Permian
-0.71
-0.40 -0.31
-0.90
-0.75
-0.15
-1.28
-1.12 -0.15
El Paso San Juan
-0.26
-0.20 -0.07
-0.18
-0.72
+0.54
-0.41
-0.31 -0.10
Kern River Dlvd
0.33
0.50 -0.18
0.76
-0.54
+1.30
-0.03
-0.03 -0.01
PG&E CG
0.40
0.43 -0.04
0.66
-0.80
+1.45
0.43
0.43
0.00
PG&E Malin
0.18
0.25 -0.07
0.42
-0.97
+1.40
0.23
0.21
0.02
PG&E South
-0.31
-0.07 -0.24
-0.08
-0.67
+0.59
-0.32
-0.22 -0.10
SoCal Gas
0.07
0.32 -0.25
0.50
-0.59
+1.09
-0.04
-0.03 -0.01
SoCal Gas Citygate
0.48
0.86 -0.39
1.94
-0.16
+2.11
1.54
1.69 -0.15
Transwestern Permian
-0.76
-0.30 -0.47
-0.85
-0.78
-0.06
-1.21
-1.07 -0.14
Waha
-0.79
-0.45 -0.35
-0.99
-0.48
-0.50
-1.47
-1.41 -0.06
-1.20
-1.25
-1.31
-1.81
+0.50
-1.72
-1.70 -0.02
Northwest
West cash prices slid across major indexes in morning trading Friday,
as an outlook for higher-than-average temperatures over the weekend
put downward pressure on prices.
Northwest Wyoming Pool slipped 16 cents to $3.21/MMBtu, while
Colorado Interstate Gas Mainline dropped 6 cents to $2.97/MMBtu.
Cheyenne Hub ceded 8 cents and settled at $ 2.99/MMBtu.
The weakening in spot prices comes as total demand in the West is
set to slide to 12.7 Bcf Friday and continue to drop over the weekend
through Monday hitting a 7-day low of 11.8 Bcf Sunday, according to
data from S&P Global Platts Analytics, as temperatures across much of
the West are expected to move about 4 degrees above average.
Warmer temperatures are also in the forecast for the Rockies, likely
driving down demand to average 3.2 Bcf/d over the same period,
reaching a low of 2.9 Bcf/d on Sunday.
The National Weather Service forecast for Los Angeles the weekend
through Monday shows average highs pacing 10 degrees above at 75
degrees Fahrenheit, while in the Pacific Northwest temperatures are also
likely to pace above five-year average highs of mid-40 degrees.
Falling Southwest demand is likely driving down prices at Kern
River delivered, which lost 21 cents to $3.42/MMBtu while Kern River
Opal ceded 15 cents to $3.21/MMBtu.
Storage pulls along the SoCal Gas system have averaged 450
MMcf/d in the month so far, likely due to already existing system
restrictions and lower power imports from the Pacific Northwest, on
pace for their strongest level since January 2016, according to Platts
Analytics. But this did not seem to move the needle on prices as SoCal
city-gate dropped 42 cents to $3.57/MMBtu.
However, looking ahead, storage concerns may drive up prices with
the SoCal gas March 2019 contract gaining 2 cents to Henry Hub minus
3 cents/MMBtu.
But further upstream along the Canadian border, a drop in flows
through Sumas is likely causing an uptick in prices. Flows volumes into
Sumas are set to drop to 678 MMcf Friday after averaging 763 MMcf
over the past 14 days. Sumas tacked on 2 cents and was changing
hands at $3.42/MMBtu.
0.02
Rockies
Southwest
West Canada
AECO-C
0.05
Source: Platts M2M data
SOUTHWEST, NORTHWEST, ROCKIES DEMAND FORECAST
20
(Bcf/d)
Actual
Forecast
Yesterday forecast
Normal
18
16
14
12
15-Jan
19-Jan
23-Jan
27-Jan
31-Jan
04-Feb
08-Feb
Source: S&P Global Platts
— Veda Chowdhury
WEST SUPPLY LOCATIONS FORWARD BASIS
0.0
($/MMBtu)
AECO-C
CIG Rockies
El Paso Permian
WEST DEMAND LOCATIONS FORWARD BASIS
El Paso San Juan
1.0
($/MMBtu)
Northwest Sumas
PG&E CG
SoCal Gas
Kern Delivered
0.5
-0.5
0.0
-1.0
-0.5
-1.5
-2.0
Feb-19
-1.0
Aug-19
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Source: S&P Global Platts
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
-1.5
Feb-19
Aug-19
Source: S&P Global Platts
15
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Gas Daily
Monday, January 28, 2019
Total net pipeline flows by region (MMcf/d*)
24-Jan 25-Jan Change
MTD MTD Change
avg.
last year
Supply regions – net pipeline outflows
Texas
12,874
12,940
West Canada
9,413
9,169
6,197
6,325
Rockies
3,592
3,546
Midcontinent
Northeast
8,777
6,612
-66
244
-128
46
2,165
11,303
8,759
5,871
3,715
7,894
8,813
9,086
6,453
3,512
5,400
2,490
-327
-582
203
2,494
Demand regions – net pipeline inflows
Southwest
5,169
5,122
Southeast
9,306
7,402
2,479
2,368
Northwest
Midwest
14,597
14,844
4,043
3,650
East Canada
-47
-1,904
-111
247
-393
5,260
9,582
2,358
12,267
3,725
3,691
8,692
2,137
10,972
3,474
1,569
890
221
1,295
251
* Net pipeline flows by region are the aggregated total interstate pipeline flows across the regional border. Net supply regions are those that historically have had more supply than demand within the region
and have been net suppliers of gas to other regions. Net demand regions historically have had more
demand than supply and have been net receivers of pipeline gas from other regions.
Henry Hub cash price
3.4
3.3
3.2
3.1
3.0
21-Jan
22-Jan
Shale Value Chain assessments, Jan 25
Gulf Coast ethane fractionation spread
Gulf Coast E/P mix fractionation spread
E/P mix Midcontinent to Rockies fractionation spread
E/P mix Midcontinent fractionation spread
National raw NGL basket price
National composite fractionation spread
$/MMBtu
2.093
1.491
-0.183
-0.043
6.920
3.975
+/0.055
0.055
0.093
0.108
0.046
0.101
The methodology for these assessments is available at:
www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf
23-Jan
($/b)
($/MMBtu)
Gulf Coast spot
1% Resid (1)
HSFO (1)
60.68-60.70
57.20-57.22
9.71
9.15
Crude spot
WTI (Feb) (2)
53.44-53.46
9.22
New York spot
No.2 (1)
0.3% Resid LP (3)
0.3% Resid HP (3)
0.7% Resid (3)
1% Resid (3)
74.50-74.55
72.48-72.50
72.48-72.50
62.48-62.50
59.48-59.50
11.92
11.60
11.60
10.00
9.52
NYMEX front month close
3.5
2.9
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HENRY HUB/NYMEX SPREAD
($/MMBtu)
Gas Daily Supplements
24-Jan
25-Jan
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GAS DAILY
Volume 36 / Issue 18 / Monday, January 28, 2019
ISSN: 0885-5935
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16
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Gas Daily
Monday, January 28, 2019
SUBSCRIBER NOTEs:
Platts launches new El Paso, West Texas daily and monthly natural gas indices
Following a review of market feedback in response to the original proposal
issued December 14, Platts has launched new El Paso, West Texas daily and
monthly indices.
Platts launches new daily and monthly ICE location
S&P Global Platts has launched a newly listed Intercontinental Exchange (ICE)
daily and monthly natural gas index starting today for monthly indices and trade
date January 31, for flow date February 1 for daily indices.
The original proposal can be found here: https://www.spglobal.com/platts/en/
our-methodology/subscriber-notes/121418-platts-proposes-el-paso-west-texasdaily-and-monthly-natural-gas-indices
For the monthly indices, the below symbols are available on Inside FERC
Bidweek Watch microsite, on fixed pages NG1403-1408 for preliminary indices,
and NG1409 for final indices, as well as the February 1 Gas Market Report First of
Month edition.
The El Paso, West Texas index is defined as: El Paso, West Texas (daily and
monthly): Deliveries into El Paso Natural Gas in West Texas from two pools: the
Waha plant south (Waha Pool), and the Keystone station south to Waha
(Keystone Pool).
Plains Pool is not included in the index. Platts will continue to publish the
existing El Paso, Permian Basin indices and will not make any changes to the
methodology. The Waha, Keystone, and Plains Pools will continue to be
included.
Platts launched the new monthly index starting today and will launch the daily
index on January 31, 2019 for February 1 gas flow.
Please send any comments to the above to americasgaspricing@spglobal.com
and pricegroup@spglobal.com. For written comments, please provide a clear
indication if comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make comments
not marked as confidential available upon request.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
17
For the daily indices, beginning trade date January 31, the below symbols will be
available on Gas Daily Preliminary Price Report microsite, on fixed page NG1402,
and in the February 1 Gas Daily edition.
The new point is as follows:
Location Name: ICE Banquete Hub
Daily Symbol (Trade Date):JAAHX00
Monthly Symbol:JAAHX03
Please send any comments to the listing above to
americasgaspricing@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not intended for
publication by Platts for public viewing. Platts will consider all comments
received and will make comments not marked as confidential available upon
request.
Gas Daily
Monday, January 28, 2019
Weekly weighted average prices
01/19-01/25Wkly total
2019
-/+
HighLow Volumes
Northeast
Algonquin, city-gates
Algonquin, receipts
Dracut, Mass.
Iroquois, receipts
Iroquois, zone 1
Iroquois, zone 2
Niagara
Tennessee, zone 5 (200 leg)
Tennessee, z6 (300 leg) del.
Tennessee, zone 6 delivered
Tennessee, Zone 6, delivered North
Tennessee, Zone 6, delivered South
Texas Eastern, M-3
Transco, zone 5 delivered
Transco, zone 5 del. North
Transco, zone 5 del. South
Transco, zone 6 N.Y.
Transco, zone 6 non-N.Y.
Transco, zone 6 non-N.Y. North
Transco, zone 6 non-N.Y. South
Appalachia
Columbia Gas, Appalachia
Columbia Gas, Appalachia non-IPP
Dominion, North Point
Dominion, South Point
Lebanon Hub
Leidy Hub
Millennium, East receipts
Tennessee, zone 4-200 leg
Tennessee, zone 4-300 leg
Tennessee, zone 4-313 pool
Texas Eastern, M-2 receipts
Transco, Leidy Line receipts
Midcontinent
ANR, Okla.
Enable Gas, East
NGPL, Amarillo receipt
NGPL, Midcontinent
Oneok, Okla.
Panhandle, Tx.-Okla.
Southern Star, Tx.-Okla.-Kan.
Texas Eastern M-1 24-inch
Upper Midwest
Alliance, into interstates
ANR, ML 7
Chicago city-gates
Chicago-Nicor
Chicago-NIPSCO
Chicago-Peoples
Consumers Energy city-gate
Dawn, Ontario
Emerson, Viking GL
Mich Con city-gate
Northern Border, Ventura TP
Northern, demarc
Northern, Ventura
REX, Zone 3 delivered
East Texas
Agua Dulce Hub
Carthage Hub
IGBEE04 10.088
IGBDK04
IGBDW04
IGBCR04
IGBCR04
IGBEJ04
IGBCS04
IGBCR04
IGBJC04
IGBEI04
IGBRR04
IGBRS04
IGBEK04
IGBEN04
IGCGL04
IGCHL04
IGBEM04
IGBEL04
IGBJS04
IGBJT04
IGBDE04
IGBJU04
IGBDB04
IGBDC04
IGBFJ04
IGBDD04
IGBIS04
IGBJN04
IGBFL04
IGCFL04
IGBJE04
IGBIW04
IGBBY04
IGBCA04
IGBDR04
IGBBZ04
IGBCD04
IGBCE04
IGBCF04
IGBET04
IGBDP04
IGBDQ04
IGBDX04
IGBEX04
IGBFX04
IGBGX04
IGBDY04
IGBCX04
IGBCW04
IGBDZ04
IGBGH04
IGBDV04
IGBDU04
IGBRO04
7.342
12.392
5.450
7.469
13.385
4.755
8.638
—
10.071
10.812
9.734
6.240
5.947
5.655
6.002
12.209
5.750
5.750
—
3.054
—
3.061
3.036
3.186
3.630
3.196
3.112
3.070
3.081
2.981
3.141
3.089
3.231
3.140
2.782
2.843
3.061
3.066
3.238
3.179
3.200
3.181
3.177
3.186
3.187
3.158
3.231
3.196
3.104
3.189
3.199
3.256
3.181
3.229
IGBAF04 3.095
IGBAV04
2.662
3.848
4.417
1.760
2.813
7.761
1.528
3.765
—
2.721
2.782
2.473
2.567
2.185
1.872
2.246
8.362
2.052
2.052
—
12.036 9.293
9.493 5.130
13.340 12.300
5.929 4.824
7.986 7.019
18.981 10.291
4.969 4.170
9.564 7.407
—
—
11.343 9.571
11.343 10.636
10.679 9.571
8.326 5.561
8.836 5.176
6.100 5.193
8.836 5.376
17.514 8.299
6.971 4.971
6.971 4.971
—
—
-0.002 3.098
—
—
-0.004 3.101
-0.005 3.088
0.082 3.207
0.419 3.630
0.072 3.230
0.031 3.145
0.008 3.114
0.007 3.097
-0.059 3.087
0.020 3.186
0.123
0.193
0.093
0.005
0.081
0.137
0.130
0.094
0.079
0.114
0.067
0.060
0.073
0.083
0.032
0.082
0.122
-0.007
0.139
0.158
0.197
0.082
-0.019
0.001
3.011
—
3.016
2.934
3.150
3.630
3.170
3.074
3.037
3.061
2.880
3.087
3.124
3.304
3.200
2.852
2.921
3.130
3.094
3.263
3.358
3.279
3.247
3.232
3.247
3.233
3.229
3.365
3.261
3.171
3.341
3.314
3.450
3.217
3.229
3.121
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
3.046
3.116
3.110
2.650
2.670
3.010
3.039
3.219
1171
223
228
2088
509
877
497
1048
0
608
—
—
3029
3314
481
2798
1241
3680
3680
0
4081
0
1195
6568
1938
80
492
2264
1054
479
6618
2103
933
1079
814
3553
1639
3841
310
177
3.096 10210
3.133
167
3.101
4107
3.104
1430
3.109
1517
3.120
1146
3.106
3953
3.147
6470
3.116
877
3.053
6596
3.109
1399
3.071
3408
3.090
4273
3.097
4199
3.229
3.067
7
653
18
01/19-01/25Wkly total
2019
-/+
HighLow Volumes
East Texas
Florida Gas, zone 1
Houston Ship Channel
Katy
NGPL, STX
NGPL, Texok zone
Tennessee, zone 0
Texas Eastern, ETX
Texas Eastern, STX
Transco, zone 1
Transco, zone 2
Louisiana/Southeast
ANR, La.
Columbia Gulf, La.
Columbia Gulf, mainline
Florida city-gates
Florida Gas, zone 2
Florida Gas, zone 3
Henry Hub
Southern Natural, La.
Tennessee, zone 1
Tennessee, La., 500 Leg
Tennessee, La., 800 Leg
Texas Eastern, ELA
Texas Eastern, M-1 30-inch (Kosi)
Texas Eastern, WLA
Texas Gas, zone 1
Texas Gas, zone SL
Transco, zone 3
Transco, zone 4
Trunkline, ELA
Trunkline, WLA
Trunkline, Zone 1A
Rockies/Northwest
Cheyenne Hub
CIG, Rocky Mountains
GTN, Kingsgate
Kern River, Opal plant
Northwest, Can. bdr. (Sumas)
Northwest, s. of Green River
Northwest, Wyo. Pool
PG&E, Malin
Questar, Rocky Mountains
Stanfield, Ore.
TCPL Alberta, AECO-C*
Westcoast, station 2*
White River Hub
Southwest
El Paso, Bondad
El Paso, Permian Basin
El Paso, San Juan Basin
El Paso, South Mainline
Kern River, delivered
PG&E city-gate
PG&E, South
SoCal Gas
SoCal Gas, city-gate
Transwestern, Permian Basin
Transwestern, San Juan
Waha
*NOTE: Price in C$ per gj
IGBAW04
IGBAP04
IGBAQ04
IGBAZ04
IGBAL04
IGBBA04
IGBAN04
IGBBB04
IGBBC04
IGBBU04
IGBBF04
IGBBG04
IGBBH04
IGBED04
IGBBJ04
IGBBK04
IGBBL04
IGBBO04
IGBHI04
IGBBP04
IGBBQ04
IGBBS04
IGBDI04
IGBBR04
IGBAO04
IGBBT04
IGBBV04
IGBDJ04
IGBBX04
IGBBW04
IGBGF04
IGBCO04
IGBCK04
IGBCY04
IGBCL04
IGBCT04
IGBCQ04
IGBCP04
IGBDO04
IGBCN04
IGBCM04
IGBCU04
IGBCZ04
IGBGL04
IGBCG04
IGBAB04
IGBCH04
IGBFR04
IGBES04
IGBEB04
IGBDM04
IGBDL04
IGBGG04
IGBAE04
IGBGK04
IGBAD04
3.153
3.209
3.133
3.131
3.089
3.081
3.098
3.109
3.101
3.124
-0.041
-0.021
-0.090
-0.085
0.069
-0.051
-0.030
-0.068
-0.062
-0.040
3.180
3.264
3.267
3.153
3.136
3.126
3.122
3.157
3.129
3.143
3.109
3.104
3.084
3.100
3.016
3.044
3.047
3.044
3.072
3.094
458
563
5122
333
7538
4229
532
2403
407
175
3.134
3.166
3.113
3.295
3.181
3.171
3.257
3.159
3.141
3.154
3.134
3.176
3.112
3.148
3.145
3.173
3.165
3.171
3.120
3.163
3.135
-0.038
-0.010
0.003
0.215
-0.031
-0.050
0.022
-0.037
-0.003
-0.030
-0.026
0.012
0.029
-0.034
0.039
-0.006
-0.031
-0.040
-0.016
0.014
0.024
3.157
3.184
3.158
3.305
3.181
3.193
3.311
3.223
3.202
3.206
3.181
3.206
3.117
3.165
3.195
3.173
3.216
3.244
3.120
3.163
3.173
3.109
1711
3.124
924
3.054
5719
3.290
33
3.181
88
3.131
2532
3.174
3861
3.111
5272
3.093
1380
3.109
3852
3.087
9567
3.145
1393
3.103
18
3.088
1894
3.092
6184
3.171
269
3.121
3555
3.102 13306
3.120
14
3.163
23
3.111
2005
3.070
3.064
3.453
3.429
3.627
3.044
3.424
3.485
3.232
3.521
1.881
1.301
3.064
0.108
0.118
-0.147
-0.195
-0.057
0.098
-0.207
-0.199
0.033
-0.161
0.125
-0.287
0.084
3.099
3.073
3.489
3.517
3.782
3.088
3.504
3.549
3.250
3.561
1.914
1.400
3.103
3.003
3.054
3.431
3.376
3.561
2.939
3.386
3.453
3.214
3.484
1.806
1.143
3.007
2.966
1.921
2.967
3.159
3.689
3.689
2.967
3.442
4.076
1.909
2.949
1.798
0.093
-0.179
0.089
-0.100
-0.282
-0.219
-0.032
-0.191
-0.777
-0.377
0.078
-0.191
2.989
2.713
3.034
3.214
3.753
3.725
3.010
3.737
4.264
1.979
2.981
2.191
2.944
343
1.577 10044
2.879
1027
3.121
321
3.633
1355
3.646
6400
2.931
124
2.800
2899
3.947
1934
1.786
347
2.916
391
1.564
6116
3152
240
305
5128
1154
1114
1994
2516
160
1096
5326
311
1597
Gas Daily
Monday, January 28, 2019
Weekly Gas Market Data
Basis differential for week ended Jan 25
HenryEl PasoAguaTranscoKatyKern,
PanhandleChicagoCol. Gas
Hub
Permian
Dulce
Zone 3OpalTx.-Ok.
city-gatesAppa.
3.26
Weekly WACOG
1.92
3.23
3.17
3.13
3.43
3.06
3.18
3.05
Henry Hub 1.34
0.03
0.09
0.13
-0.17
0.20
0.08
0.21
El Paso, Permian
-1.34 -1.31
-1.25
-1.21
-1.51
-1.14
-1.26
-1.13
-0.03
-0.20
Agua Dulce
1.31 0.06
0.10
0.17
0.05
0.18
Transco Zone 3
-0.09
1.25
-0.06
0.04
-0.26
0.11
-0.01
0.12
-0.13
1.21
0.07
0.08
Katy
-0.10
-0.04 -0.30
-0.05
Kern, Opal
0.17
1.51
0.20
0.26
0.30 0.37
0.25
0.38
Panhandle, Tx.-Ok.
-0.20
1.14
0.01
-0.17
-0.11
-0.07
-0.37 -0.12
Chicago city-gates
-0.08
1.26
-0.05
0.01
0.05
-0.25
0.12 0.13
Col. Gas Appa.
-0.12
-0.08
-0.38
-0.01
-0.13
-0.21
1.13
-0.18
SoCal Gas
0.18
1.52
0.21
0.27
0.31
0.01
0.38
0.26
0.39
NYMEX Basis
-1.258
-0.008
-0.048
-0.118
-0.128
0.082
0.052
0.252
0.002
SoCal
Gas
3.44
-0.18
-1.52
-0.21
-0.27
-0.31
-0.01
-0.38
-0.26
-0.39
0.262
NYMEX Basis is the NYMEX Henry Hub/cash basis differential calculated from the near-month settlement of $3.178.
Henry Hub futures and strips
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
3/strip
6/strip
9/strip
12/strip
4.0
01/21
Mon
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Bentek Canadian gas storage data for week ended Jan 25
01/22
01/23
TueWed
3.040
2.980
2.972
2.922
2.817
2.790
2.803
2.785
2.852
2.833
2.902
2.883
2.903
2.886
2.873
2.860
2.898
2.883
2.947
2.932
3.096
3.081
3.189
3.172
2.943
2.897
2.898
2.866
2.896
2.869
2.941
2.917
3-month
($/MMBtu)
01/24
Thu
3.099
2.998
2.844
2.838
2.885
2.932
2.932
2.903
2.925
2.972
3.122
3.214
2.980
2.933
2.928
2.972
12-month
01/25
Fri
3.178
3.072
2.884
2.868
2.907
2.951
2.953
2.927
2.951
2.998
3.146
3.239
3.045
2.977
2.966
3.006
Prompt month
(in Bcf)EastWest
Total
Working gas
153.90
326.75
480.64
Weekly Change
-18.89
-19.42
-38.31
% of capacity
58.52%
Working Gas Jan 26, 2018
58.04%
137.88
58.19%
419.06
556.94
CANADIAN STORAGE INVENTORIES
900
(Bcf)
2018
2019
3-year avg
800
700
600
500
400
300
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3.5
3.0
Baker Hughes rig count
Week ending
2.5
28-Dec
03-Jan
09-Jan
15-Jan
21-Jan
25-Jan
Note: Gaps in graph is due to Christmas holiday, and New Year holiday.
Total US rigs
Total US gas rigs
Total Canadian rigs
25-Jan-19
1,059
197
232
18-Jan-19
1,050
198
209
Chg.
+9
-1
+23
19-Jan-18
936
189
325
CFTC Commitment of Traders Report for week ended December 18
Producers/merchants/processors/users
Swap dealers
Money managers
Other reportables
long
positions
161,838
170,792
272,664
51,744
short
net position
positions
201,540
55.46% short
190,730
52.76% short
58,572
82.32% long
250,573
82.88% short
net position
last week
56.1% short
53.06% short
85.8% long
83.93% short
change in
overall positions
-1.9%
-2.35%
7.47%
3.69%
Source: CFTC. For detailed information regarding the categories of traders listed in this table, please see the CFTCs explanatory note at:
www.cftc.gov/ucm/groups/public/@commitmentsoftraders/documents/file/disaggregatedcotexplanatorynot.pdf
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
19
% market
share
26.75%
26.61%
24.38%
22.25%
% market
share last week
27.63%
27.62%
22.99%
21.75%
Gas Daily
Monday, January 28, 2019
Final Daily Gas Indices – ICE Locations ($/MMBtu)
Trade date: 25-Jan
Flow date(s): 26-Jan—28 Location
Symbol
Daily
Absolute
Absolute
Common
Common
Index
Change
Low
High
Low
High
7.690
—
—
3.100
—
4.710
—
—
—
9.000
—
—
3.370
3.240
-0.825
7.250
—
—
3.100
—
4.490
—
—
—
9.000
—
—
3.370
3.200
8.350
—
—
3.100
—
6.150
—
—
—
9.000
—
—
3.370
3.300
7.415
—
—
3.100
—
4.490
—
—
—
9.000
—
—
3.370
3.215
7.965
—
—
3.100
—
5.125
—
—
—
9.000
—
—
3.370
3.265
105
—
—
10
—
125
—
—
—
18
—
—
6
290
28
—
—
2
—
38
—
—
—
6
—
—
2
60
—
—
—
—
—
2.925
—
—
—
—
—
—
3.020
—
—
—
—
—
—
2.925
—
—
—
—
—
—
2.970
—
—
—
—
—
—
185
—
—
—
—
—
—
30
—
—
3.000
—
—
—
3.010
—
—
—
—
—
—
—
3.020
—
—
—
3.010
—
—
—
—
—
—
—
3.000
—
—
—
3.010
—
—
—
—
—
—
—
3.010
—
—
—
3.010
—
—
—
—
—
—
—
54
—
—
—
10
—
—
—
—
—
—
—
16
—
—
—
2
—
—
—
—
—
—
3.060
3.100
—
—
—
—
—
—
—
—
3.050
—
2.980
—
2.990
—
—
3.200
—
3.110
3.135
3.020
—
3.110
3.100
—
—
—
—
—
—
—
—
3.150
—
3.035
—
3.035
—
—
3.200
—
3.120
3.135
3.090
—
3.065
3.100
—
—
—
—
—
—
—
—
3.095
—
2.990
—
3.000
—
—
3.200
—
3.115
3.135
3.050
—
3.090
3.100
—
—
—
—
—
—
—
—
3.145
—
3.020
—
3.020
—
—
3.200
—
3.120
3.135
3.085
—
887
25
—
—
—
—
—
—
—
—
219
—
228
—
167
—
—
3
—
35
10
351
—
126
4
—
—
—
—
—
—
—
—
36
—
32
—
20
—
—
2
—
6
2
68
—
Volume
Deals
Northeast
ICE Algonquin CG (Excl. J and G Lateral deliveries)
ICE Algonquin Citygates (Excl. J Lateral deliveries)
ICE Algonquin, Millennium-Ramapo receipts
ICE Algonquin, TGP-Mahwah receipts
ICE Dominion Energy, Cove Point, on system delivery
ICE Iroquois, zone 2 (non-Hunts Point/Eastchester Lateral)
ICE Iroquois, zone 2 Hunts Point/Eastchester Lateral
ICE Maritimes, Hubline and Beverly Salem
ICE Maritimes and Northeast Pipeline US (buyer’s choice delivered)
ICE PNGTS (buyer’s choice delivered)
ICE Stagecoach Marcellus Hub
ICE Texas Eastern, Manhattan Lateral (delivered)
ICE Transco, zone 6 (non-NY north mainline)
ICE Transco, zone 6 station 210 Pool
JAAAA21
JAAAB21
JAAHF00
JAAHG00
JAAHM21
JAABT21
JAABU21
JAACB21
JAACC21
JAADH21
JAAEN21
JAAEW21
JAAEZ21
JAAFA21
—
—
0.185
—
-1.045
—
—
—
-1.000
—
—
-0.930
-0.905
Appalachia
ICE Clarington Tennessee
ICE Columbia Gas, A04 Pool
ICE Columbia Gas, A06 Pool
ICE Columbia Gas, Segmentation Pool
ICE Millennium Pipeline (buyers’ choice delivered)
ICE Tennessee, zone 4, station 219 Pool
ICE Texas Eastern, M2 Zone (delivered)
JAAFI21
JAAAU21
JAAAV21
JAAAW21
JAAHA21
JAAET21
JAAEV21
—
—
—
—
—
2.945
—
—
—
—
—
—
-0.040
—
Midcontinent
ICE Bennington, Oklahoma (buyers’ choice)
ICE Enable Gas, Flex Pool only
ICE Enable Gas, North Pool only
ICE Enable Gas, West (W1 or W2 as mutually agreed)
ICE Enable Gas, West Pool
ICE NGPL, Gulf Coast Mainline Pool
ICE NGPL, Mid-Continent Storage PIN
ICE Northern Natural, Mid 13 - 16A Pool
ICE Northern Natural, Mid 1-7 Pool
ICE Northern Natural, Mid 8 -12 Pool
ICE Salt Plains Storage (buyers’ choice)
ICE Salt Plains Storage (in-ground transfer only)
JAAHK21
JAABE21
JAABF21
JAABI21
JAABJ21
JAACI21
JAACO21
JAACW21
JAACX21
JAACY21
JAADV21
JAADW21
—
3.005
—
—
—
3.010
—
—
—
—
—
—
—
-0.125
—
—
—
+0.000
—
—
—
—
—
—
Upper Midwest
ICE Alliance, Chicago Exchange Hub
ICE Alliance, ANR Interconnect
ICE Alliance, Midwestern Interconnect
ICE Alliance, NGPL Interconnect
ICE Alliance, Nicor Interconnect
ICE Alliance, Vector Interconnect
ICE ANR, Joliet Hub CDP
ICE Bluewater Gas Storage
ICE Great Lakes Gas, St. Clair
ICE Guardian, Guardian Hub
ICE NGPL, Amarillo Pooling PIN
ICE NGPL, Amarillo Storage PIN
ICE NGPL, Iowa-Illinois GC Pool
ICE NGPL, Iowa-Illinois AM Pool
ICE NGPL, Iowa-Illinois GC Storage
ICE NGPL, Iowa-Illinois AM Storage
ICE NGPL, Mid-American Citygate
ICE Northern Border, Harper Transfer Point
ICE Northern Border, Nicor Interconnect
ICE Northern Border, Vector Interconnect
ICE Northern Border, Will County
ICE REX (East), delivered into ANR
ICE REX (East), delivered into Lebanon Hub
JAAAC21
JAAAD21
JAAFX21
JAAAF21
JAAAG21
JAAAH21
JAAAK21
JAAAN21
JAABM21
JAABN21
JAACG21
JAACH21
JAAHN21
JAAHO21
JAAHP21
JAAHQ21
JAACN21
JAACS21
JAACT21
JAACU21
JAACV21
JAADK21
JAAHC21
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
3.075
3.100
—
—
—
—
—
—
—
—
3.120
—
3.005
—
3.010
—
—
3.200
—
3.115
3.135
3.065
—
20
-0.120
-0.010
—
—
—
—
—
—
—
—
-0.005
—
-0.050
—
-0.055
—
—
+0.340
—
-0.080
+0.170
-0.055
—
Gas Daily
Monday, January 28, 2019
Final Daily Gas Indices – ICE Locations ($/MMBtu)
Trade date: 25-Jan
Flow date(s): 26-Jan—28 Location
Symbol
Daily
Absolute
Absolute
Common
Common
Index
Change
Low
High
Low
High
3.060
3.065
3.065
3.080
—
—
—
—
3.070
3.050
—
-0.045
3.030
3.000
3.035
3.055
—
—
—
—
3.040
3.040
—
3.090
3.090
3.090
3.090
—
—
—
—
3.090
3.065
—
3.045
3.045
3.050
3.070
—
—
—
—
3.060
3.045
—
3.075
3.090
3.080
3.090
—
—
—
—
3.085
3.055
—
273
258
55
45
—
—
—
—
30
24
—
52
34
10
6
—
—
—
—
8
10
—
3.020
2.745
2.945
—
—
—
3.020
2.950
—
2.975
—
2.980
2.955
3.020
—
2.950
—
2.750
2.975
2.965
—
2.990
+0.170
3.020
2.720
2.920
—
—
—
3.020
2.925
—
2.950
—
2.960
2.940
3.000
—
2.920
—
2.740
2.930
2.920
—
2.950
3.020
2.820
2.965
—
—
—
3.020
2.990
—
3.000
—
3.000
3.000
3.050
—
3.000
—
2.815
3.020
3.010
—
3.000
3.020
2.720
2.935
—
—
—
3.020
2.935
—
2.965
—
2.970
2.940
3.010
—
2.930
—
2.740
2.955
2.945
—
2.980
3.020
2.770
2.955
—
—
—
3.020
2.965
—
2.990
—
2.990
2.970
3.035
—
2.970
—
2.770
3.000
2.990
—
3.000
10
166
111
—
—
—
47
197
—
118
—
131
737
151
—
1026
—
382
148
474
—
80
2
40
18
—
—
—
8
34
—
20
—
18
76
22
—
164
—
54
22
78
—
14
3.045
—
—
—
—
—
—
—
—
—
—
—
—
3.045
—
3.060
—
—
—
3.030
3.050
3.045
—
-0.005
3.000
—
—
—
—
—
—
—
—
—
—
—
—
2.990
—
3.040
—
—
—
3.000
3.020
3.020
—
3.070
—
—
—
—
—
—
—
—
—
—
—
—
3.060
—
3.090
—
—
—
3.040
3.100
3.055
—
3.030
—
—
—
—
—
—
—
—
—
—
—
—
3.030
—
3.050
—
—
—
3.020
3.030
3.035
—
3.065
—
—
—
—
—
—
—
—
—
—
—
—
3.060
—
3.075
—
—
—
3.040
3.070
3.055
—
167
—
—
—
—
—
—
—
—
—
—
—
—
265
—
504
—
—
—
92
182
697
—
32
—
—
—
—
—
—
—
—
—
—
—
—
40
—
92
—
—
—
20
36
104
—
Volume
Deals
Upper Midwest
ICE REX (East), delivered into Midwestern Gas
ICE REX (East), delivered into NGPL
ICE REX (East), delivered into Panhandle
ICE REX (East), delivered into Trunkline
ICE REX (West), delivered into ANR
ICE REX (West), delivered into Northern Natural
ICE REX (West), delivered into Panhandle
ICE REX, zone 3 receipts
ICE Rover, delivered into ANR
ICE Rover, delivered into Panhandle
ICE Rover, receipts
JAADL21
JAADM21
JAADN21
JAADO21
JAADP21
JAADQ21
JAADR21
JAAHS21
JAAHI21
JAAHJ21
JAAHR21
-0.030
-0.055
-0.060
—
—
—
—
-0.005
-0.025
—
East Texas
ICE Agua Dulce Hub
ICE Atmos, zone 3, receipts
ICE Carthage Hub Tailgate
ICE ENT, STX Map
ICE ETC, Cleburne
ICE ETC, Maypearl
ICE Golden Triangle Storage & Hub
ICE Gulf South, Pool Area #16
ICE HPL, East Texas Pool
ICE Katy, ENSTOR Pool (excl. Kinder Morgan Texas)
ICE Katy, Lonestar (warranted as Intrastate)
ICE Katy, Lonestar Interstate
ICE Katy, Oasis Pipeline
ICE Moss Bluff Interconnect (buyers’ choice delivered)
ICE Moss Bluff Storage (in-ground transfers only)
ICE NGPL, TXOK East Pool
ICE NGPL, TXOK West Pool
ICE NorTex, Tolar Hub
ICE Tennessee, zone 0 North
ICE Tennessee, zone 0 South
ICE Tres Palacios Hub - Injection
ICE Tres Palacios Hub - Withdrawal
JAAGI21
JAAAL21
JAAAQ21
JAAHT21
JAAHH00
JAABK21
JAABL21
JAABP21
JAABR21
JAABW21
JAABX21
JAABY21
JAABZ21
JAACD21
JAACE21
JAACP21
JAACQ21
JAACR21
JAAEP21
JAAEQ21
JAAFE21
JAAFF21
-0.145
-0.055
—
—
—
-0.180
-0.060
—
-0.055
—
-0.060
-0.045
-0.040
—
-0.060
—
-0.135
-0.025
-0.020
—
-0.030
Louisiana/Southeast
ICE ANR, SE Transmission Pool
ICE ANR, SE Gathering Pool
ICE Bobcat Interconnect (buyers’ choice delivered)
ICE Bobcat Storage (in-ground transfer only)
ICE Egan Interconnect (buyers’ choice delivered)
ICE Egan Storage (in-ground transfer only)
ICE Enable Gas, Perryville Hub
ICE Enable Gas, South Pool only
ICE Gulf South, Perryville Exchange Point
ICE Jefferson Island Storage and Hub
ICE MS Hub Storage
ICE NGPL, Louisiana Pooling PIN
ICE NGPL, Louisiana Storage PIN
ICE Pine Prairie Hub
ICE Sonat, Zone 0
ICE Sonat, Zone 0 South Louisiana Pool
ICE Sonat, Zone 1 North Pool
ICE Southern Pines Hub
ICE Stingray, pool delivery
ICE Tennessee, zone 1 100 Leg Pool
ICE Tennessee, zone 1, Station 87 Pool
ICE Texas Gas, Mainline Pool
ICE Texas Gas, North Louisiana Pool
JAAAI21
JAAAJ21
JAAAO21
JAAAP21
JAAAZ21
JAABA21
JAABG21
JAABH21
JAABO21
JAABV21
JAACF21
JAACL21
JAACM21
JAADF21
JAAHE21
JAAEJ21
JAAEK21
JAAEM21
JAAEO21
JAAER21
JAAES21
JAAEX21
JAAEY21
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
21
—
—
—
—
—
—
—
—
—
—
—
—
-0.005
—
+0.000
—
—
—
-0.020
-0.055
-0.015
—
Gas Daily
Monday, January 28, 2019
Final Daily Gas Indices – ICE Locations ($/MMBtu)
Trade date: 25-Jan
Flow date(s): 26-Jan—28 Location
Symbol
Daily
Absolute
Absolute
Common
Common
Index
Change
Low
High
Low
High
2.965
—
—
3.205
3.215
—
3.190
—
—
3.265
—
—
—
-0.055
2.920
—
—
3.170
3.170
—
3.180
—
—
3.250
—
—
—
2.990
—
—
3.250
3.340
—
3.205
—
—
3.280
—
—
—
2.950
—
—
3.185
3.175
—
3.185
—
—
3.260
—
—
—
2.985
—
—
3.225
3.260
—
3.195
—
—
3.275
—
—
—
61
—
—
353
149
—
180
—
—
323
—
—
—
14
—
—
46
30
—
36
—
—
36
—
—
—
—
2.200
2.500
2.250
2.200
2.230
—
—
2.750
—
2.920
—
—
—
3.400
3.300
2.800
—
—
—
—
3.380
—
—
2.330
2.250
—
2.390
2.670
2.360
2.200
2.370
—
—
2.870
—
3.100
—
—
—
3.400
3.420
2.900
—
—
—
—
3.420
—
—
2.330
2.430
—
2.240
2.580
2.305
2.200
2.300
—
—
2.755
—
2.985
—
—
—
3.400
3.330
2.845
—
—
—
—
3.395
—
—
2.330
2.305
—
2.335
2.665
2.360
2.200
2.370
—
—
2.815
—
3.075
—
—
—
3.400
3.390
2.895
—
—
—
—
3.415
—
—
2.330
2.395
—
452
262
186
158
95
—
—
22
—
36
—
—
—
8
127
88
—
—
—
—
26
—
—
4
98
—
78
50
32
22
20
—
—
6
—
12
—
—
—
2
28
20
—
—
—
—
8
—
—
2
20
Volume
Deals
Rockies/Northwest
ICE CIG, Mainline (sellers’ choice, non-lateral)
ICE CIG, Mainline Pool
ICE CIG, Mainline South (sellers’ choice)
ICE Kern River, on system receipt
ICE Opal Plant Tailgate
ICE PG&E, Onyx Hill
ICE Pioneer Plant Tailgate
ICE Questar, North Pool
ICE Questar, South Pool
ICE Ruby, Onyx Hill
ICE Ruby, Receipt Pool
ICE Ryckman Creek Gas Storage
ICE WIC, Pool
JAAFY21
JAAFZ21
JAAAT21
JAACA21
JAADB21
JAAHB21
JAADG21
JAADI21
JAADJ21
JAADS21
JAADT21
JAADU21
JAAFH21
—
—
-0.140
-0.155
—
-0.260
—
—
-0.095
—
—
—
Southwest
ICE Agua Blanca Pool
ICE El Paso, Keystone Pool
ICE El Paso, Plains Pool
ICE El Paso, Waha Pool
ICE Oasis, Waha Pool
ICE ONEOK, Westex Pool
ICE PG&E, Daggett
ICE PG&E, Kern River Station
ICE PG&E, Topock
ICE Socal, Blythe
ICE Socal, Ehrenberg (delivered)
ICE Socal, Firm Storage only (Citygate)
ICE Socal, In-ground transfer only (Citygate)
ICE Socal, Interruptible Storage only (Citygate)
ICE Socal, Kern River Station
ICE Socal, Kramer Junction
ICE Socal, Needles
ICE Socal, sellers’ choice delivered incl. CA production
ICE Socal, Topock
ICE Socal, Topock, El Paso
ICE Socal, Topock, Transwestern
ICE Socal, Wheeler Ridge
ICE Transwestern, Central Pool
ICE Transwestern, Panhandle Pool
ICE Transwestern, West Texas Pool
ICE Waha Hub, West Texas (buyer’s choice delivered)
JAAHU21
JAABB21
JAABC21
JAABD21
JAACZ21
JAADA21
JAADC21
JAADD21
JAADE21
JAADX21
JAADY21
JAADZ21
JAAEA21
JAAEB21
JAAEC21
JAAED21
JAAEE21
JAAEF21
JAAHD21
JAAEG21
JAAEH21
JAAEI21
JAAFB21
JAAFC21
JAAFD21
JAAFG21
—
2.285
2.620
2.330
2.200
2.335
—
—
2.785
—
3.030
—
—
—
3.400
3.360
2.870
—
—
—
—
3.405
—
—
2.330
2.350
—
-0.435
-0.200
-0.295
-0.250
-0.455
—
—
-0.265
—
-0.310
—
—
—
-0.150
-0.275
-0.065
—
—
—
—
-0.195
—
—
-0.495
-0.355
ICE Gas daily Assessment Rationale
The daily indices for ICE locations are a volume weighted average of ICE Exchange trades submitted to Platts by ICE. No other sources of data are used. Platts
editors do not screen the data for outliers or assess prices if there are no transactions. Questions may be directed to Ryan Ouwerkerk at 713-655-2202 or
ryan.ouwerkerk@spglobal.com
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
22
Judges select Oil Search as
2018 Corporate Social Responsibility
Award — Targeted Program Winner
Oil Search operates in Papua New Guinea,
and workforce distributed donated food,
a developing country that presents
water, shelter, medicine and supplies across
numerous social, political and economic
the affected provinces. Its employees
challenges. In its response to a devastating
opened roads and conveyed food, fuel and
natural disaster, the company earned
restoration equipment to affected areas.
a CSR prize for exhibiting “impressive,
immediate execution on a broad scope.”
In total, Oil Search donated approximately
$5 million towards relief efforts, delivered more
Established in 1929, Oil Search is the largest
than 200 tons of food and supplies, and treated
company and investor in PNG, operating
nearly 2,500 medical cases. The UN estimates
all of the country’s producing oil fields. In
that in the first four weeks following the
early 2018, a magnitude 7.5 earthquake
earthquake, Oil Search delivered approximately
struck the PNG highlands, followed by
80% of total food supplies to affected areas.
a series of aftershocks. Approximately
544,000 people were affected, with half
requiring immediate lifesaving assistance.
As recovery continues into 2019, Oil Search
continues to support the community in the
“most needed and impactful” ways. Judges
Only one company held both the community’s
praised the company’s “immediate and
respect and the robust infrastructure necessary
comprehensive” response, and applauded
to assist with the unfolding humanitarian
it for “prioritizing people over profits.”
crisis. Oil Search immediately became a “home
base,” orchestrating a response “ahead of the
government” by offering its facilities, people and
aircraft to supply urgent aid and medical support
to stranded communities in the highlands.
Foreign aid and supplies were flown to the
company’s airfield, where its helicopters
For more information about Oil Search,
visit www.oilsearch.com