Oil + Gas Update - Pennsylvania Supreme Court Agrees to Hear Oil + Gas Lease-Expiration Case.
The rig count dropped another 73 units since our last report, down 48% from last year at this time, while oil and gas prices fared no better. In pipeline news, SCOTUS asked New Jersey to respond to PennEast's cert petition, which usually means at least one Justice is poised to grant the request, while a federal court's decision on an Army Corps nationwide permit spells disruption for other pipeline projects that rely on those approvals. In Appalachia, the Pennsylvania Supreme Court is positioned to address various issues in a lease-expiration case the high court agreed to hear.
Here's the week in review...
Rig Counts, Spot Prices + Oil Prices
Rigs: National (-529); Marcellus (-35); Utica/Point Pleasant (9)
Brent Crude: -$28.08/bbl
West Texas Intermediate -$18.27/bbl
NYMEX: May 2020 @ -$1.598/MMBtu
Spot Prices: Henry Hub (-$1.64/MMBtu); Dominion South (-$1.42/MMBtu); Tenn. Zone 4 (-$1.39/MMBtu)
("+" or "-" or blank denotes increase, decrease, or flat. )
WOPL - Appalachia
In our new section, WOPL ("waiting on pipelines"), we provide the latest news on the status of various pipeline projects in Appalachia:
Adelphia Project (Greater Philadelphia Region): Nothing new to report.
Atlantic Coast (W. Va. to Va. and NC): Nothing new to report.
Atlantic Sunrise (Northeastern PA to SE Pennsylvania): Nothing new to report.
Constitution (Northeastern PA to NY): Nothing new to report.
Empire Pipeline (NY to PA): Nothing new to report.
Leidy South - Benton Loop Expansion (PA): Nothing new to report.
Mariner East (Western PA to Eastern PA): Nothing new to report.
Mountaineer XPress (WV): Nothing new to report.
Mountain Valley Pipeline (Northern WV to Southern Va. and NC): Nothing new to report.
NEXUS (Ohio to Michigan): Nothing new to report.
NFG (PA): The PA Department of Environmental Protection is inviting public comments on proposed Section 401 Water Quality Certification for a National Fuel Gas pipeline project crossing Cameron, Clearfield, Clinton, Elk, McKean and Potter counties.
NFG FM100 Project (NC PA to Transco): Nothing new to report.
Northeast Supply Enhancement Project (NJ/NY): Nothing new to report.
Northern Access (NW PA to Western NY): Nothing new to report.
PennEast (PA to Central Jersey): Nothing new to report.
Regional Energy Access (NE PA to PA/NJ): Nothing new to report.
Revolution Pipeline (PA): Nothing new to report.