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Natural gas producers in TX paying people to take supply as prices sink deeper negative
Posted on 4/27/24 at 3:51 pm
Posted on 4/27/24 at 3:51 pm
quote:
Natural gas prices in West Texas under pressure from a glut in supply sank even further into negative territory after a segment of a pipeline system was shut following a fire, threatening to trap gas in the region.
Intraday cash prices at the Waha hub in the Permian Basin fell to around -$3 per million British thermal units from around -50 cents earlier in the day, according to traders. This comes after Kinder Morgan Inc. shut a part of its Natural Gas Pipeline of America system due to a natural gas release and fire.
Prices in West Texas have been negative as low demand for the heating fuel has combined with strong production. That means producers are paying someone to take gas off their hands.
US natural gas futures that have been hovering near the lowest in four years neared a 29-year low Friday. Already dismal prices are being pushed down further by a lull in weather before summer cooling needs kick in.
LINK /
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Posted on 4/27/24 at 3:58 pm to ragincajun03
Crazy that WTI is still $84 even with this. Imagine if NG was around that $6/MMBTU mark from 2022…
Posted on 4/27/24 at 4:01 pm to ragincajun03
quote:
Intraday cash prices at the Waha hub in the Permian Basin fell to around -$3 per million British thermal units from around -50 cents earlier in the day,
This really fricks up OMLandshark's prediction in 2020.
Posted on 4/27/24 at 4:57 pm to ragincajun03
Someone needs to haul a bunch of mobile bitcoin miners with some nat gas generators out to Texas and use this free energy to make money
Posted on 4/27/24 at 5:22 pm to ragincajun03
Natural gas prices are down, so basically this means Crawfish prices will skyrocket.
Posted on 4/27/24 at 5:29 pm to ragincajun03
This not a new thing, happens more often than people realize.
Posted on 4/27/24 at 6:50 pm to ragincajun03
Maybe partially due to Sleepy Joe shutting down the LNG exports to exact his revenge on Texas (and collateral damage to LA) for trying to stem this open border atrocity.
Posted on 4/27/24 at 6:56 pm to ragincajun03
This was happening in 2018/9 when I was a production engineering in Loving County in West TX.
The demand is so little there and the capex to run pipeline from there to either CA or East so very high.
Lot of it gets burned, but that releases a lot of CO2 in the area. I think it's gotten strict around flaring the gas. It's a deficit to E&Ps there. $84 WTI makes up for it, but otherwise they got their testes in a vice grip.
The demand is so little there and the capex to run pipeline from there to either CA or East so very high.
Lot of it gets burned, but that releases a lot of CO2 in the area. I think it's gotten strict around flaring the gas. It's a deficit to E&Ps there. $84 WTI makes up for it, but otherwise they got their testes in a vice grip.
This post was edited on 4/27/24 at 6:58 pm
Posted on 4/27/24 at 7:05 pm to ragincajun03
Looking at the ercot website, surprisingly, anywhere from 40 to 70% of the states grid is being supplied by wind and solar. A couple of times, during the day, more than that. Nat gas needed at night and in winter.
ercot dashboard
ercot dashboard
Posted on 4/28/24 at 8:03 am to ragincajun03
We should be building nat gas distribution to every house in the country.
Posted on 4/30/24 at 10:21 pm to ragincajun03
the dirty side of this is the production is more and more sour and the costs of treating H2S is becoming more expensive
Posted on 5/1/24 at 5:42 am to ragincajun03
quote:
Prices in West Texas have been negative as low demand for the heating fuel has combined with strong production. That means producers are paying someone to take gas off their hands.
And yet we are still pushing this overly expensive green energy grid bullshite.
We could have the cheapest electricity in the world for decades yet we are actively choosing not to use domestic energy.
Posted on 5/1/24 at 10:21 am to ragincajun03
In the good ole days (2013ish) we just lit it on fire, thanks EPA
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