Classifieds Business Directory Jobs Real Estate Autos Legal Notices ePubs Subscribe Archives
Today is October 13, 2015
home newssports feature opinion fyi society obits multimedia

Front Page » March 15, 2012 » Carbon County News » Natural gas drilling declines along with prices
Published 1,307 days ago

Natural gas drilling declines along with prices

Print PageEmail PageShareGet Reprints

Now that crude oil is about eight times more valuable than natural gas on an energy-equivalent basis, producers continue to shift their focus from gas to crude oil and natural gas liquids, according to the U.S. Energy Information Agency.

The slow-down in natural gas production is affecting drilling in Castle Country, including on the Tavaputs Plateau field.

For the week ended March 7, the multi-week downtrend in natural gas prices across the country continued throughout the report week, with the exception of some brief upticks that were followed by quick reversals. The Henry Hub price closed at $2.24 per MMBtu on March 7, down 20 cents for the week.

-At the New York Mercantile Exchange (NYMEX), the April 2012 natural gas contract fell 31.4 cents per MMBtu for the week to close at $2.302 per MMBtu.

-Working natural gas in storage fell last week to 2,433 billion cubic feet (Bcf) as of Friday, March 2, according to the U.S. Energy Information Administration's (EIA) Weekly Natural Gas Storage Report (WNGSR). The implied net withdrawal for the week was 80 Bcf, positioning storage volumes 739 Bcf above year-ago levels.

-The natural gas rotary rig count, as reported March 2 by Baker Hughes Incorporated, fell for the eighth week in a row, decreasing by 19 to 691 active units, the lowest since August 2009. Meanwhile, oil-directed rigs increased by 28 to 1293, 61 percent above the year-ago level.

Print PageEmail PageShareGet Reprints

Top of Page

Article Photos  
Browse / enlarge – (1 total)
Print photo(s) with article
Get photo reprints on CD
NOTE: To print only the article and included photos, use the print photo(s) with article link above.
Local News  
March 15, 2012
Recent Local News
Quick Links
Subscribe via RSS
Related Articles  
Related Stories

Best viewed with Firefox
Get Firefox

© Sun Advocate, 2000-2013. All rights reserved. All material found on this website, unless otherwise specified, is copyright and may not be reproduced without the explicit written permission from the publisher of the Sun Advocate.
Legal Notices & Terms of Use    Privacy Policy    Advertising Info    FAQ    Contact Us
  RSS Feeds    News on Your Site    Staff Information    Submitting Content    About Us