SlideShare a Scribd company logo
1 of 25
Download to read offline
Blame the Northeast for
Low Natural Gas Prices
Bloomberg Intelligence
Vincent Piazza and Gurpal Dosanjh
Analysts
The secular growth in hydrocarbon output from the prolific
Northeast collides with the cyclical, seasonal demand for natural
gas -- yielding a structural imbalance.
While the imbalance will narrow and prices should improve
over time, volume should continue to challenge the pace of
infrastructure build out, continuing to pressure basis differentials
in a market that once was a premium priced region.
Northeast gas boom may hurt prices nationwide through 2017
Prodigious production of natural gas and liquids such as ethane
and propane in the U.S. Northeast will keep pressure on gathering,
processing and transportation infrastructure into 2017, even amid a
steady expansion of capacity.
Prices in the region may be depressed by these bottlenecks, and
other hubs will also be affected as Marcellus and Utica production
displaces natural gas transported to the northeast. Incremental
output flowing to the southeast and midwest will compete with
gas produced in those areas.
Marcellus, Utica gas output will displace
other regions’ volumes
Natural gas volume growth in the U.S. Northeast is likely to slow
through 2017 as production rises faster than pipeline capacity,
pressuring price differentials across the region. Operators have
sought out new markets to absorb the excess volume, helping to
dilute seasonal supply and demand imbalances and boost prices.
A reversal of typical Northeast flow will hurt basis prices across the
U.S. in the long term. Marcellus and Utica output may surpass 19
billion cubic feet a day in September, about 25% of U.S. volume.
Marcellus output growth will slow from historical highs, yet volume
will remain robust and likely continue to outrun pipeline capacity.
Growth in the Utica is also pipeline-constrained. Range, Cabot,
EQT, Exxon Mobil, Chevron, Southwestern and Chesapeake are
significant producers in the region.
Plethora of Northeast gas pressures other markets into 2017
The price spread between cheap Northeast U.S. natural gas
and more expensive Henry Hub gas will stay wide through at
least 2017, when additional pipeline capacity comes online. The
Northeast, historically a region with premium pricing that imports
gas during high seasonal demand, is now more reliant on its own
lower-cost output. However, limited intermittent takeaway capacity
has reduced prices.
With more takeaway, its gas will find new markets and differentials
may improve while prices elsewhere are pressured.
Northeast U.S. gas pipeline additions
may affect regional prices
About 30 billion cubic feet a day of pipeline reversal, expansion
and new construction projects may be built through 2018, helping
Northeast U.S. E&Ps transport gas within and out of the region.
About 17 bcf could be sent to the Gulf Coast and South,
competing with legacy gas and suppressing prices. About 6 bcf
may flow east, increasing supply to capacity-short New England
and reducing extreme seasonal pricing in Boston. An additional 5
bcf of capacity will head toward the Midwest, displacing gas from
the Rockies.
Expanded pipeline infrastructure should ease bottlenecks in the
Marcellus and Utica plays for producers with natural gas exposure
such as Range Resources, Cabot, EQT, Southwestern, Hess,
Anadarko and Chesapeake Energy. Added capacity should also
help ease wide Northeast pricing differentials.
Northeast Natural Gas Pipeline Projects
Year
Flow Direction
* Total assumes reversal, expanded, and new pipeline capacity
Source: EIA, RBN, Bloomberg Intelligence
2015
2016
2017
2018
Total*
East
GC & South
Midwest
Other
Total
Northeast Capacity (Bcf/day)
Northeast Capacity (Bcf/day)
3.56
4.37
13.72
8.3
29.98
3.56
4.37
13.72
8.3
30
NGL price pressure to remain as Northeast adds to oversupply
The Marcellus output glut that’s straining infrastructure is also
depressing prices of natural gas liquids. NGL supply has surged
12-fold in the past five years.
While output growth will be more subdued, demand will lag
behind rising volume, forcing producers to leave ethane,
the largest NGL component, in the gas stream. Projects such
as Mariner East and West will allow ethane exports from the
Northeast U.S. While Enterprise’s propane connector will join East
and West Coast flows, domestic oversupply will remain.
Natural gas liquids, also referred to as “wet gas,” may be
extracted from a well’s hydrocarbon stream. Range Resources,
Chesapeake, Gulfport, Chevron, Hess and EQT have exposure to
Northeast plays such as the Marcellus and Utica that have wet gas,
condensate and dry gas windows.
Natural gas, NGL flows rebalance, yet weak prices will persist
Abundant natural gas liquids from the three key U.S. oil plays,
along with stout natural gas volume from the Northeast, will
maintain pressure on regional gas and NGL prices even with
potential export demand. Volume will converge along the Gulf
Coast and Southeast as flows rebalance.
Associated gas from the main oil plays accounts for about 20% of
total domestic output, while Northeast gas makes up 25%. Less
drilling will narrow the supply and demand imbalance, though
expected demand may weaken if exports don’t materialize.
Gas and NGL prices will remain depressed in the long term given
the output glut balanced against demand. Export potential may
narrow imbalances as well as less liquids drilling. Exxon Mobil,
Range, Southwestern, Chesapeake, Devon, Anadarko and EOG
Resources are large companies with gas exposure.
Spreading successful Utica tests don’t bode well for gas prices
Operators have successfully tested in the Utica across Ohio,
West Virginia and Pennsylvania with varying levels of success.
Drilling and completion methods in the play, which lies below the
Marcellus, have extended the potential of the Appalachian Basin.
Should Utica operators lower their costs, the basin will be awash
with cheaper natural gas. Similarly, the transition from exploration
to full-scale development and exploitation of the Marcellus
brought prolific output and lower unit costs.
Bloomberg Intelligence offers valuable insight and company data,
interactive charting and written analysis with government, credit
insights from a team of independent experts, giving trading and
investment professionals deep insight into where crucial industries
start today and where they may be heading next.

More Related Content

What's hot

Us shale gas industry analysis
Us shale gas industry analysisUs shale gas industry analysis
Us shale gas industry analysisRajesh Sarma
 
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?Marcellus Drilling News
 
Study - LNG - Liquefied Natural Gas - May 2017
Study -  LNG - Liquefied Natural Gas - May 2017Study -  LNG - Liquefied Natural Gas - May 2017
Study - LNG - Liquefied Natural Gas - May 2017paul young cpa, cga
 
North America Energy Landscape
North America Energy LandscapeNorth America Energy Landscape
North America Energy LandscapeEcon Matters
 
Energy Equipment & Services: Industry Insights & Happenings
Energy Equipment & Services: Industry Insights & HappeningsEnergy Equipment & Services: Industry Insights & Happenings
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
 
Shale Gas - Game Changing Turnaround in Gas Markets
Shale Gas - Game Changing Turnaround in Gas MarketsShale Gas - Game Changing Turnaround in Gas Markets
Shale Gas - Game Changing Turnaround in Gas MarketsJigyasa Purwar
 
Bakken - has the bubble burst?
Bakken - has the bubble burst? Bakken - has the bubble burst?
Bakken - has the bubble burst? Ciaran Nolan
 
Fukushima Nuclear Disaster Impact on Global LNG Prices
Fukushima Nuclear Disaster Impact on Global LNG PricesFukushima Nuclear Disaster Impact on Global LNG Prices
Fukushima Nuclear Disaster Impact on Global LNG PricesEce Dincaslan
 
Pembina pipeline pitchbook
Pembina pipeline   pitchbookPembina pipeline   pitchbook
Pembina pipeline pitchbookJeffrey Kelly
 
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...Marcellus Drilling News
 
April 2013 Energy Index - Bord Gáis Energy
April 2013 Energy Index - Bord Gáis EnergyApril 2013 Energy Index - Bord Gáis Energy
April 2013 Energy Index - Bord Gáis EnergyBord Gáis Energy
 
Report: LNG and Renewable Power: Risk and Opportunity in a Changing World
Report: LNG and Renewable Power: Risk and Opportunity in a Changing WorldReport: LNG and Renewable Power: Risk and Opportunity in a Changing World
Report: LNG and Renewable Power: Risk and Opportunity in a Changing WorldMarcellus Drilling News
 
July 2013 Energy Index - Bord Gáis Energy
July 2013 Energy Index - Bord Gáis EnergyJuly 2013 Energy Index - Bord Gáis Energy
July 2013 Energy Index - Bord Gáis EnergyBord Gáis Energy
 
Pennsylvania Gas Outlook Report - June 2015
Pennsylvania Gas Outlook Report - June 2015Pennsylvania Gas Outlook Report - June 2015
Pennsylvania Gas Outlook Report - June 2015Marcellus Drilling News
 
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conference
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conferenceGivens overview of Crude, Natural Gas, NGLs at Argus 2012 conference
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conferencedavidgivens1898
 
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...Flevum
 
Platts oilgram news julio 4 2016 pag 6 articulo Colombia oil orlando hernandez
Platts oilgram news julio 4 2016  pag 6 articulo Colombia oil orlando hernandezPlatts oilgram news julio 4 2016  pag 6 articulo Colombia oil orlando hernandez
Platts oilgram news julio 4 2016 pag 6 articulo Colombia oil orlando hernandezOrlando Hernandez
 
Shale: What You May Not Know
Shale: What You May Not KnowShale: What You May Not Know
Shale: What You May Not Knowadvwealth
 
Northeast Gas Association's 2016 Statistical Guide
Northeast Gas Association's 2016 Statistical GuideNortheast Gas Association's 2016 Statistical Guide
Northeast Gas Association's 2016 Statistical GuideMarcellus Drilling News
 

What's hot (20)

Us shale gas industry analysis
Us shale gas industry analysisUs shale gas industry analysis
Us shale gas industry analysis
 
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?
 
Ceres flaringup
Ceres flaringupCeres flaringup
Ceres flaringup
 
Study - LNG - Liquefied Natural Gas - May 2017
Study -  LNG - Liquefied Natural Gas - May 2017Study -  LNG - Liquefied Natural Gas - May 2017
Study - LNG - Liquefied Natural Gas - May 2017
 
North America Energy Landscape
North America Energy LandscapeNorth America Energy Landscape
North America Energy Landscape
 
Energy Equipment & Services: Industry Insights & Happenings
Energy Equipment & Services: Industry Insights & HappeningsEnergy Equipment & Services: Industry Insights & Happenings
Energy Equipment & Services: Industry Insights & Happenings
 
Shale Gas - Game Changing Turnaround in Gas Markets
Shale Gas - Game Changing Turnaround in Gas MarketsShale Gas - Game Changing Turnaround in Gas Markets
Shale Gas - Game Changing Turnaround in Gas Markets
 
Bakken - has the bubble burst?
Bakken - has the bubble burst? Bakken - has the bubble burst?
Bakken - has the bubble burst?
 
Fukushima Nuclear Disaster Impact on Global LNG Prices
Fukushima Nuclear Disaster Impact on Global LNG PricesFukushima Nuclear Disaster Impact on Global LNG Prices
Fukushima Nuclear Disaster Impact on Global LNG Prices
 
Pembina pipeline pitchbook
Pembina pipeline   pitchbookPembina pipeline   pitchbook
Pembina pipeline pitchbook
 
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...
Report to the General Assembly on Pipeline Placement of Natural Gas Gathering...
 
April 2013 Energy Index - Bord Gáis Energy
April 2013 Energy Index - Bord Gáis EnergyApril 2013 Energy Index - Bord Gáis Energy
April 2013 Energy Index - Bord Gáis Energy
 
Report: LNG and Renewable Power: Risk and Opportunity in a Changing World
Report: LNG and Renewable Power: Risk and Opportunity in a Changing WorldReport: LNG and Renewable Power: Risk and Opportunity in a Changing World
Report: LNG and Renewable Power: Risk and Opportunity in a Changing World
 
July 2013 Energy Index - Bord Gáis Energy
July 2013 Energy Index - Bord Gáis EnergyJuly 2013 Energy Index - Bord Gáis Energy
July 2013 Energy Index - Bord Gáis Energy
 
Pennsylvania Gas Outlook Report - June 2015
Pennsylvania Gas Outlook Report - June 2015Pennsylvania Gas Outlook Report - June 2015
Pennsylvania Gas Outlook Report - June 2015
 
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conference
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conferenceGivens overview of Crude, Natural Gas, NGLs at Argus 2012 conference
Givens overview of Crude, Natural Gas, NGLs at Argus 2012 conference
 
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...
FEX | Industrie & Energie | 131112 | Conferentie Schaliegas & Olie | Presenta...
 
Platts oilgram news julio 4 2016 pag 6 articulo Colombia oil orlando hernandez
Platts oilgram news julio 4 2016  pag 6 articulo Colombia oil orlando hernandezPlatts oilgram news julio 4 2016  pag 6 articulo Colombia oil orlando hernandez
Platts oilgram news julio 4 2016 pag 6 articulo Colombia oil orlando hernandez
 
Shale: What You May Not Know
Shale: What You May Not KnowShale: What You May Not Know
Shale: What You May Not Know
 
Northeast Gas Association's 2016 Statistical Guide
Northeast Gas Association's 2016 Statistical GuideNortheast Gas Association's 2016 Statistical Guide
Northeast Gas Association's 2016 Statistical Guide
 

Viewers also liked

Bloomberg Intelligence: East Meets West
Bloomberg Intelligence: East Meets WestBloomberg Intelligence: East Meets West
Bloomberg Intelligence: East Meets WestBloomberg LP
 
Gas bulls should pray cause da' bears may own the day
Gas bulls should pray cause da' bears may own the dayGas bulls should pray cause da' bears may own the day
Gas bulls should pray cause da' bears may own the dayBloomberg LP
 
Bloomberg Intelligence: US Consumer Goods Outlook 2015
Bloomberg Intelligence: US Consumer Goods Outlook 2015Bloomberg Intelligence: US Consumer Goods Outlook 2015
Bloomberg Intelligence: US Consumer Goods Outlook 2015Bloomberg LP
 
Credit, slower output, spending to hit E&Ps in 2016
Credit, slower output, spending to hit E&Ps in 2016Credit, slower output, spending to hit E&Ps in 2016
Credit, slower output, spending to hit E&Ps in 2016Bloomberg LP
 
Three seismic shifts that are shaking up the world of energy
Three seismic shifts that are shaking up the world of energy Three seismic shifts that are shaking up the world of energy
Three seismic shifts that are shaking up the world of energy Bloomberg LP
 
Bloomberg Intelligence: US Communications Outlook 2015
Bloomberg Intelligence: US Communications Outlook 2015Bloomberg Intelligence: US Communications Outlook 2015
Bloomberg Intelligence: US Communications Outlook 2015Bloomberg LP
 
Let's talk turkey: Thanksgiving pricing study
Let's talk turkey: Thanksgiving pricing studyLet's talk turkey: Thanksgiving pricing study
Let's talk turkey: Thanksgiving pricing studyBloomberg LP
 
Bloomberg Intelligence: US Financials Outlook 2015
Bloomberg Intelligence: US Financials Outlook 2015Bloomberg Intelligence: US Financials Outlook 2015
Bloomberg Intelligence: US Financials Outlook 2015Bloomberg LP
 
Bloomberg Intelligence: US Healthcare Outlook 2015
Bloomberg Intelligence: US Healthcare Outlook 2015Bloomberg Intelligence: US Healthcare Outlook 2015
Bloomberg Intelligence: US Healthcare Outlook 2015Bloomberg LP
 
Precious metals mining: The pros and cons of the gold standard
Precious metals mining: The pros and cons of the gold standardPrecious metals mining: The pros and cons of the gold standard
Precious metals mining: The pros and cons of the gold standardBloomberg LP
 
Greek Risk Timeline: Dates to Watch
Greek Risk Timeline: Dates to WatchGreek Risk Timeline: Dates to Watch
Greek Risk Timeline: Dates to WatchBloomberg LP
 
Payments industry watches for inflections in mobile, credit
Payments industry watches for inflections in mobile, creditPayments industry watches for inflections in mobile, credit
Payments industry watches for inflections in mobile, creditBloomberg LP
 
Bloomberg Intelligence: India Budget: Petroleum Impact
Bloomberg Intelligence: India Budget: Petroleum ImpactBloomberg Intelligence: India Budget: Petroleum Impact
Bloomberg Intelligence: India Budget: Petroleum ImpactBloomberg LP
 
Luxury goods and currency impact
Luxury goods and currency impactLuxury goods and currency impact
Luxury goods and currency impactBloomberg LP
 
2016 Election: Who will win the TV ad races?
2016 Election: Who will win the TV ad races?2016 Election: Who will win the TV ad races?
2016 Election: Who will win the TV ad races?Bloomberg LP
 
Mobile, video, gaming convergence brings opportunities
Mobile, video, gaming convergence brings opportunitiesMobile, video, gaming convergence brings opportunities
Mobile, video, gaming convergence brings opportunitiesBloomberg LP
 
Dissecting the E&P rally: Tailwinds not helping at all
Dissecting the E&P rally: Tailwinds not helping at allDissecting the E&P rally: Tailwinds not helping at all
Dissecting the E&P rally: Tailwinds not helping at allBloomberg LP
 
Onshore disposal is fracking’s next battleground
Onshore disposal is fracking’s next battlegroundOnshore disposal is fracking’s next battleground
Onshore disposal is fracking’s next battlegroundBloomberg LP
 
2016 summer box office: Set to sizzle?
2016 summer box office: Set to sizzle?2016 summer box office: Set to sizzle?
2016 summer box office: Set to sizzle?Bloomberg LP
 
Channel checks in China’s metal markets
Channel checks in China’s metal marketsChannel checks in China’s metal markets
Channel checks in China’s metal marketsBloomberg LP
 

Viewers also liked (20)

Bloomberg Intelligence: East Meets West
Bloomberg Intelligence: East Meets WestBloomberg Intelligence: East Meets West
Bloomberg Intelligence: East Meets West
 
Gas bulls should pray cause da' bears may own the day
Gas bulls should pray cause da' bears may own the dayGas bulls should pray cause da' bears may own the day
Gas bulls should pray cause da' bears may own the day
 
Bloomberg Intelligence: US Consumer Goods Outlook 2015
Bloomberg Intelligence: US Consumer Goods Outlook 2015Bloomberg Intelligence: US Consumer Goods Outlook 2015
Bloomberg Intelligence: US Consumer Goods Outlook 2015
 
Credit, slower output, spending to hit E&Ps in 2016
Credit, slower output, spending to hit E&Ps in 2016Credit, slower output, spending to hit E&Ps in 2016
Credit, slower output, spending to hit E&Ps in 2016
 
Three seismic shifts that are shaking up the world of energy
Three seismic shifts that are shaking up the world of energy Three seismic shifts that are shaking up the world of energy
Three seismic shifts that are shaking up the world of energy
 
Bloomberg Intelligence: US Communications Outlook 2015
Bloomberg Intelligence: US Communications Outlook 2015Bloomberg Intelligence: US Communications Outlook 2015
Bloomberg Intelligence: US Communications Outlook 2015
 
Let's talk turkey: Thanksgiving pricing study
Let's talk turkey: Thanksgiving pricing studyLet's talk turkey: Thanksgiving pricing study
Let's talk turkey: Thanksgiving pricing study
 
Bloomberg Intelligence: US Financials Outlook 2015
Bloomberg Intelligence: US Financials Outlook 2015Bloomberg Intelligence: US Financials Outlook 2015
Bloomberg Intelligence: US Financials Outlook 2015
 
Bloomberg Intelligence: US Healthcare Outlook 2015
Bloomberg Intelligence: US Healthcare Outlook 2015Bloomberg Intelligence: US Healthcare Outlook 2015
Bloomberg Intelligence: US Healthcare Outlook 2015
 
Precious metals mining: The pros and cons of the gold standard
Precious metals mining: The pros and cons of the gold standardPrecious metals mining: The pros and cons of the gold standard
Precious metals mining: The pros and cons of the gold standard
 
Greek Risk Timeline: Dates to Watch
Greek Risk Timeline: Dates to WatchGreek Risk Timeline: Dates to Watch
Greek Risk Timeline: Dates to Watch
 
Payments industry watches for inflections in mobile, credit
Payments industry watches for inflections in mobile, creditPayments industry watches for inflections in mobile, credit
Payments industry watches for inflections in mobile, credit
 
Bloomberg Intelligence: India Budget: Petroleum Impact
Bloomberg Intelligence: India Budget: Petroleum ImpactBloomberg Intelligence: India Budget: Petroleum Impact
Bloomberg Intelligence: India Budget: Petroleum Impact
 
Luxury goods and currency impact
Luxury goods and currency impactLuxury goods and currency impact
Luxury goods and currency impact
 
2016 Election: Who will win the TV ad races?
2016 Election: Who will win the TV ad races?2016 Election: Who will win the TV ad races?
2016 Election: Who will win the TV ad races?
 
Mobile, video, gaming convergence brings opportunities
Mobile, video, gaming convergence brings opportunitiesMobile, video, gaming convergence brings opportunities
Mobile, video, gaming convergence brings opportunities
 
Dissecting the E&P rally: Tailwinds not helping at all
Dissecting the E&P rally: Tailwinds not helping at allDissecting the E&P rally: Tailwinds not helping at all
Dissecting the E&P rally: Tailwinds not helping at all
 
Onshore disposal is fracking’s next battleground
Onshore disposal is fracking’s next battlegroundOnshore disposal is fracking’s next battleground
Onshore disposal is fracking’s next battleground
 
2016 summer box office: Set to sizzle?
2016 summer box office: Set to sizzle?2016 summer box office: Set to sizzle?
2016 summer box office: Set to sizzle?
 
Channel checks in China’s metal markets
Channel checks in China’s metal marketsChannel checks in China’s metal markets
Channel checks in China’s metal markets
 

Similar to Blame the northeast for low natural gas prices

Uncertainty is Clouding the Energy Trading Outlook
Uncertainty is Clouding the Energy Trading OutlookUncertainty is Clouding the Energy Trading Outlook
Uncertainty is Clouding the Energy Trading OutlookCTRM Center
 
Dr Dev Kambhampati | DOE- LNG PRIMER
Dr Dev Kambhampati | DOE- LNG PRIMERDr Dev Kambhampati | DOE- LNG PRIMER
Dr Dev Kambhampati | DOE- LNG PRIMERDr Dev Kambhampati
 
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...Marcellus Drilling News
 
Bord Gáis Energy Index October 2015
Bord Gáis Energy Index October 2015Bord Gáis Energy Index October 2015
Bord Gáis Energy Index October 2015Bord Gáis Energy
 
Understanding natural gas markets
Understanding natural gas marketsUnderstanding natural gas markets
Understanding natural gas marketsGE 94
 
Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment
 Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment
Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability AssessmentDr Dev Kambhampati
 
2019 Election| Natural Resources| LNG| Canada| July 2019
2019 Election| Natural Resources| LNG| Canada| July 20192019 Election| Natural Resources| LNG| Canada| July 2019
2019 Election| Natural Resources| LNG| Canada| July 2019paul young cpa, cga
 
2019 Election| LNG| Natural Resources| Canada| August 2019
2019 Election| LNG| Natural Resources| Canada| August 20192019 Election| LNG| Natural Resources| Canada| August 2019
2019 Election| LNG| Natural Resources| Canada| August 2019paul young cpa, cga
 
EY Price Point: global oil and gas market outlook, Q2 | April 2022
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY Price Point: global oil and gas market outlook, Q2 | April 2022
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
 
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...Marcellus Drilling News
 
New Age Energy Markets - Challenges for Utilities, IPPs and Traders
New Age Energy Markets - Challenges for Utilities, IPPs and TradersNew Age Energy Markets - Challenges for Utilities, IPPs and Traders
New Age Energy Markets - Challenges for Utilities, IPPs and TradersCTRM Center
 
Plg broe presentation final v gb 062314
Plg broe presentation final v gb 062314Plg broe presentation final v gb 062314
Plg broe presentation final v gb 062314PLG Consulting
 
Building An Earnings Accretive Energy Company
Building An Earnings Accretive Energy CompanyBuilding An Earnings Accretive Energy Company
Building An Earnings Accretive Energy CompanyKW Miller
 
Warlick International WCLI Presentation 8 Oct2009
Warlick International WCLI Presentation 8 Oct2009Warlick International WCLI Presentation 8 Oct2009
Warlick International WCLI Presentation 8 Oct2009Warlick International
 
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...PointLogicEnergy
 
Deloitte: Oil and Gas Reality Check 2014
Deloitte: Oil and Gas Reality Check 2014Deloitte: Oil and Gas Reality Check 2014
Deloitte: Oil and Gas Reality Check 2014Marcellus Drilling News
 
A Crude Oil Overview Part 2 Summer 2012
A Crude Oil  Overview Part 2 Summer 2012A Crude Oil  Overview Part 2 Summer 2012
A Crude Oil Overview Part 2 Summer 2012Shamik Bhose
 

Similar to Blame the northeast for low natural gas prices (20)

Uncertainty is Clouding the Energy Trading Outlook
Uncertainty is Clouding the Energy Trading OutlookUncertainty is Clouding the Energy Trading Outlook
Uncertainty is Clouding the Energy Trading Outlook
 
Dr Dev Kambhampati | DOE- LNG PRIMER
Dr Dev Kambhampati | DOE- LNG PRIMERDr Dev Kambhampati | DOE- LNG PRIMER
Dr Dev Kambhampati | DOE- LNG PRIMER
 
Gas Market
Gas MarketGas Market
Gas Market
 
Gas presentation
Gas presentationGas presentation
Gas presentation
 
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...
Wacko Report - A Bridge Too Far: How Appalachian Basin Gas Pipeline Expansion...
 
Bord Gáis Energy Index October 2015
Bord Gáis Energy Index October 2015Bord Gáis Energy Index October 2015
Bord Gáis Energy Index October 2015
 
Understanding natural gas markets
Understanding natural gas marketsUnderstanding natural gas markets
Understanding natural gas markets
 
Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment
 Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment
Dr Dev Kambhampati | FERC- Summer 2014 Energy Market & Reliability Assessment
 
2019 Election| Natural Resources| LNG| Canada| July 2019
2019 Election| Natural Resources| LNG| Canada| July 20192019 Election| Natural Resources| LNG| Canada| July 2019
2019 Election| Natural Resources| LNG| Canada| July 2019
 
2019 Election| LNG| Natural Resources| Canada| August 2019
2019 Election| LNG| Natural Resources| Canada| August 20192019 Election| LNG| Natural Resources| Canada| August 2019
2019 Election| LNG| Natural Resources| Canada| August 2019
 
EY Price Point: global oil and gas market outlook, Q2 | April 2022
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY Price Point: global oil and gas market outlook, Q2 | April 2022
EY Price Point: global oil and gas market outlook, Q2 | April 2022
 
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...
S&P: How The Marcellus Shale Is Changing The Dynamics Of The U.S. Energy Indu...
 
Shale gas
Shale gasShale gas
Shale gas
 
New Age Energy Markets - Challenges for Utilities, IPPs and Traders
New Age Energy Markets - Challenges for Utilities, IPPs and TradersNew Age Energy Markets - Challenges for Utilities, IPPs and Traders
New Age Energy Markets - Challenges for Utilities, IPPs and Traders
 
Plg broe presentation final v gb 062314
Plg broe presentation final v gb 062314Plg broe presentation final v gb 062314
Plg broe presentation final v gb 062314
 
Building An Earnings Accretive Energy Company
Building An Earnings Accretive Energy CompanyBuilding An Earnings Accretive Energy Company
Building An Earnings Accretive Energy Company
 
Warlick International WCLI Presentation 8 Oct2009
Warlick International WCLI Presentation 8 Oct2009Warlick International WCLI Presentation 8 Oct2009
Warlick International WCLI Presentation 8 Oct2009
 
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...
 
Deloitte: Oil and Gas Reality Check 2014
Deloitte: Oil and Gas Reality Check 2014Deloitte: Oil and Gas Reality Check 2014
Deloitte: Oil and Gas Reality Check 2014
 
A Crude Oil Overview Part 2 Summer 2012
A Crude Oil  Overview Part 2 Summer 2012A Crude Oil  Overview Part 2 Summer 2012
A Crude Oil Overview Part 2 Summer 2012
 

More from Bloomberg LP

Asean-5’s Challenges May Persist Into 2018
Asean-5’s Challenges May Persist Into 2018Asean-5’s Challenges May Persist Into 2018
Asean-5’s Challenges May Persist Into 2018Bloomberg LP
 
Asia Economics Outlook 2018
Asia Economics Outlook 2018Asia Economics Outlook 2018
Asia Economics Outlook 2018Bloomberg LP
 
Global ESG 2018 Outlook
Global ESG 2018 OutlookGlobal ESG 2018 Outlook
Global ESG 2018 OutlookBloomberg LP
 
Global ESG 2017 Outlook
Global ESG 2017 OutlookGlobal ESG 2017 Outlook
Global ESG 2017 OutlookBloomberg LP
 
Global healthcare 2017 outlook
Global healthcare 2017 outlookGlobal healthcare 2017 outlook
Global healthcare 2017 outlookBloomberg LP
 
Global metals & mining 2017 outlook
Global metals & mining 2017 outlookGlobal metals & mining 2017 outlook
Global metals & mining 2017 outlookBloomberg LP
 
Headaches still evident in migraine market
Headaches still evident in migraine marketHeadaches still evident in migraine market
Headaches still evident in migraine marketBloomberg LP
 
Chains that embrace technology fare best in restaurant wars
Chains that embrace technology fare best in restaurant warsChains that embrace technology fare best in restaurant wars
Chains that embrace technology fare best in restaurant warsBloomberg LP
 
In fast food wars, scale matters
In fast food wars, scale mattersIn fast food wars, scale matters
In fast food wars, scale mattersBloomberg LP
 
China capitulates: Another round of auto stimulus
China capitulates: Another round of auto stimulusChina capitulates: Another round of auto stimulus
China capitulates: Another round of auto stimulusBloomberg LP
 
EMEA energy: 2016 outlook
EMEA energy: 2016 outlookEMEA energy: 2016 outlook
EMEA energy: 2016 outlookBloomberg LP
 
Global cable & satellite: 2016 outlook
Global cable & satellite: 2016 outlookGlobal cable & satellite: 2016 outlook
Global cable & satellite: 2016 outlookBloomberg LP
 
Asia-Pacific energy: 2016 outlook
Asia-Pacific energy: 2016 outlookAsia-Pacific energy: 2016 outlook
Asia-Pacific energy: 2016 outlookBloomberg LP
 
North American energy 2016 outlook
North American energy 2016 outlookNorth American energy 2016 outlook
North American energy 2016 outlookBloomberg LP
 
Global consumer discretionary: 2016 outlook
Global consumer discretionary: 2016 outlookGlobal consumer discretionary: 2016 outlook
Global consumer discretionary: 2016 outlookBloomberg LP
 
Global aerospace: 2016 outlook
Global aerospace: 2016 outlookGlobal aerospace: 2016 outlook
Global aerospace: 2016 outlookBloomberg LP
 
Global metals & materials: 2016 outlook
Global metals & materials: 2016 outlookGlobal metals & materials: 2016 outlook
Global metals & materials: 2016 outlookBloomberg LP
 
Global technology 2016 outlook
Global technology 2016 outlookGlobal technology 2016 outlook
Global technology 2016 outlookBloomberg LP
 
Apps help restaurants counter social media shifts
Apps help restaurants counter social media shiftsApps help restaurants counter social media shifts
Apps help restaurants counter social media shiftsBloomberg LP
 
Can the 'Star Wars' force awaken a holiday record?
Can the 'Star Wars' force awaken a holiday record?Can the 'Star Wars' force awaken a holiday record?
Can the 'Star Wars' force awaken a holiday record?Bloomberg LP
 

More from Bloomberg LP (20)

Asean-5’s Challenges May Persist Into 2018
Asean-5’s Challenges May Persist Into 2018Asean-5’s Challenges May Persist Into 2018
Asean-5’s Challenges May Persist Into 2018
 
Asia Economics Outlook 2018
Asia Economics Outlook 2018Asia Economics Outlook 2018
Asia Economics Outlook 2018
 
Global ESG 2018 Outlook
Global ESG 2018 OutlookGlobal ESG 2018 Outlook
Global ESG 2018 Outlook
 
Global ESG 2017 Outlook
Global ESG 2017 OutlookGlobal ESG 2017 Outlook
Global ESG 2017 Outlook
 
Global healthcare 2017 outlook
Global healthcare 2017 outlookGlobal healthcare 2017 outlook
Global healthcare 2017 outlook
 
Global metals & mining 2017 outlook
Global metals & mining 2017 outlookGlobal metals & mining 2017 outlook
Global metals & mining 2017 outlook
 
Headaches still evident in migraine market
Headaches still evident in migraine marketHeadaches still evident in migraine market
Headaches still evident in migraine market
 
Chains that embrace technology fare best in restaurant wars
Chains that embrace technology fare best in restaurant warsChains that embrace technology fare best in restaurant wars
Chains that embrace technology fare best in restaurant wars
 
In fast food wars, scale matters
In fast food wars, scale mattersIn fast food wars, scale matters
In fast food wars, scale matters
 
China capitulates: Another round of auto stimulus
China capitulates: Another round of auto stimulusChina capitulates: Another round of auto stimulus
China capitulates: Another round of auto stimulus
 
EMEA energy: 2016 outlook
EMEA energy: 2016 outlookEMEA energy: 2016 outlook
EMEA energy: 2016 outlook
 
Global cable & satellite: 2016 outlook
Global cable & satellite: 2016 outlookGlobal cable & satellite: 2016 outlook
Global cable & satellite: 2016 outlook
 
Asia-Pacific energy: 2016 outlook
Asia-Pacific energy: 2016 outlookAsia-Pacific energy: 2016 outlook
Asia-Pacific energy: 2016 outlook
 
North American energy 2016 outlook
North American energy 2016 outlookNorth American energy 2016 outlook
North American energy 2016 outlook
 
Global consumer discretionary: 2016 outlook
Global consumer discretionary: 2016 outlookGlobal consumer discretionary: 2016 outlook
Global consumer discretionary: 2016 outlook
 
Global aerospace: 2016 outlook
Global aerospace: 2016 outlookGlobal aerospace: 2016 outlook
Global aerospace: 2016 outlook
 
Global metals & materials: 2016 outlook
Global metals & materials: 2016 outlookGlobal metals & materials: 2016 outlook
Global metals & materials: 2016 outlook
 
Global technology 2016 outlook
Global technology 2016 outlookGlobal technology 2016 outlook
Global technology 2016 outlook
 
Apps help restaurants counter social media shifts
Apps help restaurants counter social media shiftsApps help restaurants counter social media shifts
Apps help restaurants counter social media shifts
 
Can the 'Star Wars' force awaken a holiday record?
Can the 'Star Wars' force awaken a holiday record?Can the 'Star Wars' force awaken a holiday record?
Can the 'Star Wars' force awaken a holiday record?
 

Recently uploaded

Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptxSlideshare - ONS Economic Forum Slidepack - 13 May 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptxOffice for National Statistics
 
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...asli amil baba bengali black magic kala jadu expert in uk usa canada france c...
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...israjan914
 
Shrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfShrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfvikashdidwania1
 
DSP Gold ETF Fund of Fund PPT - April'2024
DSP Gold ETF Fund of Fund PPT - April'2024DSP Gold ETF Fund of Fund PPT - April'2024
DSP Gold ETF Fund of Fund PPT - April'2024DSP Mutual Fund
 
Tourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse damTourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse dammataekepule
 
The Pfandbrief Roundtable 2024 - Covered Bonds
The Pfandbrief Roundtable 2024 - Covered BondsThe Pfandbrief Roundtable 2024 - Covered Bonds
The Pfandbrief Roundtable 2024 - Covered BondsNeil Day
 
FEW OF THE DEVELOPMENTS FOUND IN LESOTHO
FEW OF THE DEVELOPMENTS FOUND IN LESOTHOFEW OF THE DEVELOPMENTS FOUND IN LESOTHO
FEW OF THE DEVELOPMENTS FOUND IN LESOTHOMantsepisengTubatsi
 
amil baba in australia amil baba in canada amil baba in london amil baba in g...
amil baba in australia amil baba in canada amil baba in london amil baba in g...amil baba in australia amil baba in canada amil baba in london amil baba in g...
amil baba in australia amil baba in canada amil baba in london amil baba in g...israjan914
 
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书atedyxc
 
black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...batoole333
 
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...rightmanforbloodline
 
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...batoole333
 
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfSatoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfcoingabbar
 
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdfAdnet Communications
 
black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...batoole333
 
a study on customer perception towards mutual funds
a study on customer perception towards mutual fundsa study on customer perception towards mutual funds
a study on customer perception towards mutual fundsShivangiChaurasiya3
 
Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Adnet Communications
 
Q1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfQ1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfAdnet Communications
 

Recently uploaded (20)

Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptxSlideshare - ONS Economic Forum Slidepack - 13 May 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 13 May 2024.pptx
 
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...asli amil baba bengali black magic kala jadu expert in uk usa canada france c...
asli amil baba bengali black magic kala jadu expert in uk usa canada france c...
 
Shrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfShrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdf
 
DSP Gold ETF Fund of Fund PPT - April'2024
DSP Gold ETF Fund of Fund PPT - April'2024DSP Gold ETF Fund of Fund PPT - April'2024
DSP Gold ETF Fund of Fund PPT - April'2024
 
Tourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse damTourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse dam
 
The Pfandbrief Roundtable 2024 - Covered Bonds
The Pfandbrief Roundtable 2024 - Covered BondsThe Pfandbrief Roundtable 2024 - Covered Bonds
The Pfandbrief Roundtable 2024 - Covered Bonds
 
FEW OF THE DEVELOPMENTS FOUND IN LESOTHO
FEW OF THE DEVELOPMENTS FOUND IN LESOTHOFEW OF THE DEVELOPMENTS FOUND IN LESOTHO
FEW OF THE DEVELOPMENTS FOUND IN LESOTHO
 
amil baba in australia amil baba in canada amil baba in london amil baba in g...
amil baba in australia amil baba in canada amil baba in london amil baba in g...amil baba in australia amil baba in canada amil baba in london amil baba in g...
amil baba in australia amil baba in canada amil baba in london amil baba in g...
 
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
 
black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...
 
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
 
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...
No 1 Top Love marriage specialist baba ji amil baba kala ilam powerful vashik...
 
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfSatoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
 
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
 
black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...black magic removal amil baba in pakistan karachi islamabad america canada uk...
black magic removal amil baba in pakistan karachi islamabad america canada uk...
 
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRYDIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
 
Abortion pills in Dammam Saudi Arabia | +966572737505 |Get Cytotec
Abortion pills in Dammam Saudi Arabia | +966572737505 |Get CytotecAbortion pills in Dammam Saudi Arabia | +966572737505 |Get Cytotec
Abortion pills in Dammam Saudi Arabia | +966572737505 |Get Cytotec
 
a study on customer perception towards mutual funds
a study on customer perception towards mutual fundsa study on customer perception towards mutual funds
a study on customer perception towards mutual funds
 
Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024
 
Q1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfQ1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdf
 

Blame the northeast for low natural gas prices

  • 1. Blame the Northeast for Low Natural Gas Prices Bloomberg Intelligence Vincent Piazza and Gurpal Dosanjh Analysts
  • 2. The secular growth in hydrocarbon output from the prolific Northeast collides with the cyclical, seasonal demand for natural gas -- yielding a structural imbalance. While the imbalance will narrow and prices should improve over time, volume should continue to challenge the pace of infrastructure build out, continuing to pressure basis differentials in a market that once was a premium priced region.
  • 3. Northeast gas boom may hurt prices nationwide through 2017
  • 4. Prodigious production of natural gas and liquids such as ethane and propane in the U.S. Northeast will keep pressure on gathering, processing and transportation infrastructure into 2017, even amid a steady expansion of capacity. Prices in the region may be depressed by these bottlenecks, and other hubs will also be affected as Marcellus and Utica production displaces natural gas transported to the northeast. Incremental output flowing to the southeast and midwest will compete with gas produced in those areas.
  • 5. Marcellus, Utica gas output will displace other regions’ volumes
  • 6. Natural gas volume growth in the U.S. Northeast is likely to slow through 2017 as production rises faster than pipeline capacity, pressuring price differentials across the region. Operators have sought out new markets to absorb the excess volume, helping to dilute seasonal supply and demand imbalances and boost prices. A reversal of typical Northeast flow will hurt basis prices across the U.S. in the long term. Marcellus and Utica output may surpass 19 billion cubic feet a day in September, about 25% of U.S. volume.
  • 7. Marcellus output growth will slow from historical highs, yet volume will remain robust and likely continue to outrun pipeline capacity. Growth in the Utica is also pipeline-constrained. Range, Cabot, EQT, Exxon Mobil, Chevron, Southwestern and Chesapeake are significant producers in the region.
  • 8.
  • 9. Plethora of Northeast gas pressures other markets into 2017
  • 10. The price spread between cheap Northeast U.S. natural gas and more expensive Henry Hub gas will stay wide through at least 2017, when additional pipeline capacity comes online. The Northeast, historically a region with premium pricing that imports gas during high seasonal demand, is now more reliant on its own lower-cost output. However, limited intermittent takeaway capacity has reduced prices. With more takeaway, its gas will find new markets and differentials may improve while prices elsewhere are pressured.
  • 11.
  • 12. Northeast U.S. gas pipeline additions may affect regional prices
  • 13. About 30 billion cubic feet a day of pipeline reversal, expansion and new construction projects may be built through 2018, helping Northeast U.S. E&Ps transport gas within and out of the region. About 17 bcf could be sent to the Gulf Coast and South, competing with legacy gas and suppressing prices. About 6 bcf may flow east, increasing supply to capacity-short New England and reducing extreme seasonal pricing in Boston. An additional 5 bcf of capacity will head toward the Midwest, displacing gas from the Rockies.
  • 14. Expanded pipeline infrastructure should ease bottlenecks in the Marcellus and Utica plays for producers with natural gas exposure such as Range Resources, Cabot, EQT, Southwestern, Hess, Anadarko and Chesapeake Energy. Added capacity should also help ease wide Northeast pricing differentials.
  • 15. Northeast Natural Gas Pipeline Projects Year Flow Direction * Total assumes reversal, expanded, and new pipeline capacity Source: EIA, RBN, Bloomberg Intelligence 2015 2016 2017 2018 Total* East GC & South Midwest Other Total Northeast Capacity (Bcf/day) Northeast Capacity (Bcf/day) 3.56 4.37 13.72 8.3 29.98 3.56 4.37 13.72 8.3 30
  • 16. NGL price pressure to remain as Northeast adds to oversupply
  • 17. The Marcellus output glut that’s straining infrastructure is also depressing prices of natural gas liquids. NGL supply has surged 12-fold in the past five years. While output growth will be more subdued, demand will lag behind rising volume, forcing producers to leave ethane, the largest NGL component, in the gas stream. Projects such as Mariner East and West will allow ethane exports from the Northeast U.S. While Enterprise’s propane connector will join East and West Coast flows, domestic oversupply will remain.
  • 18. Natural gas liquids, also referred to as “wet gas,” may be extracted from a well’s hydrocarbon stream. Range Resources, Chesapeake, Gulfport, Chevron, Hess and EQT have exposure to Northeast plays such as the Marcellus and Utica that have wet gas, condensate and dry gas windows.
  • 19.
  • 20. Natural gas, NGL flows rebalance, yet weak prices will persist
  • 21. Abundant natural gas liquids from the three key U.S. oil plays, along with stout natural gas volume from the Northeast, will maintain pressure on regional gas and NGL prices even with potential export demand. Volume will converge along the Gulf Coast and Southeast as flows rebalance. Associated gas from the main oil plays accounts for about 20% of total domestic output, while Northeast gas makes up 25%. Less drilling will narrow the supply and demand imbalance, though expected demand may weaken if exports don’t materialize.
  • 22. Gas and NGL prices will remain depressed in the long term given the output glut balanced against demand. Export potential may narrow imbalances as well as less liquids drilling. Exxon Mobil, Range, Southwestern, Chesapeake, Devon, Anadarko and EOG Resources are large companies with gas exposure.
  • 23. Spreading successful Utica tests don’t bode well for gas prices
  • 24. Operators have successfully tested in the Utica across Ohio, West Virginia and Pennsylvania with varying levels of success. Drilling and completion methods in the play, which lies below the Marcellus, have extended the potential of the Appalachian Basin. Should Utica operators lower their costs, the basin will be awash with cheaper natural gas. Similarly, the transition from exploration to full-scale development and exploitation of the Marcellus brought prolific output and lower unit costs.
  • 25. Bloomberg Intelligence offers valuable insight and company data, interactive charting and written analysis with government, credit insights from a team of independent experts, giving trading and investment professionals deep insight into where crucial industries start today and where they may be heading next.