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How natural gas is withstanding
the energy market collapse

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Posted By: StormCnter, 5/2/2020 4:37:08 AM

Natural gas is withstanding the coronavirus-fueled economic crash in a way that its closely associated relative, oil, isn’t. Oil prices have reached record lows, with the U.S. benchmark oil price briefly dropping below zero last month after trading at around $60 per barrel at the start of 2020. The U.S. natural gas price, meanwhile, is stable, staying below $2 per million British thermal units, or MMBtu, a historically low level it has been hovering at for a while due to a glut produced from the shale boom. Oil producers are shutting in their wells, prompting tens of thousands of layoffs, because the pace of the price collapse was so sudden,

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In our southwest Texas ranching area, most ranchers are heavily dependent on the natural gas production from our deep wells (not shale). This article encourages optimism for us.

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Reply 1 - Posted by: franq 5/2/2020 7:53:23 AM (No. 398234)
Good news. Unlike oil, I haven't seen any articles about the downside of cheap natural gas. It's been 45 years, but I'm pretty sure my high school Social Studies class taught that we were supposed to be out of both by now.
7 people like this.

Reply 2 - Posted by: Strike3 5/2/2020 8:06:02 AM (No. 398243)
Oil and the countries that have abundant supplies, particularly in the Middle East, have controlled the world and disrupted our lives since the 1970s. It has provided a lavish existence for former camel herders and started wars. I must admit that there is a little pleasure in seeing the industry stumble and realize that it too, is not omnipotent.
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Reply 3 - Posted by: MDConservative 5/2/2020 9:44:54 AM (No. 398366)
The gas industry works on the cheap because it has been on the cheap for years already. Producers and the supply chain have adapted to market conditions. Oil has not. It's long term challenges include subsidized alternatives and growing efficiency of use, including higher-mileage cars and recycling. It will doubtless become the coal of the '20s...while natural gas is "clean burning", etc. while the developed world transits to clean, sustainable alternatives in that New Green earth vision. The oil industry has some real challenges ahead, from regulating its market to maintaining its usefulness in certain applications. Drill, baby, drill doesn't have much of a ring anymore.
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Reply 4 - Posted by: LC Chihuahua 5/2/2020 10:38:03 AM (No. 398446)
No doubt an essential business that's not at the mercy of the Saudis and the Russians.
3 people like this.

Reply 5 - Posted by: NYbob 5/2/2020 12:49:50 PM (No. 398601)
Corsa is still mining coal in Southwestern PA. Oil will always be used for some industrial products and this glut is a result of Putin's flailing struggle between a rock and a hard place. The world wide shutdown really intensified the problem, but unless there is a Launch party, eventually the demand will come back. What Russia, the Mid East and the mess in Venezuela look like by then is anyone's guess.
1 person likes this.

Reply 6 - Posted by: stablemoney 5/2/2020 1:41:48 PM (No. 398651)
A government intervention that shuts down the economy by an emergency declaration is not exactly an energy market collapse, not precisely, which I would prefer. But an emergency is not exactly what a pandemic spanning months, some would have years, would appear precise. Without the emergency, more reasonable actions might have been prescribed, instead of the unreasonable ones we got.
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Reply 7 - Posted by: NorthernDog 5/2/2020 1:52:18 PM (No. 398660)
That is some good news. Leftist communities are prohibiting the use of natural gas now. The fact that supplies are plentiful, price is stable, and consumers like it infuriates the Greenies.
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Reply 8 - Posted by: DVC 5/2/2020 4:41:30 PM (No. 398743)
Mostly it is hard to ship across oceans. Supply is more local. Russian and Saudi nat gas don't come to the USA much, if at all, so our markets are isolated from their feud.
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