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Lower gas prices in 2023 continue to put pressure on drilling activity in the Haynesville Shale according to S&P Global.
- Nymex prompt Henry Hub gas futures have averaged about 2.57$/mmbtu year to date and just 2.44$/mmbtu in the daily cash market according to S&P Data.
- The number of drilling rigs in the Haynesville has steadily fallen this year from a record high of 85 rigs in late February along with a fall in new well starts and completions.
- Gas production in the Haynesville Shale is coming under pressure as in-basin activity slows. Modelled output has dropped below 16bcf/d on average in September from late summer highs around 16.3bcf/d.
- If the Haynesville's slowdown persists through Q4, gas production may continue to stagnate or even decline modestly.
- The Permian could emerge as the key for US gas growth into 2024 with pipeline capacity limitations in the Appalachian Shale basin.
Source: S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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