Pennsylvania
Pa. natural gas prices rise as production falls, report says | StateImpact Pennsylvania
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Rachel McDevitt
Rachel McDevitt is a reporter for StateImpact Pennsylvania at WITF.Rachel joined WITF in 2017 because the host of All Issues Thought of. She beforehand reported for WITF’s Radio Pennsylvania Community, the place her work earned the Nationwide Affiliation of State Radio Community’s award for greatest characteristic two years in a row. The western Pennsylvania native began her journalism profession with the CBS affiliate in Bridgeport, West Virginia. Rachel is a graduate of Temple College.
Marie Cusick / StateImpact Pennsylvania
Metering gear at a producing fuel nicely in Susquehanna County.
Pure fuel manufacturing fell within the state over the previous few months as costs continued to rise.
The newest report from the state’s Unbiased Fiscal Workplace reveals the common worth of Pennsylvania fuel reached $6.89 per million British thermal models within the third quarter of 2022.
That’s up greater than 94 % from the identical interval final 12 months when costs averaged $3.54 per MMBtu. Costs averaged $4.10 per MMBtu firstly of this 12 months.
In response to information from the Division of Environmental Safety, the amount of fuel pulled from Pennsylvania’s fracked wells fell by 0.8 % within the third quarter of 2022, in comparison with the identical time the earlier 12 months.
It was the third quarter in a row that manufacturing didn’t develop in comparison with the identical quarter the earlier 12 months and the strongest year-over-year drop in quarterly manufacturing since month-to-month information began to be printed in 2015.
On the similar time, firms drilled 158 new wells, a 42 % improve over the identical interval in 2021.
The IFO says the brand new drilling was probably in response to excessive fuel costs.
The federal Power Data Company is predicting pure fuel costs on the U.S. benchmark Henry Hub will common $6.09 per MMBtu this winter, the best worth since winter 2009-10.
The EIA says that’s resulting from pure fuel storage ranges which are 4% beneath common heading into winter and extra demand for liquefied pure fuel.
The company expects Henry Hub costs will begin to go down within the spring of 2023 as manufacturing development continues and winter demand for heating subsides.
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