Energy Prospectus

As I have posted here many times, natural gas prices are set on regional markets. The U.S. has many regions. Some areas are against pipelines so they have to pay outrageous gas and electric prices during the winter.

Reuters: "Gas prices at the New England Algonquin hub NG-CG-BS-SNL rose to $13.70 per million British thermal units (mmBtu) for Wednesday from $11.34 for Tuesday, the highest since January. That compares with an average of $4.67/mmBtu so far this year, $3.80 in calendar 2017 and a five-year average of $5.33."

Read: https://af.reuters.com/article/commodit ... FL2N1XW17W

I feel sorry for people that live in areas that fight hydrocarbon based energy, but elections do matter. Pipelines are the safest way to transport gas, oil and NGLs, but most New England states fight pipelines without realizing the impact on the environment or their utility bills.

From Bloomberg

A huge low-pressure system that swept through Canada’s Atlantic seaboard last week shut all of the region’s oil production. Only one field has restarted service in the storm’s wake, while another is battling an oil leak.

Waters off the province of Newfoundland and Labrador host four producing fields — Hibernia, Terra Nova, White Rose and Hebron — which yielded over 150,000 barrels of crude a day in September, according to the Offshore Petroleum Board. All four were shut ahead of the storm, operators said. Only Hebron has resumed operations, according to Lynn Evans, a spokeswoman for operator Exxon Mobil Canada.

Winds from the system reached 86 miles (138 kilometers) per hour, as strong as a Category 1 hurricane, and generated waves reaching 54 feet, said Joseph Sienkiewicz, ocean applications branch chief at the U.S. Ocean Prediction Center in College Park, Maryland. Swells from the storm reached across the Atlantic to the Canary Islands off the coast of Africa. “It was a very large storm,” he said.

Husky Energy Inc. is responding to an oil spill from its White Rose field that’s estimated at about 1,572 barrels. The company hasn’t indicated when service might resume.

Meanwhile, operator Suncor Energy Inc. may restart service at its Terra Nova field this weekend, according to a person familiar with the matter. The site was shut earlier this month for repairs to a gas leak, and was expected to resume service a few days later, the person said. That plan, however, fell through because of the storm. Suncor spokesman Paul Newmarch said the field remains offline and would return to operations once post-storm inspections were completed.