US natural gas prices could face some pressure from rising natural gas production, which is expected to rise to an average of 78.82 billion cubic feet per day for the full year and reach 85.53 billion cubic feet per day for 2018, according to the Energy Information Administration. "Increased takeaway capacity from Appalachia is expected to result in increased natural gas production in the coming months and could limit significant upward price pressure, although colder-than-normal temperatures throughout the rest of 2017 could contribute to price increases," the EIA said.
The Energy Information Administration expects US oil production to climb by 780,000 barrels per day to a record 10.02 million barrels per day in 2018 -- outpacing the agency's previous prediction for a 720,000-barrel-per-day increase. Additionally, the EIA sees US oil prices averaging $57 per barrel in 2018, up from the $55-per-barrel forecast last month.
Kalnin Ventures will buy $105 million worth of Marcellus Shale assets in Pennsylvania from Warren Resources. The acquisition in Wyoming County includes 35 producing wells and 23 proven and undeveloped well sites.
Carrizo Oil & Gas has reached an agreement to sell about 24,500 net acres in the Eagle Ford Shale to an unidentified buyer, with proceeds going toward debt repayment. The transaction, expected to be completed at the end of January, will leave Carrizo with a 78,500-net-acre position in the South Texas shale play.
US onshore drilling permit issuances could hit 5,000 in December -- the highest monthly level of this year -- if oil prices maintain their gains, according to investment bank Evercore ISI. The number of drilling permits issued in the first eight days of December reached 2,460, with New Mexico leading the gains.
Rep. Bill Johnson, R-Ohio, has introduced two bills that aim to encourage more US liquefied natural gas exports. The first measure would allow companies to export LNG after receiving approval from the Federal Energy Regulatory Commission without also having to wait for the Energy Department's permission, while the second bill would codify the Energy Department's push for small-scale LNG exports.
At a hearing in Nebraska on Tuesday, opponents of TransCanada's Keystone XL pipeline argued that the Nebraska Public Service Commission overstepped its authority when it approved an alternate route for the project and called for the decision to be reversed. TransCanada is asking the PSC to allow it to amend its initial application to avoid legal challenges.
Hurricanes Maria and Irma left Puerto Rico's seismic network 60% operational, destroying seismometers, accelerometers, solar panels and other equipment, says Alberto Lopez, a geophysicist at the University of Puerto Rico at Mayaguez. The storms this year also knocked out many of the island's cellular sites, and Lopez says he's reconsidering whether it's a good idea to transmit seismic data on cell networks.
Eni has increased the amount of oil and natural gas it expects to get from the Area 1 prospect in Mexico from 1.4 billion barrels to 2 billion barrels. The Italian energy group plans to begin production at the site in the first half of 2019.