On Thursday, when we reported that nat gas prices across the plains states had soared to never before seen levels as a result of a brutal polar vortex blast…
… which literally froze off nattie supply as wellheads freeze-offs, cutting production receipts just when they’re most needed by customers’ demand for heating, we said that since the winter blast is expected to last for the duration of the week, it is likely that nattie prices across the plains states could hit GME batshit levels.
One day later that’s exactly what happened because as frigid temperatures caused equipment failures, temporarily shutdowns and flaring in at least four nat gas processing plants …
Targa Resources’ Benedum Gas Plant in Upton County affected for 7 hours overnight, co. said in a filing
Occidental Petroleum’s Bennett Ranch Unit RCF Facility in Yoakum County, which is used for EOR, was affected for 9 hours Thursday: filing
DCP Midstream’s Goldsmith Gas Plant in Ector County affected for 1 hour Thursday: filing
Occidental’s nearby gas plant, another EOR facility, was affected by DCP Midstream incident: filing
… we hit the proverbial offerless market where any natgas that was available would be purchased at virtually any price, which is why midcontinent prices such as the Oneok OGT nat gas spot exploded from $3.46 one week ago, to $9 on Wednesday, $60.28 on Thursday and an insane $377.13 on Friday, up 32,000% in a few days. This is one of those places where having a limit up circuit breaker could actually be useful, even though there simply is nowhere near enough product to satisfy demand at any price hence the explosive move.
Hubs across the Midcontinent led the surge in prices again Feb. 12 as weather forecasts predicted the coldest temperatures in more than a decade would hit the region over the upcoming holiday weekend. Platts reported that at locations across Kansas, Oklahoma and Eastern Arkansas, hub prices were trading at single-day record highs around $200 to $300/MMBtu. Regional hubs, which typically service only limited local demand, saw fierce competition among shippers, utilities and end-users looking to meet weekend requirements.
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Greta Thunberg Slams Australia for Coal Industry, Expands List of Climate Demands
Little Greta Thunberg, who was elected by nobody apparently now speaks for us all on matters relating to climate change. The Swedish climate change hustler who is making a fortune for her handlers from donations to her campaign, again castigated Australia for continuing to mine and export coal despite her previous complaints, adding a call for an end worldwide to the actibity to her list of climate demands to be delivered at the upcoming World Economic Forum in Davos …