In last week’s article, we mentioned that there was a good possibility that EQT would go back to curtailing some of their dry natural gas production in Southwest Pennsylvania and that the daily pipeline production data in Southwest Pennsylvania required close monitoring. It now appears that EQT has once again gone back to shutting in their Southwest Pennsylvania dry natural gas production beginning on June 6th based on the daily pipeline production data and pipeline scrape production data specifically from EQT. However, this time EQT is shutting-in 400 MMcf/d, instead of 1 Bcf/d as they did last time beginning in February 2024. This is probably because July 2024 delivery prices at Dominion South are much higher around $2.00 / MMBtu and the curtailments are going to be short-lived.
The changes from EQT and Rice Energy (also owned by EQT) make up about 100% of the total production decline from June 6th until June 8th. Production in the Southwest Pennsylvania subregion and from EQT in the same subregion has remained about the same for June 9th and June 10th. Dominion next day cash prices remain below $1.27 / MMBtu during the June 6th through June 10th time.
