Daily Market Report – July 7, 2020

We saw a big drop in Northeast production. TCO issued a force majeure on its Mountaineer XPress line.  The Force Majeure brought production in the Northeast down by -2.1 Bcf/d.

This event primarily affected West Virginia production receipts where substantial gas looks to have been shut-in.  Of the 2.1 Bcf/d in production cuts, TCO bore the brunt of it with its receipts falling -1.7 Bcf/d alone.  We did see a similar drop back in February, which drove down TCO’s production receipts, but they quickly recovered.  It’s not clear at this time when the Mt. Olive repairs will be completed.

In other news, the U.S. approved the Jordan Cove facility. An export license for the Oregon based plant will make it the first to ship shale gas from the West Coast if it gets built.

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