Energy and commodity price benchmarking and market insights
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1 Energy and commodity price benchmarking and market insights London, Houston, Washington, New York, Portland, Calgary, Santiago, Bogota, Rio de Janeiro, Singapore, Beijing, Tokyo, Sydney, Dubai, Moscow, Astana, Kiev, Porto and Johannesburg Market Reporting Consulting Events
2 Marcellus Gas: understanding the supply, price dynamics Webinar Jason Womack and Haik Gugarats 14 November 2013
3 Key takeaways Marcellus and Utica shale growth drives North American production trends Spot prices at northeast US hubs are among lowest in North America Low prices and negative basis will prevail until Appalachian shale gas finds new markets
4 Who is Argus? Report prices in all world markets for Natural Gas and Power LNG NGL and LPG Crude and Refined products Coal and Petroleum Coke Fertilizers Emissions Petrochemicals Rapid growth in spot and term contract indexation, swaps market indexation Nearly 600 staff globally with numerous offices
5 London Houston Washington New York Portland Calgary Santiago Bogota Rio de Janeiro Singapore Beijing Tokyo Sydney Dubai Moscow Astana Kiev Porto Johannesburg
6 Argus Natural Gas Americas 100 daily, 80 bid week indexes across US & Canada Companies transacting cashsettled requests for purchase (RFPs) against Argus indexes
7 Marcellus is driving US gas output growth
8 US natural gas output Gas output at record-high levels, despite low 2013 gas prices and a sharp downturn in drilling activity Gross domestic gas production hits all-time high of Bcf/d (2.1bn m³/d) in August, up by 3.1pc from a year earlier Gas drilling activity in August slows by about a fifth over that same period
9 Liquids, efficiency gains drive US gas output Increased activity in fields rich with liquids such as oil and NGLs Drilling efficiency improvements More wells with less equipment Shift to pad drilling Backlog of wells that insulated the market from a rig count drop New infrastructure that allowed new supplies to reach market
10 Shale driving US output higher Unconventional output o 29 Bcf/d in June o Up by 8.5pc y-o-y Associated gas surges Marcellus becomes top US gas field by volume Shale gas output (Bcf/d) EIA 0 Jan-00 May-03 Sep-06 Jan-10 Jun-13 Antrim (MI, IN, and OH) Fayetteville (AR) Haynesville (LA and TX) Eagle Ford (TX) Rest of US Barnett (TX) Woodford (OK) Marcellus (PA and WV) Bakken (ND)
11 Liquids drive producing region gas output Eagle Ford shale Reached 3 Bcf/d in June Up by 49pc y-o-y Barnett shale Dropped to 4.6 Bcf/d Down by 4pc y-o-y Haynesville shale Fell to 5.6 Bcf/d A 20pc y-o-y decline
12 Bcf/d Marcellus surpasses Haynesville output Marcellus becomes top US gas field in Aug 2012 Haynesville tips into decline Economics drive output growth, drop 4 2 Jan-11 Oct-11 Aug-12 Jun-13 Haynesville Marcellus Source: EIA
13 Bcf/d Barnett output stabilizes Eagle Ford shows uplift from oil Barnett benefits from expertise, liquids, low costs But begins to see the impact of pullback Jan-11 Oct-11 Aug-12 Jun-13 Barnett Eagle Ford Source: EIA
14 Bcf/d Fayetteville, Eagle Ford trends diverge Jan-11 Oct-11 Aug-12 Jun-13 Fayetteville Eagle Ford Source: EIA
15 Marcellus shale output Output from West Virginia and Pennsylvania tops 11 Bcf/d in September, nearing 12 Bcf/d Marcellus production up by 45pc from a year earlier Could produce 20 Bcf/d by 2020 Northeast US demand is about 10 Bcf/d
16 Marcellus production drivers Operators drilling huge wells Liquids-rich areas of the field New pipelines, processing capacity International investment, JVs
17 Why are these changes so clear now? 2012 prices helped mask the supply picture Prices at 10-year lows stoked power generation demand Rebound in prices backed out demand, loosening the supply-demand balance New infrastructure comes on line
18 Impact on northeast US markets
19 Impact of Marcellus glut on northeast US Fundamentals have changed New projects to feed emerging demand-growth regions Prices at discount to Gulf coast and midcontinent Differentials at key hubs widen
20 Infrastructure build drives basis Producers keep wells in inventory until infrastructure projects are completed Summer construction schedule creates flow bottlenecks New Marcellus infrastructure projects typically have come on line in November
21 $/mmbtu TGP 300 Line work lowered Marcellus prices at zone Sep 20-Sep 4-Oct 18-Oct 1-Nov
22 Marcellus major pipeline expansions in 2013 Pipeline Project name Capacity (mn cf/d) Anchor shippers Tetco, Algonquin Gas Transmission Tennessee Gas pipeline Tennessee Gas pipeline New Jersey New York 800 Northeast Upgrade 636 MPP 240 Chesapeake Energy, Statoil, ConEdison of New York Chesapeake Energy, Statoil Chesapeake Energy, Southwestern Energy Dominion Transmission Tioga 270 Shell, Penn Virginia Transco Northeast Supply Link 250 Hess, Anadarko Petroleum, Mitsui, Williams
23 $/mmbtu But basis narrowed as projects came on line 0.0 Price differentials to the Henry Hub Oct 17-Oct 22-Oct 27-Oct 1-Nov TGP zone 4 Marcellus Leidy Line
24 $/mmbtu New England and New York basis widens 16 Price differentials to Henry Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Algonquin Citygates Transco zone 6 NY Tetco zone M-3
25 Tetco zone M-2 and M-3 supply sources change 30" line " line 30" line Marcellus, 1,747 Marcellus Other sources 24" line Rockies Express Clarington Lebanon (ANR, PEPL, REX) Other sources Lebanon (ANR, PEPL, REX) Rockies Express Clarington Source: Spectra Energy
26 $/mmbtu Basis inverts at Tetco s northeast segment Zone M-2 in Appalachia at discount to W La Tetco monthly averages Gas flows from zone M-2 push to M-3 and Gulf coast Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 zone M-2 zone W La
27 Bcf/d $/mmbtu Marcellus gas at TGP zone 4 cheapest in North America 3.0 TGP zone 4 supply Spot monthly average discount to HH winter winter winter winter Apr-13 May-13 Jun-13 Jul-13 Aug-13 Source: Kinder Morgan TGP zone 4 Marcellus TGP zone 0 South
28 $/mmbtu Argus forward curves for Dominion, Columbia Gas Appalachia Dominion Columbia Gas
29 Marcellus and Utica gas are finding new markets Projects to move gas to midcontinent and Gulf coast Tetco; Transco; Columbia Gas/Columbia Gulf; TGP; Rex LNG exports (Dominion s Cove Point) Regional demand New York fuel oil conversion New England gas fired power
30 Impact on southeast US markets
31 LNG, pipeline exports drive southern US demand Gulf coast LNG export terminals Pipeline exports to Mexico Power generation demand Increase in petrochemical plants
32 Southeast US power sector Southeast has largest potential for growth in power sector Combination of new gas-fired plants and existing, competing coal-fired plants Potential for growth has spurred companies to build pipeline projects from NE and also in the SE for displaced volumes
33 Power sector demand seen rising US demand for gas from the power generation sector rose to a high of nearly 25 Bcf/d in 2012 on low prices EIA projects demand to reach about 22 Bcf/d this year not as high as last year but high by historical standards Combination of power plant retirements and shift to a cleaner-burning source fuel
34 Power sector consumption
35 Sabal Trail pipeline Spectra Energy, NextEra Energy to build new $3.2bn intrastate pipeline by 2017 Takes gas from the Transco system in Alabama Targeting onshore supplies Feeding three more modern FPL plants in Florida
36 $/mmbtu Argus forward curves for FGT Z3, Transco Z Transco zone 4 FGT zone 3
37 Bcf/d Pipeline exports to Mexico are rising Daily exports up in the 1H of 2013 by 17pc July exports to Mexico top 2 Bcf/d Jan-09 Jul-10 Jan-12 Jul-13 Source: EIA
38 US is expanding export capacity to Mexico Pipeline projects targeting Mexico could double export capacity Projects potentially will add 3.5 Bcf/d, doubling existing capacity by year-end 2014, EIA The largest project, a 2.1 Bcf/d pipeline, will tap supplies from the Eagle Ford shale Most US exports into Mexico are from the Eagle Ford
39 LNG exports New markets for domestic supply LNG export terminals to create some of the nation s biggest buyers Four terminals with the potential to export 6.37 Bcf/d to non-ftas, or about 9pc of US consumption in 2012 Sabine Pass is the only terminal under construction
40 Conclusions Northeast US supply growth to outpace demand Southeast US demand will grow strongly Northeast US negative basis will become permanent
41 Any questions?
42 Argus forum and reception: What's the future of bid week for North American natural gas buying and selling? Thursday, 21 November :30 p.m. - 7:00 p.m. Houston Club Join Argus for a complimentary industry forum as we explore the origins of bid week and discuss whether there is a more efficient way to price monthly gas deliveries. The forum will be followed by a cocktail reception. Keynote speakers: Kyle Cooper, managing partner at IAF Advisors Brad Ledbetter, former Vice President, Origination & Optimization at Cardinal Gas Storage For more information or to register please contact Chloe Bazille at chloe.bazille@argusmedia.com or
43 Jason Womack Haik Gugarats Copyright notice All intellectual property rights in this presentation and the information herein are the exclusive property of Argus and and/or its licensors and may only be used under licence from Argus. Without limiting the foregoing, by reading this presentation you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of Argus. Trademark notice ARGUS, ARGUS MEDIA, the ARGUS logo, DeWitt, FMB, FUNDALYTICS, ARGUS publication titles and ARGUS index names are trademarks of Argus Media Limited. Visit for more information. Disclaimer All data and other information presented (the Data ) are provided on an as is basis. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party s reliance on the Data and disclaims any and all liability related to or arising out of use of the Data to the full extent permissible by law.
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