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After a lackluster start to the year, U.
S.
oil market activity improved
in the second quarter due to trading on assets targeting the natural gas-rich Appalachian region, according to oil and gas analyst firm Enverus.
U.
S.
gasoline prices have recovered over the past three months as oil production fell in response to a collapse in crude oil prices due to the coronavirus crisis, and a price war between Saudi Arabia and Russia helped deplete excess supplies of natural gas
.
Oil and gas producers traded $2.
6 billion in the second quarter, up from $770 million
in the first quarter, according to Enverus.
The increase was primarily due to the acquisition of assets in Appalachia, which includes West Virginia as well as parts of
Kentucky, Ohio and Pennsylvania.
Andrew Dittmar, M&A analyst at Enverus, said: "Due to oil uncertainty, some buyers mainly targeted low-cost natural gas assets
in the second quarter.
”
The largest deals include the sale by Shell of its Appalachian shale gas assets to National Fuel Gas for $541 million and the sale by Antero Resources of a portion of its concession in the region for $402 million
.
After a lackluster start to the year, U.
S.
oil market activity improved
in the second quarter due to trading on assets targeting the natural gas-rich Appalachian region, according to oil and gas analyst firm Enverus.
U.
S.
gasoline prices have recovered over the past three months as oil production fell in response to a collapse in crude oil prices due to the coronavirus crisis, and a price war between Saudi Arabia and Russia helped deplete excess supplies of natural gas
.
Oil and gas producers traded $2.
6 billion in the second quarter, up from $770 million
in the first quarter, according to Enverus.
The increase was primarily due to the acquisition of assets in Appalachia, which includes West Virginia as well as parts of
Kentucky, Ohio and Pennsylvania.
Andrew Dittmar, M&A analyst at Enverus, said: "Due to oil uncertainty, some buyers mainly targeted low-cost natural gas assets
in the second quarter.
”
The largest deals include the sale by Shell of its Appalachian shale gas assets to National Fuel Gas for $541 million and the sale by Antero Resources of a portion of its concession in the region for $402 million
.
