Pietro D
Pitts
Hart Energy
US Using More, Storing Less NatGas in Summer 2024—EIA
Gas storage levels remain high, thanks to record production levels in 2023 and a warmer-than-typical winter.
What's Affecting Oil Prices This Week? (July 22, 2024)
While oil traders have been adding to their net long positions in recent weeks, the rate of increase has slowed. Last week, traders of WTI increased their net long positions by only 4.25% by increasing their long positions while decreasing their short positions, while traders of Brent crude decreased their net long positions by increasing their short positions.
What's Affecting Oil Prices This Week? (July 8, 2024)
During third-quarter 2024, Stratas Advisors are forecasting that the price of Brent crude will average $87.90 and the price of WTI will average $82.37.
The Biden Effect: LNG SPAs Fall 15% in First Half 2024 After Pause
Poten & Partners data show that the total volumes associated with LNG sale and purchase agreements fell by 15% in the first half of 2024 compared to the same period in 2023 following the Biden administration’s LNG pause.
The Latest
Paisie: Oil Demand to Rise 1.2 MMbbl/d in Second Half
WTI’s price is expected to stay in the low $80s/bbl.
Repsol to Implement New Share Buyback Program
Madrid-based Repsol plans to repurchase and redeem 20 million of its shares in the second half 2024, according to the company’s CEO Josu Jon Imaz.
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.
Pemex Hits Debt Target, Struggles to Reverse Production Declines
Pemex achieved its long-term debt target, which aimed to gets its financial obligations below the $100 billion, while struggling to halt production declines.
BP and NGC Sign E&P Deal for Offshore Venezuelan Cocuina Field
BP and NGC signed a 20-year agreement to develop Venezuela’s Cocuina offshore gas field, part of the Manakin-Cocuina cross border maritime field between Venezuela and Trinidad and Tobago.
Canada Likely to Delay Trans Mountain Pipeline Sale
The Canadian government will likely stall the sale of the Trans Mountain oil pipeline until after the national election in 2025.
CNX Touts Deep Utica Wells Results as Deferrals Hit Production
Appalachia producer CNX Resources is reporting promising early results from two of three deep Utica Shale wells brought online in central Pennsylvania last quarter.
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
Freeport LNG Parent Receives Junk-level Credit Score From Fitch
Credit-rating firm Fitch Ratings cited the 2 Bcf/d Texas plant’s frequent downtimes among the factors leading to lowering Freeport LNG Investments LLLP’s credit grade on July 25.
EQT: Non-op Marcellus Assets Pique International Buyers’ Interest
EQT Corp. is marketing interests in its upstream and midstream assets in Appalachia as the company reduces debt after a $5.45 billion acquisition of Equitrans Midstream.