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• EIA Reports Higher Crude Inventory Results
  The Energy Information Administration reported Wednesday that U.S. crude inventories...
  The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 5.7 million barrels for the week ended July 3. That followed a fall of 7.2 million barrels the week before and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 3.7 million barrels. The American Petroleum Institute on Tuesday reported an increase of about 2 million barrels.
  
   
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• Oil prices at 4-month high
  Not since March 6 have crude oil futures in the U.S. been as high as they were when trading finished...
  Not since March 6 have crude oil futures in the U.S. been as high as they were when trading finished Wednesday at just under $41 a barrel. Still not enough to give exploration and production companies a break-even point. Many consider it to be at least $50 a barrel before they can possibly start to make a profit.
  
  West Texas Intermediate crude rose 28 cents or 0.7% to settle at $40.90 a barrel in trading on the New York Mercantile Exchange.
  
  Global benchmark Brent oil for September was up 21 cents or 0.5% at $43.29 a barrel on the ICE Futures Europe exchange.
  
  Meanwhile, August natural gas settled down 2.8% at $1.824 per MMBtu, ahead of the EIA’s weekly update on supplies of the fuel due out Thursday.
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• Texas M&A activity plummeted to lowest level in a decade in second quarter
  Merger and acquisition activity in Texas hit historic lows during the second...

  Merger and acquisition activity in Texas hit historic lows during the second quarter of 2020.

  
  

  The 89 mergers, acquisitions, and joint venture transactions completed by companies headquartered in Texas between April 1 and June 30 represented a 68 percent decline from the same period a year earlier.

  
  

  Even worse, the value of those deals dropped 93.7 percent during the same period, according to data provided exclusively to The Texas Lawbook by Mergermarket.

  
  

  The deal volume represented — by far — the lowest number since the 88 recorded during the first quarter of 2009, at the nadir of the Great Recession.

  
  

  Source: Houston Chronicle - Full Story

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• Another day, another round of cuts
  Oil-field services companies cut 8,600 jobs last month, the latest reminder of the...
  Oil-field services companies cut 8,600 jobs last month, the latest reminder of the pain in the Texas energy industry.
  
  The sector is reeling from the spread of the coronavirus pandemic which has slashed demand for oil and sent prices tumbling, Houston Chronicle reporter Sergio Chapa reports.
  
  The continued job losses mean the oil services sector, which employs drilling rig crews, hydraulic fracturing fleets and equipment makers, has lost 116,000 jobs in the past year, according to the Houston-based Petroleum Equipment & Services Association. 
  
  Job losses were heaviest in April when nearly 60,000 workers found themselves out of work.
  
  Are more losses on the horizon? It's likely.
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• Oil Prices Decline Slightly on Tuesday
  Oil prices swung between small gains and losses Tuesday, extending a recent stall around...
  Oil prices swung between small gains and losses Tuesday, extending a recent stall around $40 a barrel ahead of this week’s data on U.S. crude stockpiles.
  
  U.S. crude futures for August delivery finished the day down 0.1% at $40.62 a barrel on the New York Mercantile Exchange. That put prices just 3 cents off from last Thursday’s close.
  
  In the U.S., crude supply is falling at its quickest pace ever, adding to the recovery in prices. Weekly output recently fell to 10.5 million barrels a day, down from 13 million barrels in late March, government data showed. Yet for beleaguered shale producers such as Chevron Corp. and Continental Resources Inc., oil around $40 a barrel isn’t enough to help ease the strain of debt they took on during boom times.
  
  Brent crude futures for September delivery, the global gauge of oil prices, fell 2 cents to $43.08 a barrel on the Intercontinental Exchange Tuesday.
  
  
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