EIA Delivers Consecutively Bullish U.S. Gas Storage Report, Lifting Nymex Futures
The US Energy Information Administration delivered yet another bullish...
The US Energy Information Administration delivered yet another bullish US natural gas storage report on Sept. 12, reporting a 40 Bcf injection to domestic inventory during the first week of September.
The latest weekly injection reported by EIA was 10 Bcf, or 20%, smaller than the consensus estimate from S&P Global Commodity Insights' weekly gas storage survey, which predicted a 50 Bcf build for the week.
By historical standards, EIA's latest injection estimate was also bullish. In 2023, EIA reported a 50 Bcf injection to US inventory in the first week of September. Over the past five years, the agency has reported an average injection of 67 Bcf to US gas storage in the corresponding week, EIA data showed.
Following the EIA's latest storage report, the NYMEX October gas futures contract closed for the day at $2.357 per thousand cubic feet,up 3.83%. Year to date, gas is down more than 6%.
Regional U.S. Banks Boost O&G Financing Amid European Retreat
Since 2022, North American regional banks like Texas Capital Bank and...
Since 2022, North American regional banks like Texas Capital Bank and Canadian Western Bank have ramped up their fossil fuel financing, diverging from European banks such as BBVA and ING Groep, which are scaling back due to ESG concerns. According to Marisol Salazar of BOK Financial, North American banks are aggressively pursuing new deals, unlike their European counterparts who are focusing on reducing fossil fuel exposure.
Quantent Energy Partners LLC, Oklahoma City, Okla., formed this year...
Quantent Energy Partners LLC, Oklahoma City, Okla., formed this year through an equity commitment from Post Oak Energy Partners V LP, has completed an initial acquisition of Haynesville shale natural gas assets. Neither a seller nor a purchase price was disclosed.
Quantent intends to target upstream development opportunities in the Haynesville and Bossier shale formations across North Louisiana and East Texas.
Post Oak Energy said in a release this week that the initial acquisition includes over 7,000 net acres in North Louisiana, underpinned by a combination of producing wellbores and operated development inventory.
New York City’s police commissioner resigns amid federal investigation. Edward...
New York City’s police commissioner resigns amid federal investigation. Edward Caban stepped down from his post at the top of the US’ largest police force yesterday, a week after it became public that his phone had been seized as part of a federal investigation involving many people close to NYC’s not-so-beloved mayor, Eric Adams. Though Caban’s attorney said his client “unequivocally denies any wrongdoing,” the former commissioner said he resigned because the news had become a distraction. The topic of the federal investigation is unknown, but it’s one of several that touches the mayor.
Donald Trump said he won’t debate Kamala Harris again.
McDonald’s will extend its $5 meal deal through December to keep customers coming back for more burgers and nuggets.
Microsoft plans to lay off 650 people in its Xbox unit.
Harvey Weinstein, the currently incarcerated former movie mogul, has been indicted on additional sex crime charges in advance of his New York retrial.
U.S. Crude Oil Rises More Than 2% as Francine Disrupts Production in Gulf of Mexico
U.S. crude oil jumped more than 2% to close above $68 per barrel on Thursday...
U.S. crude oil jumped more than 2% to close above $68 per barrel on Thursday after Hurricane Francine churned through the Gulf of Mexico, disrupting oil production before making landfall in Louisiana.
Oil futures rose more than 2% in the previous session as the storm threatened supplies. Francine has since been downgraded to a tropical depression.
West Texas Intermediate October: $68.97 per barrel, up $1.66, or 2.47%. Year to date, U.S. crude oil has fallen nearly 4%.
Brent November contract: $71.97 per barrel, up $1.36, or 1.93%. Year to date, the global benchmark has dropped around 6.6%.
RBOB Gasoline October contract: $1.927 per gallon, up about 1.57%. Year to date, gasoline has pulled back more than 8%.
Natural Gas October contract: $2.357 per thousand cubic feet, up 3.83%. Year to date, gas is down more than 6%.
The quick rebound on the storm came after prices closed at their lowest level since December 2021 on Tuesday. Giovanni Staunovo, an analyst with UBS, said the recent slump may be due to traders losing confidence in OPEC’s ability to maintain compliance with production cuts at lower price levels. UBS expects oil prices to continue to rise, at least in the short term.
