Venture Global's proposed 22-million-short-ton-per-year CP2 liquefied natural gas export facility in Cameron Parish, La., would have some adverse effects on the environment, but most could be lowered to less-than-significant levels with mitigation measures, according to a final environmental impact statement published by the Federal Energy Regulatory Commission. "This is a major regulatory milestone for the project that puts us on track for a Commission vote and the commencement of construction later this year," said Venture Global CEO Mike Sabel.
SPR replenishment put on hold amid higher oil prices
The Biden administration has retracted an offer to acquire 6 million barrels of oil for the Strategic...
The Biden administration has retracted an offer to acquire 6 million barrels of oil for the Strategic Petroleum Reserve, citing market conditions influenced by Saudi Arabia's oil production cut and rising oil prices. Crude oil prices have topped $80 per barrel in recent weeks, surpassing the administration's $67 to $72 per barrel target price range for its SPR refill program.
Pemex Accelerating Development of New Fields, Reducing Debt
State-owned Petróleos de Mexico (Pemex) is sticking with an...
State-owned Petróleos de Mexico (Pemex) is sticking with an accelerated production strategy of new field developments, which has allowed the company to arrest overall declines in crude oil and condensates production.
The strategy depends on Pemex taking advantage of nearby existing infrastructure while incorporating early production from exploratory wells. The approach is meant to offset natural declines at its mature onshore and offshore fields, the company said during its second-quarter 2023 financial press release from Friday.
S&P futures vs fair value: -27.00. Nasdaq futures vs fair value:...
S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -133.00.
The S&P 500 futures are down 27 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 133 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down 138 points and are trading 0.4% below fair value.
The ADP Employment Change showed a 324,000 increase in private sector payrolls in July (Briefing.com consensus 185,000) following a revised 455,000 increase in June (from 497,000).
Separately, commodity futures trade mixed. WTI crude oil futures are up 0.7% to $81.95/bbl and copper futures fell 1.1% to $3.87/mmbtu.
Crude oil inventories in the United States unexpectedly fell sizably this week by 15.4 million...
Crude oil inventories in the United States unexpectedly fell sizably this week by 15.4 million barrels, the American Petroleum Institute (API) data showed on Tuesday after increasing by 1.319 million barrels in the week prior.
Analysts were expecting a draw of 900,000 barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is 20 million barrels, according to API data, although the net draw in crude inventories since April is 27 million barrels.
Inventories at Cushing, Oklahoma, fell by another 1.76 million barrels, after falling by 2.34 million barrels in the previous week.
