Interior Dept. unveils draft offshore drilling plan
A draft five-year offshore oil and natural gas drilling development...
A draft five-year offshore oil and natural gas drilling development plan released by the Interior Department on Friday proposes up to 10 lease sales in the Gulf of Mexico and one in the Cook Inlet off Alaska, although the final program may include fewer or no lease sales at all. "Because of their failure to act, the US is now in the unprecedented position of having a substantial gap between programs for the first time since this process began in the early 1980s, leaving US producers at a significant disadvantage on the global stage and putting our economic and national security at risk," warned American Petroleum Institute Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola.
Energy Sector Commentary for Wednesday, July 6th, 2022
The energy sector is off to a mixed to lower start, pressured by weakness...
The energy sector is off to a mixed to lower start, pressured by weakness in the major market indices but supported by strength in the underlying commodities. U.S. stocks are down in the pre-market as investors continue to fear the possibility of a recession following the recent interest rate hikes.
WTI and Brent crude oil are up in early trading following an unforgiving Tuesday for the crude complex where oil prices dropped, closing below $100 for the first time since April. Oil futures are recouping some of yesterday’s losses as concerns over tight supply reemerged and outweighed lingering worries about a global economic slowdown. Tuesday’s protests came to an end as Norway’s government intervened to end the strike and confirmed that all oil and gas fields that were affected are expected to be back in full operation within a couple of days. Additionally, the Caspian Pipeline Consortium (CPC) which handles 1% of global oil and takes oil from Kazakhstan to the Black Sea through one of the world’s largest pipelines, has been told by a Russian court to suspend activity for 30 days. However, two trading sources familiar with the terminal operations confirmed that oil exports from the terminal are still flowing.
Natural gas futures rose this morning, tracking gains in the crude complex and on forecasts for more demand than previously expected.
“Since mid-June, WTI lost steam and entered a downturn. It trades below $110 today. Meanwhile, gasoline...
“Since mid-June, WTI lost steam and entered a downturn. It trades below $110 today. Meanwhile, gasoline prices have barely moved and still stand above $4.80 per AAA data. In my view, the gasoline market has already peaked, and a downtrend should follow. RBOB gasoline wholesale price, currently at $3.68 a gallon, could fall 30% or more in the next year. I came to this assessment based on two key factors…”
Benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday....
Benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday. Brent crude for September delivery fell $10.73 to $102.70 a barrel.
Wholesale gasoline for August delivery fell 36 cents to $3.33 a gallon. August heating oil fell 34 cents to $3.60 a gallon. August natural gas fell 21 cents to $5.52 per 1,000 cubic feet.
