Ohio to allow fracking in state parks, wildlife areas
The Ohio Oil and Gas Land Management Commission will open...
The Ohio Oil and Gas Land Management Commission will open several parcels of state-owned parkland and designated wildlife areas to fracking despite an ongoing probe into potential fraudulent support for the measure. More than 100 Ohio residents claim their names were falsely associated with pro-fracking letters sent to the commission by pro-oil entities, prompting an investigation by Ohio Attorney General Dave Yost.
The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) oil price...
The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) oil price forecast for 2023 and 2024 in its November short-term energy outlook (STEO), which was released recently.
According to the November STEO, the EIA now projects that the WTI spot price will average $79.41 per barrel this year and $89.24 per barrel next year. The latest STEO sees the average WTI spot price coming in at $85.93 per barrel in the fourth quarter of 2023, $89.64 per barrel in the first quarter of 2024, $90.34 per barrel in the second quarter, $89 per barrel in the third quarter, and $88 per barrel in the fourth quarter.
Energy stocks opened lower this morning, tracking mildly weaker broader index futures and lower oil prices. News flow continues to thin out as earnings have passed and year-end nears. Market participants will continue to remain focused on macroeconomic data, rates and Fed commentary.
Oil prices edged lower on Thursday, extending losses from the previous session as signals of higher supply from the U.S. met concern over lackluster energy demand from China. Near-term prices remain in contango, suggesting that investors expect prices to increase. "Clearly, the decline in crude oil prices and the weakening of the structure is an ominous sign; one that implies an oversupplied physical market," said Tamas Varga of oil broker PVM.
Natural gas futures are higher by a nickel. Cooler forecasts for the coming two weeks is aiding futures. EIA storage data will cover the past two weeks, with consensus expecting a combined build of 38 bcf.
Israel Defense Forces said yesterday they had confirmed the presence of a Hamas command center inside northern Gaza's al-Shifa hospital, a revelation which came after soldiers carried out an overnight raid into the building. The facility had become a flashpoint in the war—at least 43 patients had died in the past week amid fighting outside, with more than 1,500 people trapped inside (see previous write-up).
New York’s attorney general sued Pepsi, accusing the company of harming the environment with its single-use plastic packaging.
Microsoft debuted its first AI chips in a potential effort to compete with Nvidia’s dominance.
SpaceX got FAA clearance to launch a second Starship flight, clearing the way for an attempt tomorrow. It’s also mulling an IPO for its Starlink satellite business as soon as next year, Bloomberg reports.
Donald Trump is seeking a mistrial in the New York civil fraud trial against him, claiming the judge overseeing the case is biased.
Thanksgiving dinner will cost less to prepare this year than last year, so we can all say we’re thankful for falling turkey prices.
EIA Reports Big Build in Crude Stocks - Cushing numbers go higher
Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 ...
Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 rose by 17.5 million barrels, to 439.4 million barrels.
EIA says crude stocks were up by 3.6 million barrels last week, adding to a 13.9 million build the previous week which it hadn't reported because of a system upgrade.
Crude stocks were 2% below their 5-year average. Gasoline stockpiles fell by 1.5 million barrels and distillate stocks were down by 1.4 million. Refineries processed 15.4 million barrels of crude daily, operating at 86.1% of capacity amid slumping refining margins.
The Cushing Hubheld 25 million barrels of oil as of November 10, up from the 23.1 million recorded on October 27. Cushing’s total at the end of September was 22.1 million barrels.
