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• DOE awards first contracts under SPR refill program
  The US Department of Energy said on Friday it awarded supply contracts to five companies...

  The US Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.

  
  

  The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year.

  
  

  "These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers," the DOE said in a press release.

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• N.D. tribe improves oil market access with pipeline deal
  The Mandan, Hidatsa and Arikara Nation of North Dakota...
  The Mandan, Hidatsa and Arikara Nation of North Dakota has purchased a pipeline segment from Enbridge to facilitate the transportation of oil from the tribe's Fort Berthold Reservation to the wider market. The tribe expects the 31-mile, 15,000-barrel-per-day Plaza/Wabek pipeline to enter service within a year.
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• Energy Sector Commentary for Monday
  The energy sector is off to a lower start, pressured...

  The energy sector is off to a lower start, pressured by weakness in oil futures. The major market futures inched higher this morning as investors brace themselves for inflation data as well as Fed, ECB and BoJ interest rate decisions later this week.

  
  

  WTI and Brent crude oil futures are extending last week’s losses and are sharply lower as investors attempt to gauge the Federal Reserve’s appetite for further rate hikes against supply concerns and the prospect of higher Chinese demand. A stronger dollar ahead of this month’s Fed meeting is putting additional pressure on energy contracts. Today’s drop in prices has pushed Brent and NYMEX benchmarks to one-month lows.

  
  

  Natural gas futures are down as prelim estimates for EIA storage data (week-ending 9-Jun) had a build of +95 to +105 Bcf vs the 5-yr average of +84 Bcf. However, forecasts are expected to be warmer than normal in the middle of the US, especially Texas and Louisiana.

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• Halliburton wins major carbon capture contract in United Kingdom
  Halliburton Company announced this week it was awarded a major carbon capture contract in the United...
  Halliburton Company announced this week it was awarded a major carbon capture contract in the United Kingdom. Under the deal for the HyNet North West Project in Liverpool Bay, Halliburton will provide completions, liners, and monitoring products and services for the carbon capture and storage system.
  
  The first CCS project commissioned in the U.K, the HyNet project will apply CCS to reduce carbon emissions in the UK by transporting carbon dioxide captured from industry and storing them in depleted reservoirs underneath Liverpool Bay. Halliburton will manufacture and deliver equipment from its U.K. completion manufacturing center in Arbroath.
  
  
  
   
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• People still don’t get ChatGPT
  On the unofficial half-birthday of ChatGPT, those of us in the professional class might be surprised...
  On the unofficial half-birthday of ChatGPT, those of us in the professional class might be surprised to know that almost half of U.S. adults (46%) say they’ve never heard of it. Less than 10% have used it, although that’s almost twice the number we saw in January. Of those with an opinion of ChatGPT, 74% of people believe it will be a net job-killer. The numbers are better among younger adults (57%). So, either the majority is right on this one or we have a long way to go to educate them.
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