Diamondback: Permian Gas Next Target but Pipe, Prices Needed
More gas pipelines—and gas demand—could make the Permian Basin’s...
More gas pipelines—and gas demand—could make the Permian Basin’s gassier rock economic, the basin’s No. 2 oil producer’s director of infrastructure said.
“There is a tremendous amount of gas wells in the Permian to also drill—some deeper wells [and] some other areas more on the fringe,” Diamondback Energy’s Michael Sollee told Independent Petroleum Association of America (IPAA) members at their annual meeting recently.
But before the Permian’s operators can target the basin’s gas-rich formations, the area’s producers need at least enough takeaway capacity to bring the current volume of associated gas to market.
“In the Permian, we're seeing only about half of the price of natural gas at Henry Hub. … In certain months, it's negative. We're literally giving it away,” Sollee said.
President Trump criticizes Israel and Iran amid fragile ceasefire. Hours...
President Trump criticizes Israel and Iran amid fragile ceasefire. Hours after Trump announced that Israel and Iran agreed to end hostilities after 12 days, both countries reportedly launched attacks against the other—though they each denied violating the truce. Trump then told reporters on the White House lawn that the countries have been fighting for so long that “they don’t know what the fuck they’re doing.” Trump later posted on social media that the ceasefire was still in effect despite the breaches. Neither side has yet provided details on the terms of the agreement. In related news, a preliminary classified report said that US strikes on Iran’s nuclear sites failed to destroy their underground buildings and may have only set its nuclear program back by a few months, per the New York Times.
Boeing and the FAA were both blamed for the terrifying mid-flight door plug blowout on an Alaska Airlines flight in January 2024, the NTSB said yesterday, ahead of its formal report on the incident.
Lime, the company that makes the light-green electric scooters you see plunked all over dozens of cities, hired an investment bank as it prepares to go public, Reuters reported.
Anthropic won a major AI copyright case, with a federal judge arguing that training its models on legally purchased books without the authors’ permission counts as fair use.
Microsoft is planning another significant round of layoffs at Xbox next week, the fourth staff reduction at the gaming company in the last 18 months, Bloomberg reported.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again, this time by 4.277 million barrels in the week ending June 20 after analysts had estimated a much more conservative 600,000-barrel draw. The draw adds to last week’s shockingly massive 10.133 million barrel inventory decrease.
So far this year, crude oil inventories are up 3.3 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.5 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories rose in the week ending June 20, by 764,000 barrels, after falling by 20,000 barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell this week by 1.026 million barrels. In the week prior, distillate inventories rose 318,000 barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 13, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 75,000 barrels in the week after falling 800,000 in the previous week.
Nasdaq-100 scores first record close in 4 months as stocks soar after cease-fire
U.S. stocks finished sharply higher on Tuesday, as hopes...
U.S. stocks finished sharply higher on Tuesday, as hopes for a de-escalation in tensions between Israel and Iran propelled the Nasdaq-100 index to its first all-time closing high since February.
The Nasdaq-100 jumped over 1.5%, to end at a fresh record of 22,190.52, according to FactSet data.
The Dow Jones Industrial Average was up 507.24 points, or 1.2%, to end at 43,089.02. It was the largest one-day point and percentage gain for the blue-chip index since May 27.
The S&P 500 rose 67.01 points, or 1.1%, to finish at 6,092.18.
The Nasdaq Composite advanced 281.56 points, or 1.4%, ending at 19,912.53
Oil Falls as Iran, Israel Truce Eases Supply Fears
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations...
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.
Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
"The geopolitical risk premium built up since the first Israeli strike on Iran almost two weeks ago has entirely vanished," said Tamas Varga, a senior analyst at TP ICAP's PVM Oil Associates brokerage and consulting firm.
