Oklahoma Minerals

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Energy Lending Shrinks as Upstream Spending Declines

Oil & Gas News

Presidio Targets Public Debut in $660M SPAC Deal

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Oil & Gas News

Exxon, Chevron Raise Production as Europe Falls Behind

At least four tankers discharged millions of barrels of Russian crude at Indian refineries over the weekend, even as pressure ramps up by USA

International

Tankers Deliver Russian Crude to India Despite USA and EU Pressure

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Fervo's enhanced geothermal hub coming to life in Utah
Fervo Energy is developing a more than $2 billion enhanced geothermal...
Fervo Energy is developing a more than $2 billion enhanced geothermal project in Utah that will have a capacity of 320 megawatts when it's fully operational in 2028. The first 70MW phase will come online in 2026 and Fervo already has a power purchase agreement in place with Southern California Edison for 100% of the output. Geothermal could be a powerful carbon-free baseload energy source and it's promising that utilities like SoCal Edison are already signing on, says RMI's Alexandra Gorin.
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Fire at Germany's Bayernoil refinery
A fire broke out in a crude distillation unit at Germany's...
A fire broke out in a crude distillation unit at Germany's 215,000 b/d Vohburg-Neustadt refinery complex on 16 October, operator Bayernoil said. Traders in the region have not reported any impact on supply so far.

Bayernoil said the fire occurred in the sole CDU in the Neustadt section, the smaller of the two sites, and was put out within a few minutes. The cause and extent of the damage are not yet known.

Bayernoil is a joint venture comprising Varo Energy, Italy's Eni and Rosneft Deutschland. Rosneft Deutschland is one of Russian state-owned Rosneft two German subsidiaries, both of which have been under the trusteeship of Germany's Federal Network Agency since 2022.

Rosneft has said it intends to sell its German assets. According to the German government, the company will be actively pursuing the sale by the end of this year.
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Court halts permits for Tenn. gas pipeline
The 6th U.S. Circuit Court of Appeals has paused key permits for the...
The 6th U.S. Circuit Court of Appeals has paused key permits for the Cumberland Project, a natural gas pipeline in Tennessee after environmental groups raised concerns about potential ecological damage. The court's decision impacts permits from state and federal agencies necessary for the project's continuation. The pipeline developer expressed disagreement with the ruling, and legal proceedings are set to continue in December.
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API Reports Draws in Crude and Fuel Inventories
Crude oil inventories in the United fell by 1.58...
Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels.

For the week prior, the API reported a 10.9-million-barrel build in crude inventories.

So far this year, crude oil inventories have slumped by 7 million barrels since the beginning of the year, according to API data.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of October 11. SPR inventories are now at 383.9 million barrels, a figure that reflects an increase of more than 36 million from its multi-decade low last summer, yet 251 million down from when President Biden took office. At the current rate of replenishment, it will take more than five years to return to January 2020 levels.

Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, rose by 410,000 barrels, according to API data, on top of the 1.359-million-barrel build of the previous week.
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☕️What Else is Brewing Thursday Morning
Elon Musk sues California commission over rocket launches. SpaceX...
Elon Musk sues California commission over rocket launches. SpaceX filed a suit against the California Coastal Commission on Tuesday, stating that the panel improperly blocked an Air Force-backed plan to increase the number of Falcon 9 launches from 36 to 50. The commission, which is tasked with protecting California’s ~1,000 miles of coastline, rejected the bid for additional launches from the Vandenberg Space Force Base in Santa Barbara. One of the 12 commissioners mentioned Musk “spewing and tweeting political falsehoods” in the decision. The lawsuit asserts that using the CEO’s public statements to block the plan would violate his free speech rights.

Impact Plastics and its CEO were sued by the family of a worker killed at a plant due to flooding from Hurricane Helene. Surviving employees said they were not allowed to leave.

A Georgia judge blocked the state election board’s new rule requiring Election Day ballots to be counted by hand, citing the potential for “administrative chaos.”

Two boys died over the weekend, one in Tennessee and one in Minnesota, in incidents at haunted hayrides.

Lufthansa received a record $4 million penalty from the Department of Transportation for preventing Jewish passengers from boarding a flight in 2022.

Liam Payne, a member of the band One Direction, died after falling from a hotel in Buenos Aires. He was 31.

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