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Presidio, SPAC, Merger, Panhandle

Presidio, SPAC, Merger, Panhandle

Presidio Targets Public Debut in $660M SPAC Deal

Chevron, Exxon, Europe, Oil, Production

Chevron, Exxon, Europe, Oil, Production

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

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

Tankers Deliver Russian Crude to India Despite USA and EU Pressure

Armstrong, Alaska, Oil, Energy, Conventional

Armstrong, Alaska, Oil, Energy, Conventional

Bill Armstrong Proves Alaska Oil Finds Aren’t Over

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Closing Oil & Gas Prices
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose 37 cents to $83.19 a barrel Friday. Brent crude for October delivery rose 41 cents to $86.81 a barrel.

Wholesale gasoline for September delivery rose 6 cents to $2.96 a gallon. September heating oil fell 3 cents to $3.12 a gallon. September natural gas rose 1 cent to $2.77 per 1,000 cubic feet.

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S&P 500, Nasdaq finish lower, logging back-to-back weekly losses
U.S. stocks finished mostly lower on Friday, with only the...
U.S. stocks finished mostly lower on Friday, with only the Dow hanging on to gains, as the S&P 500 and Nasdaq Composite capped off their first back-to-back weekly losses in months. The S&P 500 SPX fell by 4.65 points, or 0.1%, to 4,464.18 on Friday, according to preliminary closing data from FactSet. The Nasdaq Composite COMP shed 93.14 points, or 0.7%, to 13,644.85. The Dow Jones Industrial Average DJIA gained 105.32 points, or 0.3%, to 35,281.46. The Nasdaq has fallen for two straight weeks for the first time since a four-week losing streak ended on Dec. 30, according to Dow Jones Market Data. The roughly 4.7% drop during that period is the biggest two-week decline for the index since the week ending Dec. 16.

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Texas power use hits 3rd record this week in heat wave
(Reuters) -Demand for power in Texas hit a record high on Thursday...
(Reuters) -Demand for power in Texas hit a record high on Thursday for the third time this week and the tenth time this summer as homes and businesses cranked up air conditioners to escape a lingering heat wave.

The Electric Reliability Council of Texas, which operates the grid for more than 26 million customers representing about 90% of the state's power load, said it has enough power to meet current demand.

ERCOT said usage hit a preliminary 85,435 megawatts (MW) Thursday, which topped the record high of 83,961 MW hit on Wednesday.
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New Canadian clean electricity rules would allow some use of fossil fuels
OTTAWA (Reuters) -Canada on Thursday released long-awaited draft clean electricity regulations designed...
OTTAWA (Reuters) -Canada on Thursday released long-awaited draft clean electricity regulations designed to create a net-zero emissions power grid by 2035, and said some continued use of fossil fuels would be allowed.

According to the 185-page set of draft regulations, many utility companies said they could not reliably generate power beyond 2035 without some use of natural gas or liquid fuel.

Utilities will therefore be able to use a fossil fuel plant for 20 years, starting from when it was commissioned, as long as they agree to tight emissions limits.
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Energy Sector Commentary for Friday
The energy sector is off to a...
The energy sector is off to a mixed-to-higher start, supported by strength in the crude complex, but pressured by modest losses in the major equity futures. The broader market futures retreated this morning after July’s PPI print came in hotter than expected. The producer price index, rose more than expected last month, advancing 0.3%. Economists polled by Dow Jones expected an increase of 0.2%.

WTI and Brent crude oil futures are higher this morning and are set to post gains for their seventh-consecutive week, following optimistic demand forecasts from OPEC+ and the IEA which overshadowed demand concerns from China. Last night, OPEC+ said it expects global oil demand to rise by 2.25 million bpd in 2024, as the firm anticipates China’s economic growth will boost oil consumption. This morning, the IEA warned global inventories could decrease further throughout the end of 2023, which would add to the tailwinds fueling oil’s recent rally.

Natural gas futures have erased earlier gains and are now lower on a larger-than-expected storage build. The EIA weekly storage report (week ended 4-Aug) showed a build of +29 Bcf vs consensus +24 Bcf and vs 5-yr average of +46 Bcf.
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