Permian, Haynesville regions get gas takeaway boost
Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come...
Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come online, CEO Kimberly Dang announced, noting that no additional greenfield takeaway projects in the Permian will be required in the immediate future. Additionally, DT Midstream has announced the mechanical completion of its 400 MMcf/d Phase 2 LEAP Gathering Lateral Pipeline expansion linking the Haynesville Shale to Gulf Coast markets, with firm service expected to commence on Jan. 1.
The energy sector is off to a mixed-to-lower start, looking past strength in the crude complex and pressured by mild weakness in the major equity indices. U.S. stock index futures extended declines as a stronger-than-expected job report signaled labor market resilience, dampening hopes of interest rate cuts next year.
WTI and Brent crude oil futures are up over 2% in early trading despite worries about a supply surplus and weak Chinese demand. However, prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts.Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers' club. OPEC+ agreed to a combined 2.2 million bpd in output cuts for the first quarter of next year. Meanwhile, Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand.
Natural gas futures are trading slightly lower as the NOAA's 6-10 day outlook shows above-normal temperatures for the West coast through the Great Plains to the Great Lakes and southern FL.Near-normal temps are seen across southeastern NM, TX, and along much of the eastern US.
New Mexico plans to divert wastewater from the oil and gas industry to water-intensive clean energy projects,...
New Mexico plans to divert wastewater from the oil and gas industry to water-intensive clean energy projects, addressing water scarcity and supporting the transition to renewable energy. The $500 million initiative, announced by state governor Michelle Lujan Grisham at the COP 28 talks, could serve as a model for other arid regions.
Abundant US oil output contributing to global oversupply
With US oil production at a record 13 million barrels per...
With US oil production at a record 13 million barrels per day, the ensuing surge of US crude exports is saturating global markets, putting downward pressure on prices from Europe to Asia and thwarting OPEC's efforts to balance the market through output cuts. WTI Midland has fallen to its lowest level in four months, and weaker US crude timespreads raise the prospect of a glut extending into May.
Non-market forces are strangling Appalachian gas supply
Fierce opposition, along with political and legal barriers, is hindering access to global markets for...
Fierce opposition, along with political and legal barriers, is hindering access to global markets for Appalachian Basin natural gas, even as demand for US liquefied natural gas continues to grow, according to RBN Energy President and CEO David Braziel, who estimates that the region's gas production could rapidly grow to 40 Bcf/d if more pipelines came online. "The degree to which we're able to or limited in our ability to unleash more northeast production is going to have a profound impact on the global energy landscape for years to come," Braziel said.
