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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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U.S. stocks end lower as market looks to Fed speakers, Nvidia earnings
U.S. stocks ended lower Tuesday as investors await earnings results from...
U.S. stocks ended lower Tuesday as investors await earnings results from AI darling Nvidia on Wednesday, as well as new clues from Federal Reserve officials on interest rates after last week’s inflation data.

The Dow Jones Industrial Average DJIA fell 64.19 points, or 0.2%, to end at 38,563.80.

The S&P 500 SPX lost 30.1 points, or 0.6%, to finish at 4,975.51.

The Nasdaq Composite COMP declined 144.87 points, or 0.9%, to close at 15,630.78.

The U.S. stock market was closed on Monday for Presidents Day. Last week, the Dow fell 0.1%, the S&P 500 shed 0.4% and the technology-heavy Nasdaq Composite dropped 1.3%.

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Calif. advances well stimulation permitting phase-out
The California Department of Conservation's Geologic Energy Management Division has officially unveiled...
The California Department of Conservation's Geologic Energy Management Division has officially unveiled a proposal to stop issuing permits for hydraulic fracturing and other well-stimulation treatments at onshore and offshore projects statewide. CalGEM is accepting public comments on the plan until March 27, with a public hearing scheduled for March 26.
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N.M. legislators nix $100M wastewater purchase proposal
The New Mexico Legislature has rejected a proposal to allocate $100 million...
The New Mexico Legislature has rejected a proposal to allocate $100 million for purchasing produced water from oil and natural gas operations and brackish water from underground sources, which was part of Gov. Michelle Lujan Grisham's $500 million plan to establish a strategic water supply. Nevertheless, the state's environmental agency still plans to gather information on the matter and has set a March 31 deadline for responses.
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Targa adds to Permian gas processing footprint
Targa Resources last year started up its 275-MMcf/d Wildcat II natural...
Targa Resources last year started up its 275-MMcf/d Wildcat II natural gas processing plant in the Permian Basin's Delaware portion and is advancing construction on several other projects. The company expects to launch its 230-MMcfd Roadrunner II plant in the Delaware Basin in the second quarter, while its 275-MMcfd Greenwood II plant in the Midland Basin and 275-MMcfd Bull Moose plant in the Delaware Basin are due to commence operations in the fourth quarter of 2024 and second quarter of 2025, respectively.
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Energy Sector Commentary
The energy sector is off to a lower start,...
The energy sector is off to a lower start, pressured by weakness in the major equity futures as market participants are worried about a higher-for-longer interest rate environment.

WTI crude oil futures are higher and outpacing Brent crude contracts in negative territory as traders weigh in an uncertain outlook for global demand, geopolitical tensions, and positive economic data from China. There was no settlement for WTI on Monday due to Presidents Day, but crude futures were moderately lower amid a quiet session as demand concerns were in focus. In China, tourism revenue during the Lunar New Year holiday (ended Saturday) rose by over +47% y/y, surpassing pre-covid levels. The government today announced its largest-ever reduction in the benchmark mortgage rate to support the housing market. As attacks on ships in the Red Sea continue, the Iran-aligned Houthis hit at least four more vessels since Friday. According to Reuters, the United States has proposed a draft calling for a temporary ceasefire in the Israel-Hamas war which opposes a major ground offensive by its ally Israel in Rafah.

Natural gas futures are lower as the NOAA 6-10 day forecast on Monday afternoon puts a high probability of temperatures everywhere East of the Mississippi running above normal.
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