The energy sector is off to a mixed to higher start, looking past mild weakness in the crude complex and supported by strength in the major equity futures. U.S. stock index futures turned positive as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note.
Following three-consecutive sessions of gains, WTI and Brent crude oil futures are trading slightly lower but remain on course for a weekly gain, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria. During the previous session, some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.
Natural gas futures are trading higher as preliminary estimates for EIA storage data week-ending today have a build of +46 to +56 Bcf vs the 5-year average of +45 Bcf.
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment...
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment in hydrocarbon fuels such as liquified natural gas alongside its move into carbon capture and alternative energy sources. "The offer that we have to LNG customers is clear and builds the confidence that they can invest now in LNG and know that down the road we'll be able to further decarbonize LNG value chains to accommodate the hydrogen and really help them achieve their net zero emissions goals."
Appalachian Basin gas output steady despite challenges
Natural gas production in the Appalachian Basin, the...
Natural gas production in the Appalachian Basin, the largest gas-producing region in the United States, remained steady throughout last year despite a 3% decrease in output from 4 key Pennsylvania counties, according to a report by the Energy Information Administration. The EIA attributes the flatline in production to productivity declines, constraints on takeaway capacity, and a drop in drilling efficiency for the first time since 2013.
🌞Texas oil, gas operators grapple with extreme heat
Temperatures of up to 103F have forced some Texas oil and...
Temperatures of up to 103F have forced some Texas oil and gas operators to alter their working patterns to mitigate potential disruptions through equipment breakdowns and to shield drilling crews. "Many crews were instructed to start an hour earlier in the day so they could shut down earlier in the afternoon to avoid so much of a duration in the extreme heat, to take more breaks, and hydrate," says the president of the Texas Independent Producers and Royalty Owners Association Ed Longanecker.
IEA cuts global oil demand forecast as outlook darkens
The International Energy Agency has lowered its 2023 global oil demand growth forecast by 220,000 barrels...
The International Energy Agency has lowered its 2023 global oil demand growth forecast by 220,000 barrels per day, attributing the adjustment to a gloomier economic outlook which it says is "especially heavy" for affluent nations. The revision comes amid a tightening monetary policy in many countries and a worsening outlook for manufacturing, and the IEA also predicts the slowdown will continue to weigh on crude markets next year alongside the effects of more vehicle electrification.
