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• Closing Oil & Gas Prices
  Benchmark U.S....

  Benchmark U.S. crude oil for March delivery fell $1.97 to $75.85 per barrel Wednesday. Brent crude for March delivery fell $1.16 to $81.71 per barrel.

  
  

  Wholesale gasoline for February delivery fell 8 cents to $2.18 a gallon. February heating oil was unchanged at $2.81 a gallon. March natural gas rose 2 cents to $2.10 per 1,000 cubic feet.

  
  
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a lower start, pressured by weakness in the crude complex and the major equity futures which dropped amid lackluster AI forecasts from mega-cap tech companies. In company news, Phillips 66 released fourth-quarter results of $1.3 billion or $2.86 per share; adjusted earnings of $1.4 billion or $3.09 per share; $2.2 billion of operating cash flow, and $1.6 billion returned to shareholders through dividends and share repurchases. Hess reported net income of $413 million, or $1.34 per share, in the fourth quarter of 2023. A couple of rating changes were made by Seaport Research Partners in U.S E&Ps, and by TPH Energy Research in MLPs & pipelines.

  
  

  WTI and Brent crude oil futures slid 1% this morning, giving back most of yesterday’s gains on demand concerns as investors digested China’s manufacturing activity which contracted for the fourth consecutive month in January. Oil forecasts such as OPEC’s, expect China to aid in oil demand growth in 2024, however, traders are jittery amid the latest signs of a struggling economy.

  
  

  Natural gas futures are higher on storage estimates which point to a higher-than-average draw, despite forecasts for warmer temperatures. Consensus is looking for a draw of (202) Bcf vs the 5-yr average of (185) Bcf. This comes following last week’s reported storage draw of (326) Bcf, the third-largest pull-on record.

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• Pa. drillers face new chemical disclosure requirement
  Pennsylvania Gov. Josh Shapiro's administration has introduced a new policy mandating shale gas producers...
  Pennsylvania Gov. Josh Shapiro's administration has introduced a new policy mandating shale gas producers to disclose all chemicals they plan to use in drilling before commencing operations. "By requiring unconventional gas companies to make their PPC plans publicly available, Pennsylvanians will have a clearer picture of the types of chemicals being used on unconventional well sites earlier in the process," said Department of Environmental Protection Interim Acting Secretary Jessica Shirley.
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• Green fracking guzzles power, strains electricity grid
  Demand for electricity to power fracking operations in the Permian Basin is now roughly equivalent to...
  Demand for electricity to power fracking operations in the Permian Basin is now roughly equivalent to the consumption of four cities the size of Seattle and shows no sign of easing. This trend, driven by efforts to cut greenhouse gas emissions and improve operational efficiency, is straining power grids and has prompted some in the industry to create their own power networks and call for improvements to the existing grid infrastructure.
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• Microsoft and Google rode the AI wave to huge quarters
  Microsoft posted revenues of ~$62 billion in its fiscal Q2 ending Dec. 31, a year over year ...
  Microsoft posted revenues of ~$62 billion in its fiscal Q2 ending Dec. 31, a year over year increase of 17.6% and ahead of analyst’s expectations. That was its best revenue growth in seven quarters, thanks to the release of new AI-enabled Office products. Meanwhile, Google reported strong results, too: Ad revenue at YouTube skyrocketed to $9.2 billion in Q4 of last year, up from below $8 billion the year before. Alphabet CEO Sundar Pichai said YouTube is “already benefiting from our AI investments and innovation.” Alphabet’s total revenue was up 13% year over year to ~$86 billion.
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