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.
Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the...
Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the southern Gaza Strip. As of yesterday evening, troops had encircled the home of Yahya Sinwar, the leader of Hamas within Gaza who helped plan the Oct. 7 attack, which left around 1,200 civilians dead and included multiple instances of sexual violence.
The Biden administration proposed a framework to seize the patents for pricey medicines whose development was partially funded with taxpayer dollars in order to increase competition and bring prices down.
Republicans in Congress commenced an investigation into Harvard, Penn, and MIT after the universities’ presidents appeared to waffle on whether they would discipline students who called for a genocide of Jews. And financier Ross Stevens threatened to cancel a $100 million donation to Penn unless its president steps down.
Elon Musk, still smarting over Disney’s decision to pull ads from X in the wake of a report that found ads next to pro-Nazi content, tweeted that Disney CEO Bob Iger should be “fired immediately” and that “Walt Disney is turning in his grave over what Bob has done to his company.”
Journalists and staff at the Washington Post staged a one-day strike to protest layoffs amid stalled contract negotiations. Other media companies are also letting people go, including Condé Nast, where job cuts at The New Yorker included satirist Andy Borowitz.
