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.
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.
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.
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.
War causes Israel’s economy to shrink by nearly 20%. Israel’s...
War causes Israel’s economy to shrink by nearly 20%. Israel’s GDP contracted by 19.4% on an annualized basis in the final quarter of 2023, far more than forecast, as the country’s economy buckled following Hamas’s Oct. 7 attack and its ensuing war in Gaza. Companies were left without 300,000 reservists, who were conscripted into the military, while restrictions on Palestinians entering Israel from the West Bank led to labor shortages in sectors like construction. Consumer spending took a nosedive in Q4, down 27% from the prior quarter, while government spending surged 88%.
California is getting hit with more winter storms that could unleash flooding, hail, high winds, and even tornados over the next several days.
The EU opened a formal investigation into whether TikTok violated online content rules, including failing to safeguard children.
The crew of a cargo ship was forced to abandon their vessel after being attacked by Houthis in the Red Sea, the first time a crew had to abandon ship since the militant group began striking commercial vessels last year.
Israel said it would begin a ground offensive in Rafah if Hamas did not release the remaining hostages by Ramadan, which begins in less than three weeks.
Nintendo shares fell nearly 6% following a report that the release of its Switch 2 console would be delayed until 2025.
