OklahomaMinerals.com

Snippets

• 🛢️Energy Sector Commentary for Wednesday
  The energy sector is off to a higher start, supported...

  The energy sector is off to a higher start, supported by strength in oil futures, while U.S. futures are lower as negotiations between the White House and the Republican representatives continue, with no clear compromise in sight.

  
  

  WTI and Brent crude oil futures are higher on concerns over tight supply and as investors digest a warning from the Saudi Energy minister who raised the prospect of further OPEC+ cuts. According to the API, crude inventories fell about 6.8 million barrels last week, in line with gasoline inventories which dropped 6.4 million barrels. The market will be keeping an eye on EIA data to confirm these inventory levels which would mark a third-consecutive week of falling gasoline inventories.

  
  

  Natural gas futures are higher, attempting to end a 3-day losing streak driven by bearish weather forecasts and higher production. The consensus for EIA weekly storage data due tomorrow has a build of +102 Bcf vs the 5-year average of +96 Bcf.

  Read More
• How Big is the Permian Basin
  The Permian covers an area some 250 miles wide by 300 miles long and is composed of over 7,000 fields...
  The Permian covers an area some 250 miles wide by 300 miles long and is composed of over 7,000 fields in West Texas, with sub-basins including the Delaware and Midland. The Permian accounts for nearly 40% of all oil production in the U.S. and nearly 15% of its natural gas production, according to the Federal Reserve Bank of Dallas.
  Read More
• ☕️What Else is Brewing This Morning
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather...
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather than a fancy in-home bikemaker. It also refreshed its app and introduced new pricing tiers, including a free option.
  
  Target is pulling some LGBTQ merchandise from its Pride Collection, citing backlash from customers and the need to protect the safety of its employees.
  
  Apple inked a megadeal with the tech manufacturing giant Broadcom to make 5G radio components in the US.
  
  “She-cession” no more: US companies employ more women now than at any point in history.
  
  Photoshop + generative AI = .
  
  
  Read More
• Market Outlook for Wednesday Morning
  US stock futures fall early Wednesday, as investors closely eye debt-ceiling talks...
  US stock futures fall early Wednesday, as investors closely eye debt-ceiling talks and wait for the Fed to release the minutes from the FOMC meeting held on May 2-3. Check out the latest market moves.
  
  Earnings on deck: Amazon, NVIDIA, and BlackRock, all reporting.
  Read More
• API Reports Crude Draw
  The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude...
  The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude oil inventories while they were expecting a 525,000 barrel build.  The total number of barrels of crude oil gained so far this year is just over 35 million barrels.
  
  This week, SPR inventory dropped for the eighth week in a row as another 1.6 million barrels of congressionally mandated crude oil was sold during the week ending May 19. There are now 358 million barrels—the lowest amount of crude oil in the SPR since September 1983. There are additional sales of crude oil from the SPR planned yet this month.
  
  Gasoline inventories fell by 6.398 million barrels after falling in the week prior by 2.46 million barrels. Distillate inventories fell by 1.771 million barrels after decreasing by 886,000 barrels in the week prior.
  
  Inventories at Cushing, Oklahoma, rose by 1.711 million barrels—after rising by 2.87 million barrels last week.
  Read More

• Prev
• Next