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The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent.

According to OPEC, the production cuts, combined with “ongoing healthy oil demand so far”, have “arrested global oil inventories growth and should lead to significant draws in the second half of the year.”

 

 

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Source: OILPRICE.COM

EIA at the Department of Energy said on Tuesday petroleum production increased by 16 percent and natural gas rose 12 percent.

The increase in production has created a need for more pipelines and infrastructure throughout Texas.

EPIC Midstream Holdings Inc began shipping crude oil on its 400,000 b/d pipeline from the Permian Basin to the U.S. Gulf Coast.

 

 

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Source: timesrecordnews.com

“Watch for much higher global crude runs in the final months of the year as refineries pump out supplies to meet [marine fuel specification] changes for January 1. Let’s talk more about the current falling oil prices.

Overwhelmingly bearish economic sentiment has sent oil prices spiraling down. Moreover, persistent cuts in demand growth forecasts are indicative of further downside risk.

The oil markets, however, could find some support in the near future to medium term from a demand spike by tighter marine fuel speculations. It is by the International Maritime Organization (IMO) that are set to kick in on 1 January 2020.

Front-month ICE Brent futures fall to 22%. It is from their 2019 high of $74.50/barrel seen in late April to $58/barrel in mid August. According to S&P Global Platts Analytics, Brent prices are some $10/parrel below where fundamentals indicate they should be.

Expected to shift global diesel/gas oil demand higher by around 1.5 million b/d in the fourth quarter of 2019 and first half of 2020, Platts Analytics estimates.

Supply, on the other hand, looks strong despite OPEC’s large production cuts and continued losses from Venezuela and Iran.

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Source: Energy World

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According to the report, the global oil and gas analytics market was USD 14.55 billion in 2018 and is expected to reach around USD 122.60 billion by 2025.

Analytical solutions for the oil and gas sector will help the related industries in having an aggregate view of their operations.

 

 

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Source: globenewswire.com

 

Natural gas prices to rise and have continued to witness selling pressure despite higher demand for cleaner gas.

Precious metal prices continued their buying spree for the third straight week with Comex Gold.

Record high production and rising inventory made the natural gas prices test the lows of 2016.

But cyclically, rising natural gas prices are required to keep the current pace of higher supply to fulfill the rising global demand in 2020.

We expect MCX Natural gas prices to remain supported at Rs 150 per MMBtu and extend the rally towards Rs 175 per MMbtu in the very short term.

Global natural gas prices tumbled in the second half of 2022, from the heights reached in August. Unseasonably warm weather, improved energy efficiency, and behavioral changes in gas consumption contributed to the decline. A reduction in Russian natural gas production and exports to Europe took place and shifting LNG trade helped fill the gap in European supply. Lower demand and strong LNG inflows resulted in European natural gas inventories being at a record high for this time of the year. The outlook for 2023 will depend on the speed of China’s reopening as well as the LNG market dynamics.

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Source: moneycontrol.com

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The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected increase in natural gas price and supplies and .

Stockpiles held in underground storage in the lower 48 states rose by 49 billion cubic feet (Bcf) for the week ended Aug 9.

below the guidance (of 54 Bcf gain). However, the increase was higher than last year’s increase of 35 Bcf for the reported week and is in line with the five-year (2014-2018) average net injection.

The latest rise in inventories puts total natural gas stocks at 2.738 trillion cubic feet (Tcf) – 357 Bcf (15%) above 2018 levels at this time but 111 Bcf (3.9%) under the five-year average.

Fundamentally speaking, the total supply of natural gas averaged 96 Bcf per day, unchanged on a weekly basis as dry production remained flat. Daily consumption also remained essentially flat at 86.6 Bcf with 86.8 Bcf in the previous week on static power generation demand.

Prices Edge Up

The natural gas futures market rose following the smaller-than-expected climb in U.S. supplies, with the commodity posting a 3.8% weekly gain and erasing some of the steep losses that have taken it to lows not seen since May 2016 earlier this month. Weather forecasting models predicting hot temperatures in certain regions of the Lower 48 U.S. states that would drive up the air conditioning demand for natural gas also helped lift prices higher

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Source: Finance.Yahoo.com

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The production in the Bakken Formation raced upward to nearly half a billion barrels last year. Will this affect the oil & gas tax revenues?

The trust fund’s balance is expected to more than double over the next decade — to nearly $15 billion.

Three years before voters in North Dakota went to the polls. A committee of 11 Colorado state lawmakers is convening to take a look at how severance taxes were allocated in the Centennial State. After a half dozen meetings and a couple of field trips to mineral-rich Rio Blanco and Garfield counties, the group came to the conclusion that it would behoove Colorado to create a permanent trust fund “as a resource in the future when the mineral extraction industry declines.”

“Interest from a trust fund could also be used to provide additional resources for higher education to educate the state’s workforce,” the committee wrote in its 2007 report.

Fast forward to 2019 … and Colorado still has no permanent trust fund.

The taxes from the state’s oil and gas fields are going annually to water projects. This also includes natural resource management efforts and local communities. They are those who are experiencing the impact by oil and gas activity. Nothing is saved in the way North Dakota, Wyoming, and New Mexico. Those that are non-energy-producing states are salting away money for the future.

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Source: DenverPost.com

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Appalachia and the Permian are the main reasons why U.S. C02 emissions have been falling faster than any other nation.

Gas usage increases even under the most stringent of environmental policies under International Energy Agency modeling.

 

 

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Source: Forbes.com

Natural gas price prediction whipsawed testing lower levels and then rebounding to close up 0.5% in the trading session.

Natural gas delivery to LNG facilities hit a record in July.

Natural gas delivered by pipelines to Mexico and to US LNG export facilities reached 10.9 Bcf per day in July. On average 10.0 Bcf per day in the first seven months of this year. This is 30% more than in the same period in 2018.

Technical Analysis and Natural Gas Price Prediction

Natural gas prices initially moved lower but bounced on Monday near support at the 10-day moving average of 2.15. Resistance is seen near last week’s highs at 2.27 and then the August highs at 2.33. Medium-term momentum is positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward-sloping trajectory which points to higher prices. Short-term momentum is flat as the fast stochastic consolidates, in the middle of the neutral range which reflects consolidation.

LNG Deliveries Hit Record

The EIA reports that natural gas deliveries to US facilities producing liquefied natural gas for export set a monthly record in July 2019, averaging 6.0 billion cubic feet per day which accounts for 7% of the total US dry natural gas production. In the first seven months of 2019, natural gas feedstock deliveries to LNG export facilities have been the fastest growing among all US natural gas consumption sectors. Natural gas delivered by pipelines to Mexico and to US LNG export facilities reached 10.9 Bcf per day in July and averaged 10.0 Bcf per day in the first seven months of this year, 30% more than in the same period of 2018.

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Source: FXempire.com

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Ranger Land and Minerals can further support you today.

 

Crude oil prices climb on Monday following a weekend attack on a Saudi oil facility by Yemeni.

The oil market was jolted in mid-September 2019 following a drone attack on Saudi Arabia’s oil processing facilities. The attacks, which were claimed by Iranian-backed Houthi rebels from Yemen, caused widespread damage and panic across the industry.

The Abqaiq oil facility and Khurais oil field attack was one one of the most significant oil supply disruptions in history. It affected almost 5% of the global oil supply. The following day, the oil market reacted with a significant surge in oil prices. This is as traders scrambled to cover their positions.

The global benchmark for crude oil, Brent, surged by over 14%. Meanwhile the US benchmark, West Texas Intermediate (WTI), jumped 15%. As the world’s largest oil exporter, Saudi Arabia’s production cuts led to a sudden tightening of oil supplies, causing a ripple effect across the industry.

This blog post will examine the impact of the attack on the oil market, including the surge in oil prices and more.

Brent crude was up 64 cents, or about 1.1 percent, at $59.28 a barrel at 0255 GMT, and US crude was up 55 cents, or 1 percent, at $55.42 a barrel.

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Source: TheHinduBusinessLine.com

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