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Oil Prices Are Up, and Could Go Even Higher

Geopolitical tensions with Iran and a potential interest rate cut are coming in. This is since the US Federal Reserve sent US oil prices are up.

Oil prices soared more than five percent on Thursday. This is after Iran shot down a United States military drone. It will be raising fears of a military confrontation between Tehran and Washington.

Also supporting oil prices was a drop in US crude inventories. There are expectations that the US Federal Reserve could cut interest rates at its next meeting. This will stimulate growth in the US, which is the world’s largest oil-consuming country.

“It’s a confluence of events. There’s a looming easing cycle which is going to hit the dollar and prop up commodity prices. Moreover, there are also the tensions with Iran,”. This was said by John Kilduff, a partner at Again Capital LLC in New York.

The security premium built into oil prices could rise further as tensions between the US and Iran heat up, he said.

Brent crude, the global benchmark, rose $2.63, or 4.3 percent, closing at $64.45 a barrel. US West Texas Intermediate (WTI) crude rose $2.89, or 5.4 percent, to $56.65 a barrel.

Brent’s premium over WTI narrowed to its lowest margin since April. The change came as US crude rose more quickly than Brent due to the tailwind provided by potential Federal Reserve policy, said Bob Yawger, director of futures at Mizuho Americas in New York.

US President Donald Trump played down Iran’s downing of a US military drone, saying he suspected it was shot by mistake and that “it would have made a big difference” to him if the remotely controlled aircraft had been piloted.

While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that “this country will not stand for it”.

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Source: aljazeera.com

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US oil surges 5.4% to settle at $56.65 after Trump says Iran made a ‘very big mistake’

U.S. oil surges on Thursday after Iran shot down a U.S. military drone, prompting President Donald Trump to blast Tehran on Twitter and fueling concerns of a conflict between the two countries.

U.S. West Texas Intermediate crude U.S. oil surges up to $2.89, or 5.4%, to $56.65 a barrel after surging as much as 6% around 10 a.m. ET. Brent crude, the global benchmark, was up $2.79 — a 4.5% increase — at $64.61 a barrel.

US oil surges after Trump says Iran made a 'very big mistake

 

The strained relationship has sent crude prices soaring since more than 20% of the world’s oil output comes from the Middle East. Any threats to the free flow of oil through key chokepoint the Strait of Hormuz could dampen crude supplies.

“If we didn’t have the U.S. resource endowment, oil would absolutely be over $100. Pre-Permania, oil would be above $100” says RBC head of global commodities strategy, Helima Croft.

“We have a drone shot down, we have President Trump now tweeting Iran made a big mistake. I think the market may be waking up to the degree of risk entailed by these incidents,” Croft said.

 

Also boosting oil on Thursday was a larger-than-expected decline in U.S. crude inventories and the potential for prolonged supply restraints by the Organization of the Petroleum Exporting Countries.

 

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Source: CNBC.com

 

 

 

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Why Dallas Cowboys owner Jerry Jones is betting big on natural gas

A $2.2 Billion Deal

Jones-controlled Comstock Resources is acquiring rival Covey Park Energy in a $2.2 billion deal. With the Dallas Cowboys businessman putting up $475 million of his own money toward the deal.

“I am excited to provide the funding and to team up with Denham Capital to combine the two companies to create the basin leader in the Haynesville shale.

Record U.S. production and the lack of pipeline capacity has made it difficult or impossible to make profits.

One of the Biggest Global Players in the Space

The world is going to see demand increase for natural gas. Because of its value as an energy source and a more friendly alternative to coal. The U.S. is now poised to become one of the biggest global players in the space — and Jones gets it.

One of the Leading Global Players

The United States is on the verge of solidifying its position as one of the leading global players in the space industry, and there is a growing understanding of this potential among influential figures like Jones. With advancements in technology, the U.S. has made significant strides in space exploration, satellite technology, and commercial spaceflight. This has not only bolstered the nation’s reputation in the field but also presented countless opportunities for economic growth and scientific advancements.

The Importance of the Space Sector

Jones, being an astute observer of this trend. Recognizes the importance of the space sector for the future of the United States. He understands that by investing in this industry. The country can reap significant benefits in terms of national security, technological innovation, and international prestige. Moreover, the space industry has the potential to create thousands of high-skilled jobs, foster collaboration between public and private sectors. And drive economic growth on a regional and national scale. Jones comprehends that by harnessing the potential of the space industry, the United States can position itself as a leader in the global arena. Shaping the future of space exploration and unlocking untapped potential for scientific discoveries and technological breakthroughs.

 

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Source: FOX business

 

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Brazos Midstream

Brazos Midstream to Expand Permian Natural Gas Midstream for Shell

Brazos Midstream has executed gathering and processing agreements with Shell Exploration & Production. It is to construct a natural gas gathering system in the core of the Permian Basin’s Delaware. This is a formation in West Texas.

The infrastructure would be anchored by 15-year, fee-based acreage dedications totaling 55,000 acres in Loving, Ward, and Winkler counties. The Fort Worth, TX-based operator plans to construct 16 miles of high-pressure pipeline. Firstly, it is extending from its existing gathering and processing systems.

CEO Brad Iles touted the Shell agreement and ongoing expansions of midstream infrastructure in West Texas.

“These projects are a testament to the strength of our operating team. This demonstrates our commitment to aggressively expand our asset base. Mainly in support of our upstream customers”.

“We have our commitment to offering comprehensive, best-in-class midstream services. This includes our strong customer relationships as we grow in one of the most economic oil and gas producing regions in the country”.

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Source: naturalgasintel.com

 

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Rail Project That is Disputed Seeking to Ship Eastern Utah Oil

Disputed Rail Project Seeking to Ship Eastern Utah Oil to More Lucrative Markets Clears Hurdle with $21 Million Funding Boost

Rail proposal, which would connect the Uinta Basin’s waxy crude with Gulf Coast refiners. Thursday by securing a $21.4 million grant from a Utah panel. Know more about the disputed rail project deal as you continue reading below.

Firstly, the $1.4 billion rail line could increase industrial impacts by enabling Uinta Basin oil production to nearly quadruple to 300,000 barrels a day. Rail route would help counties develop their energy-dependent economies and take pressure off highways used by tanker trucks.

Project opponents — wearing badges that read “We’re being RAILROADED!” — stood for most of the three-hour meeting.

“The CIB is failing the public trust in the administration of this money,” complained Sarah Stock, program director with Moab-based Living Rivers who opposes energy development in Utah’s sensitive landscapes. “This money should go back to communities to alleviate the impacts of oil and gas. This is our only avenue to access the benefits of oil and gas extraction on this land.”

Firstly, the CIB’s move elated Mike McKee, a former Uintah County commissioner. Secondly, he is the ex-CIB member who now heads the seven-county group.

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Source: The Salt Lake Tribune

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Midland Earns Spot as Nation’s ‘Most Dynamic’ Metro

The Walton Family Foundation reported this week that Midland is the “most dynamic” metropolitan statistical area in the nation.

The foundation ranked the Midland MSA as No. 1 in a report that detailed economic growth in the 379 metropolitan areas across the United States.

The most dynamic MSAs are ML, San Jose-Sunnyvale-Santa Clara, California, and ML, Michigan, according to the report.

In the smaller MSA rankings – those with populations below 500,000, Midland topped ML, Michigan, and Elkhart-Goshen, Indiana.

The foundation’s report shows ML ranked:

–first in job growth from 2017 to 2018,

–third in annual pay growth from 2016 to 2017 and

— seventh in GDP growth from 2016 to 2017.

Other index metrics showed that Midland ranked:

–first in short-term job growth,

–first in short-term job momentum,

–third in short-term average annual pay growth,

–fourth in per-capita personal income and

-seventh in short-term GDP growth.

Odessa ranked as No. 63, overall, and respectively at 17th for job growth, fourth for annual pay growth and first for GDP growth.

“The report is confirmation of what those of us living here, have known for some time, the Permian Basin is seeing unprecedented growth and a major force in fueling our state economy,” according to a comment from the Midland-Odessa Transportation Alliance about the report. “It also denotes the need for additional infrastructure investments in these critical economies.”

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Source: MRT.com

LNG Plant

Council Approves $60 Million LNG Plant in South Philly Over Climate Activist Opposition

Over objections of climate activists, Philadelphia City Council on Thursday approved a deal. It is with a developer who will build a $60 million liquefied natural gas or LNG plant on city land. It will be generating at least $1.35 million in profits that advocates say will help reduce residential heating bills.

Council, in a 13-4 vote, endorsed the Philadelphia Gas Works’ deal with Liberty Energy Trust. It is a Conshohocken firm that would build the LNG production unit at PGW’s Passyunk Plant. It will pay the city-owned utility annual fees and profits. PGW and the Gas Commission said the revenue would help reduce the need to raise customer rates.

Environmental groups, including the Clean Air Council and PennEnvironment, opposed the plant.

The activists said there were unanswered questions about what the new Passyunk Energy Center’s impact on the environment will be. They have also opposed new fossil-fuel infrastructure because it enables the production of more fracked natural gas from Pennsylvania’s Marcellus Shale region when they say the nation should be investing in renewable energy.

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Source: The Philadelphia Inquirer
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Oil prices spike after apparent tanker attack in Gulf of Oman

  • Reports of two oil tankers being attacked in the strategic Gulf of Oman sent world oil prices spike higher Thursday morning.
  • A third of all oil traded by sea passes through the Strait of Hormuz, the narrow mouth of the Persian Gulf near the Gulf of Oman.
  • Experts do not expect the jump in oil prices to lead to higher gas costs in the U.S.

Global oil prices surged on Thursday following suspected attacks on two oil tankers in the Gulf of Oman, leaving one with a damaged hull and the other on fire and adrift.

U.S. crude rose 4% to $53.22 per barrel after closing lower the previous day on concerns over rising stockpiles and a spiraling trade dispute between the U.S. and China. Prices of Brent crude oil, the international standard, jumped 4% to over $62 a barrel on the news. A third of all oil traded by sea passes through the strategically important Strait of Hormuz, the narrow mouth of the Persian Gulf near the Gulf of Oman.

“The knee-jerk reaction is more a response to the risks associated with higher tensions in the region and prospect of more attacks, than immediate impact on oil supplies,” Craig Erlam of OANDA said in a market commentary.

No oil prices spike in gas costs

Experts don’t expect the jump in oil prices to boost U.S. gas costs. Prices at the pump “will not immediately skyrocket because of the attacks on two oil tankers,”  tweeted Patrick DeHaan, head of petroleum analysis at research firm Gas Buddy.

Oil tank operators DHT Holdings and Heidmar have temporarily halted new jobs in the Gulf following the incidents, according to Reuters.

 

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Source: CBSnews.com

 

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Texas Oil and Gas Production Statistics for March 2019

Crude Texas Oil and Gas Production as reported to the Railroad Commission of Texas (RRC) for March 2019 came from 174,582 oil wells and 89,335 gas wells.

The Railroad Commission of Texas (RRC) has recently released its report for the period from April 2018 to March 2019, providing valuable insights into the state’s energy production. According to the report, Texas recorded an impressive production of 1.345 billion barrels of crude oil and 8.9 trillion cubic feet of total gas during this time frame. It is important to note that the RRC’s reported crude oil production figures are limited to oil extracted from oil leases and do not encompass condensate, which is separately accounted for by the RRC.

The substantial production figures highlight Texas’s robust energy sector and its significant contribution to the nation’s overall oil and gas supply. The state’s oil industry has been a key driver of economic growth, attracting investments and creating job opportunities. With its vast reserves, advanced drilling technologies, and favorable regulatory environment, Texas has emerged as a global energy powerhouse. The RRC’s report underscores the importance of accurately tracking and reporting the state’s crude oil production, providing stakeholders with essential data to make informed decisions and monitor the industry’s performance.

 

 

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Source: RAILROAD COMMISSION OF TEXAS

 

 

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global markets

Analyst: Future of Permian Production is in Global Markets

Global Markets: That’s the mantra offered to those attending Hart Energy’s Midstream Texas conference last week at the Horseshoe.

“We’re going to have to export significant amounts of incremental production. Not just from Texas but from elsewhere in the U.S”. This is what Greg Haas, director, integrated oil and gas at Stratas Advisors, told his audience. Want to know more about the global markets?

The nation is already a net exporter of hydrocarbons. This is from the lightest gas to the lightest crudes. This is a major source of refined products to the rest of the world, he said.

“The U.S. must remain a net exporter,” he said, estimating at least 50 percent of U.S. field production, from crude to natural gas liquids to refined products must be destined for export.

Since the ban on exporting domestically produced crude was lifted in December 2015, exports have soared to about 3 million barrels a day and are expected to reach 4 million to 6 million barrels a day by 2030.

The Gulf Coast has enough capacity, but not the right kind of capacity, Haas said, including facilities that would allow Very Large Crude Carriers — which can carry up to 2 million barrels — to be fully loaded.

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Source: MRT.com

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