Jeffrey Bair

#OPEC+ crude production in July rose 160,000 b/d to 41.03 million b/d, the biggest jump since September 2023, latest Platts survey by S&P Global Commodity Insights finds 🛢 Members with quotas pump 437,000 b/d > caps 🛢 Iraq, Kazakhstan volumes up, despite pledging compensation cuts 🛢 Russia still above quota at 9.10 million b/d

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US midstream company Energy Transfer has agreed to buy WTG Midstream for $3.25bn, expanding its foothold in natural gas transportation in the Permian basin. Spot gas prices near the Permian have spent much of the last two months in negative territory as crude-focused production has flooded the market with associated gas, for which there is insufficient pipeline infrastructure to ship to more distant customers. https://lnkd.in/efUJQwz6

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Crude demand expectations fall for 2024 as trends shift back to pre-COVID pattern – IEA The International Energy Agency (IEA) on Friday cut crude oil demand forecasts for the year, with rates expected to fall further next year as consumption returns to the pre-COVID-19 trend, increasing the odds of a peak in oil consumption this decade, the agency said. #ICIS #crudeoil #COVID #IEA #oil #pandemic #energy #OPEC #GDP https://bit.ly/3UiyMHq

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The natural gas market has seen the supply response to low prices over the past couple of months. Now, the demand side is starting to respond, according to Williams CEO Alan Armstrong. The executive said patience is key as the market awaits a flood of demand from LNG and data centers, which are expected to see rampant growth in the coming years. The need for more infrastructure is critical, and Williams has a slew of expansions under way -- even after putting the kibosh on a conduit serving the Northeast. Read more by NGI Senior Editor, Markets Chris Newman in his latest for Natural Gas Intelligence.

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Europe's oil refining landscape is rapidly evolving: plants shuttering in the face of energy transition pressures and competition from new refineries globally. Kelly Norways delves into the issues with this S&P Global Commodity Insights infographic https://lnkd.in/eJAw5Rsq

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Mercuria Energy Group Ltd. has invested in Black Bayou Energy Hub LLC — an early-stage gas storage facility in Louisiana — as the Geneva-based commodity trading house looks to build on its position in the gas industry. The investment in an undisclosed capacity of gas storage in Louisiana comes as the next wave of liquefied natural gas export facilities comes online from the US, which was the largest super-chilled fuel exporter in 2023. Five new LNG projects or expansions are currently underway in Texas and Louisiana, with more planned. Mercuria has brought in a team of industry veterans in the past year and a half to grow its already large natural gas and power businesses and to start trading physical LNG. Nick O’Kane, who helped build Macquarie’s commodities division into a major player in natural gas, particularly in the US, started last month at the firm. Mercuria has also brought in dealmaker Robert Lawson from BP Plc and Shell’s Steve Hill to lead LNG. Story w/ Ruth Liao https://lnkd.in/eD8T93BW

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If you're in #PrivateEquity investment flipping wells or a smaller company who's getting taken to lunch with NatGas prices you should pivot. Fade the negative impact by using that super cheap resource to mine BTC or tie into local utilitie plants. This is already being done...

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Gas glut: Near-record associated gas volumes from the Permian and Bakken continue to put pressure on dry gas producers, which are curtailing output and cutting rigs across Appalachia and the Haynesville Shale.

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Oh boy! Maverick Natural Resources is for sale! The cycle of mergers, acquisitions, and divestments never ceases to amaze me in Oil & Gas... What do we think of this move? Think there will be any takers? #oilgas #oilandgas #oilandgasindustry #energy #energystrong

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📈 Highlights from TXOGA’s Monthly Energy Economics Review (MEER) – December 2024 TXOGA’s Monthly Energy Economics Review (MEER) provides a unique perspective on the oil and natural gas industry, bridging gaps in public data to deliver timely insights and comprehensive estimates across Texas’ production, trade, and consumption. Highlights from the December edition: 🔹 Texas production remains robust, with 5.8 mb/d of crude oil, 33.2 bcf/d of natural gas, and 4.0 mb/d of natural gas liquids (NGLs), maintaining near-record levels. 🔹 Market share gains. Year-to-date through November, Texas has accounted for 43.0% of U.S. crude oil and 29.1% of U.S. natural gas production, increasing the state’s market shares. 🔹 Texas natural gas dynamics. September 2024 saw 27.8 bcf/d of dry natural gas production, with 15.0 bcf/d consumed in-state and 12.4 bcf/d exported, including 8.2 bcf/d of LNG and 4.2 bcf/d via pipelines to Mexico. The remainder represents net storage changes and interstate flows. 🔹 Strong exports. Energy exports from Texas totaled $172 billion for the first three quarters of 2024. 🔹 Across the Electric Reliability Council of Texas (ERCOT), thermal and dispatchable sources supplied up to 97.4% of electricity during peak periods in November, averaging 60.5% throughout the month. TXOGA’s MEER continues to provide the data and context needed to understand Texas’ essential role in U.S. and global energy. Check out the full report for more insights! https://lnkd.in/g8tSBmUm #TexasOilAndGas #EnergyEconomics #TexasEnergy #NaturalGas #CrudeOil #EnergyLeadership #Oilindustry #Productivity #NaturalGas #QuantitativeAnalysis #Strategy #Innovation #Markets #Data

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www.polymerupdate.com *International Energy Agency trims crude oil demand growth forecast for 2024, gap widens with OPEC+ projections* The Paris-based autonomous intergovernmental organisation, the International Energy Agency (IEA), has trimmed its crude oil demand forecast for 2024, widening the difference with the projections made by the producers’ cartel, the Organisation of the Petroleum Exporting Countries (OPEC) and allies (OPEC+). The latest projection may force the OPEC+ members to extend the voluntary output cut beyond June 2024 to achieve supply-demand equilibrium in the market and support the price favourably. Please open link to read full article: https://bit.ly/4arpNZ8 www.polymerupdate.com

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📈Highlights from TXOGA’s Monthly Energy Economics Review (MEER): TXOGA Highlights Texas Energy Records through May 2024 TXOGA’s Monthly Energy Economics Review (MEER) fills gaps in public data across the entire oil and natural gas value chains. We provide production forecasts that are current through the most recent month and complete value chains – including estimates of production, trade, interstate movements, and consumption – for Texas oil and natural gas. 🔹 By TXOGA’s estimates for May 2024, Texas produced a record-high 5.7 million barrels per day (mb/d) of crude oil, plus 32.5 billion cubic feet per day (bcf/d) of natural gas marketed production and 3.5 mb/d of natural gas liquids (NGLs). 🔹 Texas’ new monthly records established in March 2024, based on data from the Energy Information Administration (EIA) and U.S. International Trade Commission, include: ·      Record-high NGL field production: 3.7 million barrels per day (mb/d) ·      Record-high refinery activities, including net production of 5.5 mb/d 🔹 Moreover, after Texas’ petroleum products exports exceeded 4.0 mb/d for the first time in December 2023, the Lone Star State has sustained its petroleum products exports above 4.0 mb/d for five straight months. Texas also exported nearly $57 billion of petroleum products in the first quarter of 2024. Texas’ record-setting performance has continued so far this year on the heels of remarkable productivity gains, where for example rig productivity in May rose by more than 20% year-over-year by EIA estimates. As a result, Texas has continued to gain market share amid U.S. oil and natural gas production through the first half of 2024. U.S. energy security increasingly depends on Texas, and Texas has stepped up like none other. For details, please see the MEER! https://lnkd.in/g8tSBmUm #TexasOilAndGas #RecordBreaking #EnergyProduction #TXOGA #IndustryLeadership #energy #oilindustry #financeandeconomy #oilgas #economy #shale #financialmarkets #upstream #infrastructure #petroleum #crude #energypolicy #gasoline #globaleconomy #oil #freight #transportation #commuting #internationaltrade #naturalresources #fuel #oils #oilanalysis #export #business #economics #refining #oilindustry #productivity #upstream #lng #naturalgas #quantitativeanalysis #strategy #innovation #inflation #prices #markets #data

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Lots of reports yesterday about Exxon Mobil securing CCS acreage offshore Texas, but Energy Intelligence readers knew about it more than a year ago, when we first reported it. Exxon's Dan Ammann told us yesterday that he is hopeful the US Interior will soon determine whether the company will be allowed to convert its federal oil and gas leases adjacent to the state acreage into CCS leases, a point of contention in the industry: https://lnkd.in/gMtudHp8. The leases it won in Texas last year are "complimentary" to the federal blocks and give Exxon a massive CCS footprint in prime offshore acreage: https://lnkd.in/gUiaB733

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📈 Highlights from TXOGA’s Monthly Energy Economics Review (MEER) – November 2024 The Monthly Energy Economics Review (MEER) bridges gaps in public data across the entire oil and natural gas value chain, offering timely insights and comprehensive estimates for Texas' production, trade, and consumption. The November edition shows that Texas maintained near-record production levels, with TXOGA estimating 5.7 million barrels per day (mb/d) of crude oil, a record 33.8 billion cubic feet per day (bcf/d) of natural gas marketed production, and 3.8 mb/d of natural gas liquids (NGLs) in October. Year-to-date, Texas has accounted for 43.0% of U.S. crude oil and 29.0% of U.S. natural gas marketed production, increasing its share of national and global output. The EIA’s October 31 release of August 2024 data aligns closely with TXOGA’s September 16 projections, with only minor differences across oil, natural gas, and NGL production volumes. August 2024 Highlights: 🔹 Record-high crude oil production of 5.8 mb/d and sustained NGL production at 3.85 mb/d. 🔹 Highest recorded exports of refined products, reaching 4.5 mb/d. 🔹 Texas produced 28.1 bcf/d of dry natural gas; 16.5 bcf/d was consumed in-state, primarily for industrial and electricity use, while 11.4 bcf/d was exported (7.6 bcf/d as LNG and 3.8 bcf/d via pipelines to Mexico). 🔹From January to August 2024, Texas exported $154.3 billion in energy products, based on U.S. International Trade Commission (USITC) data. ERCOT Update 🔹In October, ERCOT relied on thermal and dispatchable generation for up to 93.2% of its electricity needs, averaging 62.9% throughout the month. For details, check out the MEER! https://lnkd.in/g8tSBmUm #TexasOilAndGas #RecordBreaking #EnergyProduction #TXOGA #IndustryLeadership #Energy #Oilindustry #Productivity #NaturalGas #QuantitativeAnalysis #Strategy #Innovation #Markets #Data

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