- WTI is up 63c to $54.80/Bbl, and Brent is up 49c to $59.83/Bbl
- Oil edged higher this morning after President Trump said China wanted to restart trade talks
- This helped calm nerves after China announced late last week a 5% tariff on purchases of American crude oil
- AEGIS notes Trump’s position on China may be weakening as the on going trade war has caused pain back at home
- US drillers idled 16 oil-directed rigs last week, according to Baker Hughes
- The Permian basin led most of the decline, dropping seven to now total 434
- Percentage wise, the DJ-Niobrara dropped the most at five rigs to settle at 25
- Nebraska’s high court affirmed a route across the state for the 830 MBbl/d Keystone XL crude pipeline
- TC Energy, formerly TransCanada, said the Supreme Court’s decision is another important step toward completing the long-delayed $8 billion dollar project
- The Keystone pipeline is still likely to face opposition, especially from Democratic candidates during this election cycle
- Natural gas is up 3.1c to $2.183/MMBtu
- Mexico’s President Obrador is said to have reached a preliminary agreement with four private pipeline companies amidst an ongoing arbitration dispute
- If approved, the 2.6 Bcf/d Sur de Texas (SDT) pipeline could finally begin commercial operations
- The SDT would be able to increase Mexico’s gas capacity by 40%
- If approved, the 2.6 Bcf/d Sur de Texas (SDT) pipeline could finally begin commercial operations
- TETCO Line 25 has an anticipated startup date of August 26th and can return approximately 800 MMcf/d once running
- Line 10 has an anticipated startup date for the first week of September
- Line 15, the original source of the incident, continues to see flows remain at zero
- Despite total rig count dropping by 19, the most since April, gas production set a new record at 92.2 Bcf/d (PointLogic)
- Growth is still primarily being driven by the Appalachia and Texas
- As the Gulf Coast Express continues to take additional flows, there is potential to see further production records going forward – especially if the Appalachia continues pace
- Growth is still primarily being driven by the Appalachia and Texas
