Oil & Gas
Crude oil, natural gas, NGLs, LNG and refined products — the markets that move producer revenue.
Natural Gas Option Skew Signals Bullish Bias
The natural gas options market is continuing to provide asymmetrical upside for natural gas producers for the next four seasons. Producers with additional ...
· Ryan Alexander2 min read
Natural Gas Supply-Demand Balance Looks Tighter in Summer 2026
After what was a relatively bearish summer for natural gas in 2025, the supply-demand balance could tighten significantly in Summer 2026. Assuming ten-year...
· Christian Drolshagen2 min read
EQT Positions for the Next Gas Cycle with Operational Discipline and Global Ambition
The latest EQT earnings call showed the company moving away from managing prices through paper positions and toward influencing them through physical contr...
· Narciso Cano3 min read
OPEC+ Falls Short on Promised Barrels but Oversupply Looms Regardless
OPEC+ began unwinding its voluntary production cuts in April 2025, completing the first 2.46 MMBbl/d tranche of restored output by September, a full year a...
· Narciso Cano2 min read
Propane Fundamentals Have Upside, But Oil Likely to Drag Down Propane Prices
The combination of new LPG export capacity and slower supply growth could tighten propane fundamentals over the next two years. However, the outlook for oi...
· Jay Stevens2 min read
EIA Projects Rising Inventories and Softer Oil Prices Into 2026
Global oil inventories are projected to continue rising through 2026, according to the EIA’s October Short-Term Energy Outlook, highlighting a persis...
· Narciso Cano2 min read
OPEC+ Keeps Supply Hike Modest as Market Signals Weaken
OPEC+ opted for a smaller-than-expected production increase over the weekend, easing concerns that the group might accelerate its supply recovery into an i...
· Narciso Cano1 min read
OPEC+ Eyes Faster Return Schedule for 1.66 MMBbl/d of Halted Production
OPEC+ will meet on October 5 to debate whether to accelerate the return of 1.66 MMBbl/d of voluntary cuts. One proposal under review is to raise output by ...
· Narciso Cano2 min read
Waha Prices at Multi-Year Low Foretells Future Risk
Spot and prompt month Waha basis prices sank into negative territory this month, with basis trading to -$4.50/MMbtu and fixed price falling to nearly -$2.0...
· Christian Drolshagen2 min read
IEA on Decline Rates and the Risk to Oil and Gas Supply
Conversations about the future of oil and gas markets often center on demand, how fast renewables will scale, whether policy will constrain consumption, or...
· Narciso Cano3 min read
Cove Point LNG Maintenance Could Weigh on Northeast Spot Prices
The Cove Point LNG export plant located in Maryland is set to enter maintenance within the next few days. This event, occurring yearly each Fall, will resu...
· Christian Drolshagen1 min read
EIA Outlook Points to Persistent Oversupply, Soft Prices Ahead
EIA Outlook Points to Persistent Oversupply, Soft Prices Ahead In its latest Short-Term Energy Outlook (STEO), the EIA projects that significant growth in...
· Narciso Cano2 min read
OPEC+ Accelerates Production Hike, Setting Stage for Supply Glut
OPEC+ announced it will raise the group’s production quota by 137 MBbl/d for October, marking the start of unwinding 1.66 MMBbl/d of voluntary cuts t...
· Narciso Cano2 min read
More Than 8 Bcf/d of New LNG Export Capacity Could Reach FID by Year-End
The buildout of LNG export capacity in the US continues at a rapid pace, with capacity expanding significantly over the next five years. There is more than...
· Christian Drolshagen2 min read
Large Natural Gas Storage Builds Weigh on Winter Prices
After ending winter ‘24/’25 well-below the five-year average, Lower-48 natural gas storage levels have climbed very swiftly this summer. This h...
· Christian Drolshagen2 min read
Money Managers Tip WTI Into First-Ever Net Short When CME and ICE Combined
Money managers have cut their crude oil exposure to the lowest levels in more than 15 years, pushing WTI futures into unprecedented territory. The latest C...
· Narciso Cano2 min read
Oil Oversupply Might be Beyond Fixing
Global oil demand growth would need to vastly outperform historical trends over the next 18 months to absorb projected supply increases from OPEC+ and non-...
· Jay Stevens2 min read
EIA Cuts Near-Term Crude Price Outlook
In its latest Short-Term Energy Outlook (STEO), the EIA lowered its near-term oil price forecasts. The chart below underscores the shift in sentiment, with...
· Narciso Cano2 min read
OPEC+ Completes 2.2 MMBBl/d Unwind With September Production Quota Hike
OPEC+ announced a 547 MBbl/d production quota increase for the month of September, completing the reversal of the group’s November 2023 supply cuts a...
· Narciso Cano1 min read
Haynesville's Largest Producer to Keep 2H 2025 Production Flat
The Haynesville remains in the spotlight because it’s seen as a key source for future U.S. gas supply. More on activity here and here. Yet, its bigge...
· Jay Stevens1 min read
Positive Signs for Golden Pass LNG Startup
The Golden Pass LNG export plant, developed by ExxonMobil and Qatar Energy, appears to be nearing completion and the startup of LNG production. While the f...
· Christian Drolshagen2 min read
EQT's Q2 Call Highlights Strategic Shift Toward Demand-Linked Growth
EQT’s Q2 2025 earnings call showed a company focused less on production growth for its own sake and more on aligning gas volumes with firm, long-term...
· Narciso Cano2 min read
Kinder Morgan - Key Project Updates
Kinder’s recent 2Q earnings call provided key natural gas project updates. The company is in the process of planning or developing natural gas infras...
· Jay Stevens2 min read
Recent U.S. Supreme Court Ruling Could Make Completing Energy Infrastructure Easier Again
The court ruled in Seven County Infrastructure Coalition v. Eagle County, Colorado to limit the scope of environmental review obligations under the Natio...
· Ryan Alexander2 min read