- Oil prices were provided a lift in Thursday's pre-market trading alongside the broader financial markets. This comes after the Federal Reserve hinted it might be done with raising rates (BBG)
- The Fed refrained from raising borrowing costs for the second time yesterday and that the rise in longer-dated Treasury yields reduces the need to hike again
- On the geopolitical front, The Israel-Hamas war remained contained to the two groups
- AEGIS notes that from a price perspective, crude has given up its war premium
- Enterprise unveils Permian expansion with new projects (P&GJ)
- Enterprise announced four major projects by 2025: two gas processing plants, the Bahia NGL pipeline, NGL fractionator 14, and a deisobutanizer in Texas
- The company announced that they have begun the steps to return the 210 MBbl/d Seminole Pipeline that ships crude oil, to NGL transportation service in December 2023
- Enterprise forecasts a surge in Permian crude oil production, with an increase of 0.7 MMBbl/d in 2023 and an increase of 1.5 MMBbl/d by 2025, estimating over 7.5 MMBbl/d by 2030
- The company estimates a 700 MBbl/d increase in NGL production for the three-year period ending 2025
- AEGIS notes that Permian crude oil capacity to Corpus Christi is over 90% utilization, but plenty of open capacity exists to Houston
- Earlier this year, there was about 750 MBbl/d of capacity open to ship from West Texas to the Houston area (RBN)