WTI prompt-month is down $0.10 at $58.78/Bbl early Tuesday (7:45 AM CT)
The US EIA will publish its Short-Term Energy Outlook later today, with the IEA and OPEC monthly reports due later this week
The IEA has warned of a potential record surplus next year as seaborne crude volumes continue to rise
“Whether it’s a glut or a super glut, it’s kind of hard to get away from that,” Saad Rahim, Trafigura’s chief economist, said
Exxon lifts 2030 cash-flow outlook (Bloomberg)
Exxon raised its expectations for long-term earnings and cash flow, citing growth in key assets and additional cost reductions
The company expects $35 billion in cash-flow growth by 2030 and plans to increase cost savings 10% to $20 billion versus 2019 levels
Output is projected to reach 5.5 MMBoe/d in 2030, about 17% above current levels, supported by technology advancements
Natural gas falls for a second day
The January Henry Hub contract is down another 20c this morning, as prices continue to come off (8:15 AM)
Lower-48 population-weighted temperatures are forecast to be below the ten-year average for most of the next two weeks, before warming up around the middle of December
Inflows into Golden Pass LNG remain at 9.7 MMcf/d, as the facility imports an LNG cargo which will be used to cool down plant equipment ahead of startup
Cheniere seeks approval to boost capacity (S&P)
LNG exporter, Cheniere Energy, is seeking approval from FERC to boost LNG production from the nine midscale trains currently being built at the Corpus Christi facility
Debottlenecking would allow output to increase by about 0.67 Bcf/d
The upgrade should be completed by June 2026 as Cheniere continues to expand the Corpus Christi terminal
Get market insights delivered to your Inbox every day!
