- WTI is down 13c to $58.89/Bbl, and Brent is down 11c to $64.14/Bbl
- Oil is steady near a 12-week high, supported by the recent OPEC+ decision to curtail more supply, but held back from a further rally due to the ongoing U.S./China trade dispute
- US and Chinese negotiators are planning for a delay of December tariffs (Bloomberg)
- Beijing sees the removal of the December 15 threat enabling talks to continue on the unfinished items in phase-one of the accord, according to two officials (Bloomberg)
- Enbridge is joining Enterprise Products Partners to develop an offshore crude terminal near the Texas coast capable of loading very large crude carriers (VLCCs)
- The companies will jointly develop the deepwater terminal known as the Sea Port Oil Terminal (SPOT) off the coast of Freeport, Texas
- The project includes two crude pipelines running from the port to the shore and two single-point mooring buoys able to load and export oil at about 85 MBbl/hour
- Currently, only one US port is able to fully load a VLCC – the Loop terminal about 20 miles off the coast from Grand Isle Louisiana
- SPOT is set to begin service in late 2022
- Natural gas is up 2.1c to $2.253/MMBtu
- 18 state Attorney Generals filed with the Supreme Court to overturn the Fourth Circuit Court of Appeals decision and allow the construction of the Atlantic Coast Pipeline
- The Supreme Court has agreed to hear the opinion and will rule on the matter by June 2020
- The much delayed project is planned to be complete in 1H2022
- Freeport Train 1, which has a capacity of roughly 0.7 Bcf/d, is officially commercially operational
- This follows yesterday’s announcement that the company’s second train is now producing LNG
- Train 2 should be commercially available sometime next month and train 3 should be available in May 2020
