December 24, 2019

December 24, 2019
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  • WTI is up 21c to $60.73/Bbl, and Brent is up 28c to $66.67/Bbl
  • Oil prices are higher this morning on light pre-holiday trading as Russia’s energy minister said cooperation with OPEC to support the market would continue (Reuters)
    • Russian energy minister Alexander Novak said on Monday that OPEC and Russia will continue their cooperation as long as its is “effective and brings results”
  • A group of companies led by ExxonMobil gas started production from the Liza field in the deepwater Stabroek block in Guyana (Argus)
    • The company expects production from the first phase of the Liza field to reach full capacity of 120 MBbl/d in the coming months
    • Exxon is anticipating production of more than 750 MBbl/d from the Stabroek block by 2025
    • AEGIS notes that Guyana production is just one example of growing non-OPEC supply
      • U.S. production is typically the largest component of non-OPEC supply growth
  • Natural gas is down 3.8c to $2.176/MMBtu
  • Natural gas fell 11.4c to $2.214 yesterday on the backs of lower demand due to unseasonably warm temperatures across the Lower 48
    • The prompt month contract, which expires Friday, is under $2.20 this morning as weather models continue to disappoint
    • This is the lowest the January contract has been for this time of year in the at least the last 10 years except for 2015
  • Cheniere Energy’s Midship Pipeline is looking to start partial gas transport as soon as April, the company told federal regulators (Platts)
    • The Midcont. pipeline was originally expected to start service in October 2019
    • Midship, once completed, will be able to transport up to 1.44 Bcf/d from western Oklahoma to Bennington, Oklahoma, on the Texas-OK border. From there, gas can join other pipelines that will take it to the U.S. Gulf Coast

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