- 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
