July 31, 2019

July 31, 2019
Print Friendly, PDF & Email
  • WTI is up 50c to $58.55/Bbl, and Brent is up 48c to $65.20/Bbl
  • WTI continues to climb toward $60/Bbl as investors expect the Federal Reserve to lower borrowing cost and the API reported a solid crude inventory withdrawal
    • The API reported a 6 MMBbl withdrawal Tuesday afternoon, for the week ended July 26
    • A Fed rate cuts helps crude oil in two ways as it should encourage US oil demand and have downward pressure on the dollar (Reuters)
  • Libya’s largest oil field started shutting down on Tuesday after a valve on the pipeline was shut (Reuters)
    • The Sharara field produces 290 MBbl/d, and the outage sends Libya’s oil production to a five-month low of about 950 MBbl/d
  • Enterprise Products Partners signed on Chevron as a customer of its planned Texas offshore oil port (Argus)
    • Enterprise’s planned terminal, known as the Sea Port Oil Terminal (SPOT), will be off the coast of Freeport and be capable of loading 85 MBbl/d
    • Chevron president George Wall said the terminal will allow Chevron to significantly expand export capacity and access multiple market centers as it increases Permian crude production
  • Natural gas is up 5.1c to $2.188/MMBtu
  • Equitrans Midstream said the Mountain Valley Pipeline still has a startup date of mid-2020 and is “more than 85% complete”
    • MVP Southgate, a 300 MMcf/d pipe with 900 MMcf/d of expansion capabilities, is slated to start up in 4Q2020
    • The Hammerhead pipeline is expected to be placed into service at the end of the year and provide 1.6 Bcf/d of capacity
  • NGPL is issuing a force majeure that will last until August 5th and effectively cut off 600 MMcf/d of northbound Midcontinent capacity
    • Columbia Gas Transmission is also undergoing maintenance to its Sherwood Compressor Station, in the northern portion of West Virginia, with flows allegedly resuming in the next couple of days
  • Venture Global’s Calcasieu Pass continues to receive regular FERC approvals to its Cameron Parish, LA facility
    • The facility should be able to generate around 1.3 Bcf/d of outbound capacity
    • Venture Global will develop the export facility in tandem with its 2 Bcf/d TransCameron pipeline

Access Our Deeper Market Insights

Product Factor Matrix

Proprietary view of priced-in factors driving the market vs. potential bullish and bearish surprises.

Learn More

Trading Recommendations

Clear trading recommendations based on real market opportunities that enable clients to take action.

Learn More

Market Data

A comprehensive suite of the latest curves, spot pricing, settles, and strips to drive confident hedging decisions.

Learn More

Benchmarking and Trade Analytics

Real-time access to analyze your hedging strategy against AEGIS benchmarks and current market activity.

Learn More