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- WTI is down $1.00 to $54.81/Bbl, and Brent is down 74c to $60.83/Bbl
- Saudi Arabia’s Energy Minister Prince Abdulaziz said his nation is ready to make deeper oil cuts than it has already agreed to, according to Nigeria’s Minister of State for Petroleum
- This is opposite of what the Russian Deputy Energy Minister Pavel Sorokin said yesterday
- Sorokin said it is too early to talk about making deeper oil cuts within the OPEC+ deal
- AEGIS notes that Russia’s comments poured cold water on the oil markets Monday, causing price to fall
- Enterprise Products Partners said it moved a record amount of crude at its marine terminals in the third quarter as demand for US crude exports grows
- The company moved 987 MBbl/d of crude at its US terminals – including imports and exports. This is up 56% from a year ago
- Enterprise is a major participant in exporting US crude with a large pipeline system from the Permian basin to the Houston area and robust marine and storage and terminals (Argus)
- Shares of Saudi Arabia’s state-oil producer Aramco will begin trading on the Tadawul, Saudi Arabia’s stock exchange, on December 11 (State broadcaster Al Arabiya)
- Aramco earned $68 billion in the first nine months of the year (Bloomberg)
- The figure was given to financial analysts working on the company’s IPO
- Natural gas is up 10.3c to $2.549/MMBtu
- Prompt month gas prices are up 11%, in the past three days, as colder weather forecasts are likely squeezing speculators that hold a heavily concentrated short position
- Spot prices for most basis across the country are also jumping, Waha is up $0.94 among others
- ABC 13 reports that this will likely be the coldest Halloween in Houston since 1925
- Production reached a new record on Monday at 95.5 Bcf, with other agencies pegging the number at 96.0 Bcf (PointLogic)
- LNG feedgas demand is also on track to set a new monthly average record at around 6.7 Bcf/d
- Saturday saw a single day demand record at 7.5 Bcf/d
- LNG feedgas demand is also on track to set a new monthly average record at around 6.7 Bcf/d
- PG&E could cutoff power to almost 1.8 million customers in the Northern California area due to widespread fires
- The second round of cuts could last as long five days
- Despite the demand loss, California basis cash prices are still up due to the cold weather moving in
