September 10, 2019

September 10, 2019
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  • WTI is up 51c to $58.36/Bbl, and Brent is up 56c to $63.15/Bbl
  • Oil prices are at six-week highs on optimism that OPEC and their allies may extend output cuts to support prices (Reuters)
    • The new Saudi energy minister said that the OPEC+ alliance would be in place for the long term
    • There have been concerns about some OPEC+ member adherence to their agreement as a few members have exceeded their quota
  • The EIA’s monthly Short-Term Energy Outlook (STEO) is due out later today
    • Production data will be important to watch. The EIA reports more accurate US supply data on a lag in its STEO
    • Weekly government data pegs US oil production at 12.4 MMBl/d as of last week
      • The EIA estimated US oil production at 11.7 MMBbl/d in its previous Monthly report for July
  • Natural gas is up 4.8c to $2.633/MMBtu
  • Freeport LNG has secured a $1.0 Billion loan for its Train 4 expansion project
    • An official Final Investment Decision (FID) is anticipated within the next couple of months, according to the CEO
    • With four trains running, the liquefaction facility would be able to export roughly 2.6 Bcf/d, assuming it receives a positive FID
  • Waha spot price has steadily improved since May and is now $1.30
    • This improvement has largely been the result of line packing flows on the Gulf Coast Express, according to Platts
    • Once the project fully comes online, Waha basis could see continued upside as the pipeline will be able to handle the excess associated gas in the region

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