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ODESSA, Tx. (KOSA) The Texas Transportation Commission voted unanimously on Thursday to provide an additional $2 billion in funding to improve Permian Basin roads.
With the Texas Transportation Commission approving $2 billion for transportation infrastructure, more than $5 billion total will be funneled into Permian Basin roads over the next 10 years.
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Source: cbs7.com
World energy demand is growing, and America’s oil and natural gas companies are investing to meet it — sustainably. That’s critical because International Energy Agency projections show that fossil fuels will supply 78% of global energy needs by 2040, even as renewable sources expand. Read more below about the American Petroleum Institute Oil report.
U.S. supply has kept pace — sustaining world-leading production, contributing virtually all international supply growth and helping offset OPEC supply cuts — despite less drilling activity. This technological prowess makes old-school assumptions obsolete. With companies becoming more efficient and cost-effective, production could grow even if investments were to fall.
More important, the statistic is one more indication of our success reducing our environmental footprint. Growing energy demand doesn’t mean we can’t cut greenhouse gas emissions. The United States happens to lead the world in reduction of carbon dioxide since 2000. Thanks to growing use of natural gas in power generation, U.S. carbon emissions are at their lowest levels in a generation. That’s success we can replicate globally through growing exports of liquefied natural gas.
Source: usatoday.com
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The U.S. is about to boost its status as a major oil exporter.
New pipelines are coming online to transport oil from a bottleneck in the Permian Basin to the Gulf Coast where it can be shipped to the world.
The U.S. is turning the Gulf Coast into a major export hub, and that could one day make U.S. crude an international benchmark, according to Citigroup’s Ed Morse.
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Source: CNBC.COM
The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent.
According to OPEC, the production cuts, combined with “ongoing healthy oil demand so far”, have “arrested global oil inventories growth and should lead to significant draws in the second half of the year.”
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Source: OILPRICE.COM
EIA at the Department of Energy said on Tuesday petroleum production increased by 16 percent and natural gas rose 12 percent.
The increase in production has created a need for more pipelines and infrastructure throughout Texas.
EPIC Midstream Holdings Inc began shipping crude oil on its 400,000 b/d pipeline from the Permian Basin to the U.S. Gulf Coast.
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Source: timesrecordnews.com
“Watch for much higher global crude runs in the final months of the year as refineries pump out supplies to meet [marine fuel specification] changes for January 1. Let’s talk more about the current falling oil prices.
Overwhelmingly bearish economic sentiment has sent oil prices spiraling down. Moreover, persistent cuts in demand growth forecasts are indicative of further downside risk.
The oil markets, however, could find some support in the near future to medium term from a demand spike by tighter marine fuel speculations. It is by the International Maritime Organization (IMO) that are set to kick in on 1 January 2020.
Front-month ICE Brent futures fall to 22%. It is from their 2019 high of $74.50/barrel seen in late April to $58/barrel in mid August. According to S&P Global Platts Analytics, Brent prices are some $10/parrel below where fundamentals indicate they should be.
Expected to shift global diesel/gas oil demand higher by around 1.5 million b/d in the fourth quarter of 2019 and first half of 2020, Platts Analytics estimates.
Supply, on the other hand, looks strong despite OPEC’s large production cuts and continued losses from Venezuela and Iran.
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Source: Energy World
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According to the report, the global oil and gas analytics market was USD 14.55 billion in 2018 and is expected to reach around USD 122.60 billion by 2025.
Analytical solutions for the oil and gas sector will help the related industries in having an aggregate view of their operations.
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Source: globenewswire.com
Natural gas prices to rise and have continued to witness selling pressure despite higher demand for cleaner gas.
Precious metal prices continued their buying spree for the third straight week with Comex Gold.
Record high production and rising inventory made the natural gas prices test the lows of 2016.
But cyclically, rising natural gas prices are required to keep the current pace of higher supply to fulfill the rising global demand in 2020.
We expect MCX Natural gas prices to remain supported at Rs 150 per MMBtu and extend the rally towards Rs 175 per MMbtu in the very short term.
Global natural gas prices tumbled in the second half of 2022, from the heights reached in August. Unseasonably warm weather, improved energy efficiency, and behavioral changes in gas consumption contributed to the decline. A reduction in Russian natural gas production and exports to Europe took place and shifting LNG trade helped fill the gap in European supply. Lower demand and strong LNG inflows resulted in European natural gas inventories being at a record high for this time of the year. The outlook for 2023 will depend on the speed of China’s reopening as well as the LNG market dynamics.
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Source: moneycontrol.com
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The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected increase in natural gas price and supplies and .
Stockpiles held in underground storage in the lower 48 states rose by 49 billion cubic feet (Bcf) for the week ended Aug 9.
below the guidance (of 54 Bcf gain). However, the increase was higher than last year’s increase of 35 Bcf for the reported week and is in line with the five-year (2014-2018) average net injection.
The latest rise in inventories puts total natural gas stocks at 2.738 trillion cubic feet (Tcf) – 357 Bcf (15%) above 2018 levels at this time but 111 Bcf (3.9%) under the five-year average.
Fundamentally speaking, the total supply of natural gas averaged 96 Bcf per day, unchanged on a weekly basis as dry production remained flat. Daily consumption also remained essentially flat at 86.6 Bcf with 86.8 Bcf in the previous week on static power generation demand.
The natural gas futures market rose following the smaller-than-expected climb in U.S. supplies, with the commodity posting a 3.8% weekly gain and erasing some of the steep losses that have taken it to lows not seen since May 2016 earlier this month. Weather forecasting models predicting hot temperatures in certain regions of the Lower 48 U.S. states that would drive up the air conditioning demand for natural gas also helped lift prices higher
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Source: Finance.Yahoo.com
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The production in the Bakken Formation raced upward to nearly half a billion barrels last year. Will this affect the oil & gas tax revenues?
The trust fund’s balance is expected to more than double over the next decade — to nearly $15 billion.
Three years before voters in North Dakota went to the polls. A committee of 11 Colorado state lawmakers is convening to take a look at how severance taxes were allocated in the Centennial State. After a half dozen meetings and a couple of field trips to mineral-rich Rio Blanco and Garfield counties, the group came to the conclusion that it would behoove Colorado to create a permanent trust fund “as a resource in the future when the mineral extraction industry declines.”
“Interest from a trust fund could also be used to provide additional resources for higher education to educate the state’s workforce,” the committee wrote in its 2007 report.
Fast forward to 2019 … and Colorado still has no permanent trust fund.
The taxes from the state’s oil and gas fields are going annually to water projects. This also includes natural resource management efforts and local communities. They are those who are experiencing the impact by oil and gas activity. Nothing is saved in the way North Dakota, Wyoming, and New Mexico. Those that are non-energy-producing states are salting away money for the future.
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Source: DenverPost.com
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