Oil and Gas

dang..where r u?
$2.98 in SW florida

 

I often see long lines at Costoso to save 10 cents a gallon. Maybe a 20-gallon fill so 10 minutes + in line to save $2. Hard pass. same people going to starbucks for $8 coffee..smdh

 

$2.79 in Bonita Springs today, like old times

 

Oil supply will outpace demand going into 2023, says Citi's Ed Morse (cnbc.com)

 

Mexico, overwhelming blessed with oil and gas but too incompetent, corrupt to take advantage of it. Burned over $300M worth of nat gas and condensate rather than develop infrastructure to capture it. Has failed to deploy over $2B in funding to expand fields and infrastructure while helping to heat up the atmosphere.

Put a company like Equinor (Norway), Total, or Exxon in charge of those fields and production would skyrocket and the local economy would prosper from all the jobs created.

Exclusive-Mexico's Pemex destroyed resources worth $342 million from two top fields (msn.com)

MEXICO CITY (Reuters) - Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. The three documents, produced by the regulator and dated August 2022, detail how Pemex destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years.
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In Ixachi, the destruction was particularly dramatic because production started a year earlier. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate.

That is the equivalent of 31% of the total amount of gas produced from the field, and 1.3% of total condensate, according to Reuters calculations.
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The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made.

 

Biden admin issues final Environmental Impact Statement on Willow oil project in Alaska. Supports drilling at 3 of 5 drilling sites, deferred on one, denied 1. Trump interior originally approved all 5, judge ruled that review was insufficient.

Estimated to generate 8 - 17B for federal, state, local communities. 50% of

U.S. backs smaller version of ConocoPhillips Alaska oil project | Reuters

President Joe Biden's administration said on Wednesday it would support a scaled-back version of ConocoPhillips' (COP.N) planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal.

The Willow project area holds an estimated 600 million barrels of oil, or more than the amount currently held in the U.S. Strategic Petroleum Reserve, the country's emergency supply. The project is important to Alaska's elected officials, who are hoping it will help offset oil production declines in a state whose economy relies heavily on the drilling industry.

The U.S. Bureau of Land Management (BLM) published the project's final environmental review, selecting a "preferred alternative" that would include three drill sites and less surface infrastructure than originally proposed. ConocoPhillips had initially wanted to build up to five drill sites, dozens of miles (km) of roads, seven bridges and pipelines.

According to BLM's analysis, the design it endorsed would reduce the project's impact on habitats for species like polar bears and yellow-billed loons. Alaska officials and ConocoPhillips backed that option in letters submitted to the agency in recent months.

 

OPEC to cut production. Apparently $75 oil isn't enough to sustain their bad habits and they want $100 oil regardless of the demand destruction due to inflation pushing rates higher.

Biden screwed the pooch by not filling the SPR while oil has been under $80. Perhaps KSA wants the US in a recession to help a pub win the potus??

can someone explain why the DOW had such a good day with the thought of higher energy prices?

Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut (cnbc.com)

Oil prices notched their biggest gain in nearly a year after OPEC+ announced it was slashing output by 1.16 million barrels per day.

Brent crude futures settled higher by 6.31%, at $84.93 a barrel. The commodity had its best daily performance since March 21, 2022, when it gained 7.12%. West Texas Intermediate crude settled higher by 6.28%, at $80.42 a barrel. It was the biggest daily gain for WTI since April 12, 2022, when it rose 6.69%.
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“OPEC+‘s plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and Russia’s output cuts as a retaliation move against western sanctions,” CMC Markets’ analyst Tina Teng told CNBC.

Teng noted, however, that the cut could also reverse the decline in inflation, which would “complicate central banks’ rate decisions.”