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What's Affecting Oil Prices This Week? (Feb. 5, 2024)
Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
WoodMac: Market Likely to Absorb Aramco’s Downshift in Oil Production
Saudi Aramco’s move from a targeted 13 MMbbl/d capacity by 2027 is not expected to tighten the supply and demand balance this decade, Wood Mackenzie analysts said.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
Paisie: Economics Edge Out Geopolitics
Weakening economic outlooks overpower geopolitical risks in oil pricing.
Oil Prices Edge Lower on False Report of Israeli Ceasefire, Sustained OPEC Cuts
Oil prices fell 2% on the false speculation that Israel and Hamas had tenatively agreed to a ceasefire, but losses were subsequently pared.
Marathon Chasing 20%+ IRRs with Los Angeles, Galveston Refinery Upgrades
Marathon Petroleum Corp. is pursuing improvements at its Los Angeles refinery and a hydrotreater project at its Galveston Bay refinery that are each boasting internal rate returns (IRRs) of 20% or more.
Is Grayson Mill the Next Bakken Domino to Fall After Chevron-Hess?
As E&Ps look to bulk up outside of the Permian Basin, EnCap-backed Bakken player Grayson Mill Energy is reportedly exploring a sale valued around $5 billion.
Analyst: Chevron Duvernay Shale Assets May Sell in $900MM Range
E&Ps are turning north toward Canadian shale plays as Lower 48 M&A opportunities shrink, and Chevron aims to monetize its footprint in Alberta’s Duvernay play.
Trans Mountain Pipeline Announces Delay for Technical Issues
The Canadian company says it is still working for a last listed in-service date by the end of 2Q 2024.