E&P Highlights: Sept. 30, 2024
Here’s a roundup of the latest E&P headlines, including concessions awarded in the Middle East and updates following Hurricane Helene.
What's Affecting Oil Prices This Week? (Sept. 30, 2024)
Based on Stratas Advisors' demand forecast, there is room for Saudi Arabia to increase supply gradually and not collapse oil prices — if there is no dramatic increase in non-OPEC supply and the other members of OPEC+ do not grossly exceed their quotas.
Hurricane Helene Shuts in Nearly 30% of GoM Crude Production
Bumped up to hurricane classification on Sept. 25, Hurricane Helene has shut in 29% of crude and 17% of natural gas production in the Gulf of Mexico as it nears landfall in Florida tomorrow.
Mexico Pacific Edging Saguaro LNG Toward FID to Move Permian Gas
Mexico Pacific CEO Sarah Bairstow shared her thoughts with Hart Energy on the outlook for the Saguaro Energía LNG project as it marches forward with plans to be the Permian’s relief valve on associated gas buildup.
About 16% Crude Production Shut in GoM Due to Tropical Storm Helene
About 16% of crude production in the U.S. Gulf of Mexico on Sept. 24 were shut-in in response to Tropical Storm Helene.
What's Affecting Oil Prices This Week? (Sept. 23, 2024)
For the upcoming week, oil prices could get a boost from another storm forming in the Gulf of Mexico that could be a hurricane by the evening of Sept. 25 and possibly affect much of the eastern Gulf Coast.
EIA Reports Natural Gas Storage Jumped 58 Bcf
The weekly storage report, released Sept. 19, showed a 58 Bcf increase from the week before, missing consensus market expectations of 53 Bcf, according to East Daley Analytics.
E&P Highlights: Sept. 16, 2024
Here’s a roundup of the latest E&P headlines, with an update on Hurricane Francine and a major contract between Saipem and QatarEnergy.
More Than 12% of US GoM Oil Output Still Shut After Hurricane Francine
There were 213,204 bbl/d of oil and 298 MMcf of natural gas still offline after Francine hit the coast last week.
Francine Closes, Restricts Oil Export Ports, Shuts in 42% of GoM Oil
In addition to hampering ports and refineries, an estimated 41.74% of Gulf of Mexico oil production, or 730,472 bbl/d, has been shut in.