FROM THE OIL PATCH
Surging US repo activity likely exacerbating funding pressure
A sharp steady rise in overnight repurchase agreements is overwhelming banks that serve as middlemen for such short-term borrowings in U.S. government securities, threatening to
Exxon seeks buyers for portion of assets in North Dakota’s Bakken shale
Top U.S. oil producer Exxon Mobil Corp (XOM.N) plans to sell a portion of its assets in North Dakota’s Bakken shale formation, the company told Reuters on
Experts Warn of Economic Fallout from Middle East War
The prospect of an all-out war in the Middle East increased after Iran launched a massive missile attack on Israel on October 1. Israel has threatened retaliation, fueling concerns of a disruption to the flow of oil and gas from the energy-rich region. Global oil prices have already soared 9
Traders keep bets on 25 basis point Fed rate cuts in November, December
The case for quarter-point U.S. interest rate cuts at upcoming Federal Reserve policy meetings appeared intact on Friday after a report showed producer prices were flat last month compared with August, suggesting inflation continues on track toward the Fed’s target. Financial markets priced in a 17% chance that the Fed will leave
Global refinery margins fall to multiyear seasonal lows in September
Refinery margins for petroleum refiners across the world are shrinking, indicating reduced profitability from refining crude oil and selling petroleum products. Declining margins are the result of relatively weak demand for petroleum products even as global refining capacity increases. Global refinery margins, measured by the 3:2:1 crack spread, have been less than
EIA: U.S. Natural Gas Output Expected to Decline as Demand Reaches Record High in 2024
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (Bcf/d) in 2023
CRUDE OIL WEEKLY UPDATE (Week Ending 10-18-24)
Crude Oil Summary (EIA) U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending October 11, 2024, which was 165
NATURAL GAS WEEKLY UPDATE (Week Ending 10-18-24)
Market Highlights: Prices Henry Hub spot price: The Henry Hub spot price fell 21 cents from $2.42 per million British thermal units (MMBtu) last Wednesday
Zekelman Industries Steel Snapshot for October 2024
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) SMU October HR Coil $695 up $10 from Sept. China stimulus raised raw materials briefly but
Preston Pipe Report – September 2024
(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – In addition to the positive FID reached on the Blackcomb pipeline that we wrote about last
Argus Pipe Logix Line Pipe Report – September 2024
(by Rye Druzin, www.pipe-logix.com) Us line pipe prices fell by 1.1% to $2,242/short ton (st) in September, with both domestic and import falling at similar
AISI Press Release on Latest U.S. Imports of Steel Products – October 2024
American Iron and Steel Institute, www.steel.org – (10-05-24) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and