Daily Energy Market Summary: 360 DCB – 9/10/2020
HOT OFF THE PRESSES: Choppy trading day as all major indices finish red after starting the trading session in the green. S/P closes down -1.5%, $NQ down -1.73%, while the Dow Jones finished -1.25%. More selling pours into tech stocks with AAPL down over 3.6% after being up over 2% early in the trading session
On the crude oil side, weak inventory data drive oil price down below $37.50, with session lows reaching $37 even. Crude oil inventories spiked by 2mm bbl while domestic production rose +300K as more production comes back online from Hurricane Laura. Traders were eyeing a draw for inventories. Natural gas price took another hit, down 3.5% to around $2.31 for the front month contract
US Shale:
- COGCC votes to increase setbacks to 2,000ft on all new drilling sites
- Crude Oil Inventories
- Natural Gas Inventories
International:
- IEA calls for “dramatic” scaling up of clean energy tech to meet climate goals
- Tuna-1 discovery in Turkey could net $21 billion
Email the show: mtanner@enercominc.com / 303-907-6825
Show Note Articles:
IEA calls for ‘dramatic’ scaling up of clean energy tech to meet climate goals
Colorado regulators back 2,000-foot setback for new oil and gas drilling
Oil extends losses after surprise U.S. crude stock build confirmed
Weekly Gas Storage: Inventories increase by 70 Bcf
U.S. crude oil inventories increase by 2.0 million barrels
Rystad Energy: Giant Tuna-1 discovery could save Turkey $21 billion
Turkey Discussing Oil and Gas Exploration in Libya
Elliott seeking to break up Noble Energy’s sale to Chevron: Bloomberg reporter
Enterprise ($EPD) cancel’s ECHO-4 pipeline project
Second wave of floating storage triggered by ailing oil market
IEA calls for ‘dramatic’ scaling up of clean energy tech to meet climate goals
Colorado regulators back 2,000-foot setback for new oil and gas drilling
Oil extends losses after surprise U.S. crude stock build confirmed
Weekly Gas Storage: Inventories increase by 70 Bcf
U.S. crude oil inventories increase by 2.0 million barrels
Rystad Energy: Giant Tuna-1 discovery could save Turkey $21 billion
Turkey Discussing Oil and Gas Exploration in Libya
Elliott seeking to break up Noble Energy’s sale to Chevron: Bloomberg reporter
Enterprise ($EPD) cancel’s ECHO-4 pipeline project
Second wave of floating storage triggered by ailing oil market
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