Daily Energy Market Summary: 360 DCB – 9/8/2020
HOT OFF THE PRESSES: Long Labor Day weekend does not to much to stave off another market selloff, with Nasdaq down over 450 pts, plummeting over 10% the last 3 market trading period. Major indies all down over 1.75%
But crude oil fairs the worst, down 6.5% to 37.07 for the front month contract in CL. Market is considering rising global inventories amid lower than expected demand coming off COVID-19. Natural Gas falls 7.89% as traders brace for some cooler weather to come in, coming off seasonally high temperatures across the US West Coast. But, XOM trades higher in terms of percentage drop than APPL due to NQ pressures, for all you permabulls
International:
Saudi cuts their OSP “official selling price”
The differential to Asia for Arab Light was cut by $1.40/b to a discount of 50 cents/b against Oman/Dubai, while Super Light and Extra Light were reduced by $1.50/b, Arab Medium by $1.20/b and Heavy by 90 cents/b.
US Shale:
Ongoing blackouts in California
Email the show: mtanner@enercominc.com / 303-907-6825
Show Note Articles:
Opec+ lifts compliance as deal’s second phase starts – production numbers listed
Iranian Fuel Seized by US to Reach Texas Within Days
Saudi Cuts OSP, tumbling oil more than 6% to $37 range
Trump expected to extend Florida’s offshore drilling ban
Saudi’s King Salman, Russia’s Putin express ‘satisfaction’ with OPEC+ deal
Nasdaq slides as tech rout deepens, Tesla hits three-week low – Energy Down
Natural gas price differentials to Henry Hub narrowed at most hubs in first half of 2020
PG&E Turns Off Power for Safety to Approximately 172,000 Customers in 22 Counties in Sierra Foothills, Sacramento Valley, Northern Sierra and Elevated North Bay Terrain
Former U.S. Ambassador to Russia rejoins Chevron board
Europe could see USD35 billion in CCS spending till 2035, with most capacity coming in the UK – Rystad Energy
Opec+ lifts compliance as deal’s second phase starts – production numbers listed
Iranian Fuel Seized by US to Reach Texas Within Days
Saudi Cuts OSP, tumbling oil more than 6% to $37 range
Trump expected to extend Florida’s offshore drilling ban
Saudi’s King Salman, Russia’s Putin express ‘satisfaction’ with OPEC+ deal
Nasdaq slides as tech rout deepens, Tesla hits three-week low – Energy Down
Natural gas price differentials to Henry Hub narrowed at most hubs in first half of 2020
PG&E Turns Off Power for Safety to Approximately 172,000 Customers in 22 Counties in Sierra Foothills, Sacramento Valley, Northern Sierra and Elevated North Bay Terrain
Former U.S. Ambassador to Russia rejoins Chevron board
Europe could see USD35 billion in CCS spending till 2035, with most capacity coming in the UK – Rystad Energy
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