First Look

Each weekday morning, we provide insight into the oil and gas markets and share it with everyone who is interested – just read below.

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December 11

Crude Oil:

  • WTI is up 81c to $51.81/Bbl, and Brent is up 76c to $60.60/Bbl
  • Russian Energy Minister Alexander Novak said Russia aims to reduce production in January by at least 50 – 60 MBbl/d compared with October numbers
    • If Russia stays with this pace, Saudi Arabia will be cutting at a much faster rate based on Rhetoric from the kingdom
    • Saudi Arabia is set to cut almost 1 MMBbl/d in January from November production estimates by Bloomberg
  • Libya’s National Oil Company (NOC) declared force majeure on exports from its EL Sharara field
    • The El Sharara oil field is the nation’s largest and was taken over last weekend by militia
    • The oil company said the shutdown would decrease production by 315 MBbl/d
  • Three very large crude carriers (VLCC) in the past week at the Louisiana Offshore Oil Port (LOOP) (Argus)
    • LOOP said the three VLCCs were loaded one after another, reducing overall load time
      • One VLCC can carry up to 2 MMBbl/d
    • LOOP is currently the only US port in the Gulf capable of fully loading a VLCC

Natural Gas:

  • Natural gas is down 6.2c to $4.483/MMBtu
  • Weather models show a slightly warmer 1-5 day outlook with a briefly colder Northeast and warmer West in the 6-10 day
    • American ensemble starts cold pattern on day 14, but European waits
  • The United States is expected to more than double the amount of liquefied natural gas it can export by the end of 2019, according to the Energy Information Agency
    • LNG producers currently have the ability to export 3.6 Bcf/d, but with at least 18 LNG production units expected to come into service over the next year, export capacity is expected to grow to 8.9 Bcf/d by December of next year
    • At that point, the US will be the third largest LNG exporter in the world behind Australia and Qatar
  • Tellurian Inc. has entered in a memorandum of understanding with Vitol to supply LNG from its proposed Driftwood LNG export terminal (Houston Chronicle)
    • This is a big step toward building the $15.2 billion LNG terminal
    • A spokeswoman for Tellurian said the two companies have agreed on the 15-year contract in principle so far

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First Look
December 11, 2018

December 10, 2018

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