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.

If you are interested in receiving the First Look in your inbox each day (free of charge), simply Get in Touch with us.
Get in Touch

March 18

Crude Oil:

  • WTI is up 12c to $58.64/Bbl, and Brent is up 25c to $67.41/Bbl
  • OPEC will now officially meet in June after suggesting scraping their April meeting (Reuters)
    • The group wants to be able to better assess the market impacts of US sanctions on Iran and Venezuela
  • Working oil rigs fell by one last week to 833
    • The Bakken/Williston rose the most, climbing by three to 56
    • The Permian dropped one net rig to 464
  • WTI volatility continues to slide. 2nd-month implied volatility slipped to 24.1 percentage points, lowest since September 10, 2018
    • OPEC’s management of crude supply has helped push volatility lower
    • WTI Put skew has increased lately as overall volatility has decreased

Natural Gas:

  • Natural gas is up 2.1c to $2.816/MMBtu
  • Weather models show a warmer Midwest to East and cooler Northeast in the 6-10 day outlook
    • Demand over the weekend declined by 11.9 HDDs (CWG)
  • Sur de Texas gas pipeline will likely provide around 1 Bcf/d to Central/Southern Mexico (Platts)
    • Pipeline can handle up to 2.6 Bcf/d in capacity, bringing gas from south Texas to Mexico’s central coast
    • Pipeline will be constrained by downstream projects/ pipelines in the region that would help unload capacity from the transmission pipeline
  • Energy industry still investing in DJ Basin despite uncertainty around Colorado’s proposed Oil & Gas regulatory overhaul bill (Platts)
    • Dallas-based Rimrock secured a $200 million senior secured credit facility this week from BOK Financial to support a buildout of its Pierce System, a 200 MMcf/d gas processing plant and 80 miles of gathering lines
    • Rimrock has already secured long-term commercial agreements with multiple producers in the DJ Basin

Want the First Look in your Inbox?

Want the First Look in your Inbox?

First Look
March 16, 2019

March 15, 2019

Crude Oil: WTI is down 48c to $58.13/Bbl, and Brent is down 57c to $66.66/Bbl The IEA says the oil market will flip into a modest deficit from the second…
First Look
March 15, 2019

March 14, 2019

Crude Oil: WTI is up 29c to $58.55/Bbl, and Brent is up 31c to $67.83/Bbl The US is aiming to curb Iran’s crude exports by about 20 percent to below…
First Look
March 14, 2019

March 13, 2019

Crude Oil: WTI is up 66c to $57.53/Bbl, and Brent is up 39c to $67.06/Bbl Venezuela’s main oil ports are closed and most upstream production is shut it due to…
First Look
March 13, 2019

March 12, 2019

Crude Oil: WTI is up 45c to $57.24/Bbl, and Brent is up 57c to $67.15/Bbl US energy secretary Rick Perry says sanctions on Venezuela will continue despite risks to US…