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- Upstream Updates - Friday, July 19, 2024
Upstream Updates - Friday, July 19, 2024
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Upstream Updates
July 19, 2024
| Today’s Upstream Updates
Oil prices are steady today on strong US dollar
Lower than expected storage build helps nat gas find support
EIA released its weekly gas storage report which shows a build of 10 Bcf with storage levels remaining above the 5-year highs - link below
| Markets - Energy Prices
Product | Close | $ Change | % Change |
|---|---|---|---|
WTI Oil | $82.55 | -$0.27 | -0.33% |
Brent Crude | $84.93 | -$0.18 | -0.21% |
HH Natural Gas | $2.096 | -$0.029 | -1.36% |
XOP | $147.53 | -$0.72 | -0.49% |
Note: pricing is as of time of publishing.
| Daily Energy News
Oil prices steady amid strong US dollar (Reuters)
Energy trading hit by worldwide IT outage (OilPrice)
SM Energy upsizes private debt placement to $1.5 BN (Release)
Harold Ham rant on Biden energy policies (Fox Business)
Global electricity demand is soaring (OilPrice)
Californians increasingly pairing solar with battery storage (EIA)
EU facing looming gas supply crisis (OilPrice)
Weekly natural gas storage report (EIA)
Freeport LNG cancels at least 10 cargoes following Beryl (Bloomberg)
Breakthrough in drilling to aid geothermal energy (Renewable)
ISS supports the Crescent Energy - SilverBow merger (Release)
Are AI data centers sparking a bullish cash for nat gas (OilPrice)
Expiration of Hart-Scott for Oxy-CrownRock, closing soon (Release)
| X (Twitter) Energy - Insightful Posts
| Monthly Upstream Deals
| Monthly Capital Markets Activity
Debt 7/18/24 - SM Energy (SM) announced it has upsized its private debt placement from $1.3 billion to $1.5 billion. Offering is for $750 MM, 6.75% senior note due 2029 and $750 MM, 7.00% senior notes due 2032. SM will use the proceeds to fund the purchase of its XCL acquisition and to redeem its 5.625% Notes due 2025. The 2029 notes will only be issued if the XCL acquisition is consummated.
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Disclaimer - The information provided in this newsletter is for informational purposes only and should not be construed as investment advice. The contents and references herein do not constitute a recommendation to buy, sell, or hold any securities. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions based on the information provided herein. The authors and publisher of this newsletter are not liable for any actions taken by readers based on the information contained herei