Upstream Updates - Monday, August 5, 2024

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Upstream Updates
August 05, 2024

| Today’s Upstream Updates

  • Oil prices drop as US recession fears lead to broader selloff

  • Natural gas pointing to another down day

  • Earnings Today (8/5): HPK amc, FANG amc, VNOM amc, VTS amc (active links to quarterly releases and presentations below)

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$72.15

-$1.37

-1.86%

Brent Crude

$75.55

-$1.26

-1.64%

HH Natural Gas

$1.908

-$0.059

-3.00%

XOP

$134.75

-$10.46

-7.20%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil prices drop as US recession fears spark broader selloff (Reuters)

  • EU gas prices drop 4% amid global market selloff (Turkiye)

  • Ecopetrol opts out of $4 BN permian deal with Oxy (World Oil)

  • Global demand for renewables set to surge (OilPrice)

  • US jobs data fuels stock selloff and turn to safety of bonds (Reuters)

  • Surging AI power demand boost utility stocks (Financial Times)

  • Oil billionaire says he was too optimistic on Argentina plans (Rigzone)

  • Saudi raises oil prices to Asia, sign of faith in demand (Yahoo Finance)

  • Predicting peak oil: exploring the global demand (OilPrice)

  • Opinion: Why Chevron is fleeing California (WSJ)

  • Weak buying from top users leads oil imports to 2-yr low (OilPrice)

  • Venture LNG sues Kiewit, alleges shared confidential info (Reuters)

  • Genesis Energy first oil at GOM field pushed to 2025 (Hart Energy)

  • EOG grows STX gathering and divests small assets (Hart Energy)

  • Cheniere and Galp sign long-term LNG agreement (Release)

| X (Twitter) Energy - Insightful Posts

  • Chart - Global onshore crude oil inventories (Link)

  • Chart - US LNG imports by country (Link)

| Upstream Earnings - Releases & Presentations

| Monthly Upstream Deals

  • Pending Announced Deals

| Monthly Capital Markets Activity

  • Pending Announced Deals 

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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