Upstream Updates - Tuesday, July 2, 2024

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Upstream Updates
July 02, 2024

| Today’s Upstream Updates

  • Oil prices show support on summer demand outlook

  • Natural gas futures drop as traders evaluate weather

  • Hurricane Beryl strengthens to a category 5 (AP)

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$83.96

+$0.58

+0.70%

Brent Crude

$87.20

+$0.60

+0.69%

HH Natural Gas

$2.462

-$0.016

-0.56%

XOP

$145.87

+$0.40

+0.27%

Note: pricing is as of time of publishing.

| Morning News - Energy 

  • Oil holds near 2-month high on summer demand outlook (Reuters)

  • Natural gas pressured by long liquidation (Natural Gas News)

  • Oil to hit $90 a barrel as Middle East tensions increase (Yahoo)

  • Court lifts Biden’s pause on new gas exports (The Hill)

  • Italian oil giant to divest $4 BN in upstream assets (OilPrice)

  • China sets up new state body to drill deep for oil & gas (Reuters)

  • Saudi Aramco discovers 7 new oil & gas deposits (MSN)

  • Big tech urgently requests more power for data centers (OilPrice)

  • Amazon sidesteps carbon offset standard created by Bezos (Reuters)

  • Family oil companies attract huge M&A attention (Hart Energy)

  • Aethon Energy completes acquisition of Tellurian assets (Release)

| X (Twitter) Energy - Insightful Posts 

  • California power generation by source (Link)

  • US nat gas declines as weather turns cooler (Link)

  • US oil production changes by land type (Link)

| July Monthly Upstream Deals 

  • Pending

| July Capital Markets Activity

  • Pending 

| Partnerships

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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