Oil & Gas Prices - Aug 17

[dan_s]

Opening Prices:
> WTI is up $0.08 to $86.61/bbl, and Brent is down $0.21 to $92.13/bbl.
> Natural gas is up 18.7c to $9.516/MMBtu.

AEGIS Notes
Oil

Goldman says a near-term nuclear deal with Iran is unlikely

The Biden administration is reviewing Iran's response to the EU proposal aimed at reviving the 2015 nuclear agreement, with officials on both sides hinting that a deal might materialize now after more than a year of false starts (Bloomberg)
> State Department spokesman Ned Price stated on Tuesday that the major issues have been "largely settled" and that it was close to what the U.S. was looking for
> A deal to revive a nuclear agreement between Iran, the EU, and the U.S. is not expected to be reached anytime soon, according to Goldman Sachs
"Our view continues to be that a deal is still unlikely in the short term, with a stalemate mutually beneficial," said analysts in an Aug. 16 note to clients
> KEY Comment: They added that even if a pact were to be agreed upon, additional oil wouldn't flow until at least the beginning of 2023, which would probably lead to a "phased implementation"

OPEC's Secretary General Haitham Al Ghais warned of high risks of a supply crunch through 2022 due to rising global demand and reduced spare capacity
> China will continue to be a "source of phenomenal growth," said Ghais, who also noted that "we are running on thin ice" and that spare capacity is becoming scarce
> The remarks came after OPEC increased their monthly quota by 100 MBbl/d and cautioned their rationed hike resulted from "severely limited" reserves of output < MY TAKE: We continue to get mixed messages from OPEC themselves and from the media. One day they say Saudi Arabia is preparing to ramp up to 12 million bpd (a rate they have NEVER" been able to maintain) and they we see "severely limited reserves". The chances of OPEC+ production will reach their current quotas are very low.

Natural Gas

N.J. pipeline project could shake up FERC gas reviews (E&E)
> A pipeline in the Northeast could test FERC's approach to evaluating demand for natural gas infrastructure
> The Regional Energy Access Expansion project is designed to support growing gas demand in the Northeast. New Jersey state officials, however, have told FERC that the state doesn't need more gas due to the state's climate policies and energy efficiency goals < This is when the citizens of New Jersey should scream "cut the BS or you can pay my rising utility bills!"
> The Transco project would add a few dozen miles of new pipe to the company's existing network in Pennsylvania. It would boost the capacity of Transco's system by 0.8 Bcf/d
> "The majority of natural gas capacity from Regional Energy Access is subscribed by local New Jersey utilities that have made it abundantly clear they need this additional supply to reliably meet their firm service obligations as well as growing needs of New Jersey customers," said a spokesperson for the Williams Cos., Inc

Marathon gets more time to build LNG import project in Alaska (Reuters)
> Marathon Petroleum Corp's Trans-Foreland Pipeline Co unit will be given more time to convert the Kenai LNG export plant in Alaska into an import terminal, said U.S. energy regulators < Alaska has massive natural reserves, but politians keep blocking development.
> FERC approved the request for an extension to complete the project until December 2025
> Trans-Foreland has said the facility would import up to four tanker loads of LNG per year to deliver imported gas to the adjacent Kenai refinery
> "Uncertainty and volatility in the global LNG market have made it difficult for Trans-Foreland to secure a suitable supply arrangement that would provide the financial certainty necessary for the project," Trans-Foreland said

[dan_s]

Closing Prices:
> Prompt-Month WTI (Sep 22) was up $1.58 on the day, to settle at $88.11
> Prompt-Month Henry Hub (Sep 22) was down $-0.085 on the day, to settle at $9.244

[Fraser921]

>This is when the citizens of New Jersey should scream "cut the BS or you can pay my rising utility bills!"

These demented retards are screwing the citizens big time from NJ, Ny, CT, Ma. Even Ma won't allow hydro power to come in from Canada

I CANT TAKE IT ANYMORE!