Energy Prospectus

Opening Prices:
> WTI is up 73c to $42.67/Bbl, and Brent is up 55c to $45.54/Bbl.
> Natural gas is up 1.4c to $2.167/MMBtu.

Lower daily coronavirus cases buoy oil and equity prices.
Texas COVID-19 stats this morning:
4,073,661 people in the state have been tested, ~13.5% of the state's population
490,817 confirmed cases, 1.64% of the state's population
8,490 deaths, 1.73% of the confirmed cases and 0.0283% of the state's population <<< I like my odds of survival.
14 deaths under the age of 20
For more details for Texas go to: https://txdshs.maps.arcgis.com/apps/ops ... b9cafc8b83

Market Movers

- Saudi Aramco (TADAWUL: 2222) saw its profits fall 73 percent to $6.57 billion in the second quarter. Aramco maintained its dividend.

- Cheniere Energy (NYSE: LNG) said it sees LNG cancellations ending by the winter.

- A federal judge ordered the Army Corps of Engineers to detail options by the end of August for resolving the permitting issue with the Dakota Access pipeline.

Tuesday, August 11, 2020

Oil prices strengthened again on hopes of a slowdown in coronavirus transmission in the United States. “The fact that the COVID cases seem to be tapering off in the U.S. is making people a little more optimistic about getting it under control and demand recovering toward the end of the year,” said Michael Lynch, president of Strategic Energy & Economic Research. Also, Russia said it was moving forward with a coronavirus vaccine despite the lack of rigorous trials. The health impact is unclear, but any positive vaccine news has tended to spark a bullish reaction from the market.

Closing Prices:
> WTI prompt month (SEP 20) was down $0.33 on the day, to settle at $41.61/Bbl.
> In contrast, NG prompt month (SEP 20) was up $0.018 on the day, to settle at $2.171/MMBtu.