Oil is mostly unchanged, as the market anticipates further escalation in the Middle East
Risks in the Middle East continue as Iran is expected to retaliate against Israel
Ukrainian forces pushed into Russia and seized control of several towns, adding to the geopolitical tensions
Oil prices have come up slightly this week, rising from a seven-month low
Jet fuel demand rising in China (BBG)
Demand for jet fuel in China has been rising as the number of flights picks up, supporting domestic refiners as they grapple with weak diesel and gasoline consumption
A Chinese-based consultant said, “Double-digit growth in jet fuel consumption this year may be able to narrow the plunge in gasoline and diesel.”
Globally, jet fuel demand has remained more resilient than other transportation fuels
Still, oil imports to China have been the weakest in nearly two years, partially driven by weak throughput rates at smaller refineries
Looking for interest rate charts? We moved them here
Prompt gas was 3.4c lower to $2.078/MMBtu (As of 7:46 AM)
Winter ‘24/’25 strip is down 1.1c to $3.135 and the Summer ’25 strip is down 0.1c to $3.097
Today’s European Ensemble shows a significant drop in Lower 48 temperatures by -5.7 F, with cooler temps across nearly all regions and the lowest temps expected this weekend, returning to near-normal by late next week (Criterion)
EnLink Sets Sights on September for Matterhorn, Secures FID for JISH Storage Expansion (Criterion)
EnLink expects the 2.5 Bcf/d Matterhorn Natural Gas Pipeline to be operational by September, a slight delay from the original plan for late August
The company made FID on the Jefferson Island Storage & Hub expansion, with an 8 Bcf working gas storage development, aiming for Stage 1 completion by 2028
EnLink's Louisiana expansion involves a three-phase approach, including renewing contracts, developing the "Henry Hub to the River" project to add 210 MMcf/d capacity by 4Q25, and larger return projects like the JISH expansion
NextDecade Faces Setback but Pushes Forward with Rio Grande LNG (Criterion)
NextDecade acknowledges the U.S. Court of Appeals vacating FERC authorization for the Rio Grande LNG Facility but continues construction on Trains 1-3 while assessing the impact on Train 4's FID timing
Despite the setback, NextDecade secured a Train 4 EPC agreement with Bechtel on August 6, aiming for a FID in the 2H 2024
Get market insights delivered to your Inbox every day!
