Welcome to the latest edition of the Energy Recap. Here are this week's "quick hits" from the energy sector - i.e., brief bits of recent news, along with some suggestions for further reading on each topic. Let us know what you think in the comments section below.
Quick Hits - Energy News
As reported by The Wall Street Journal on Tuesday, Feb. 5,
"Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC officials, in an alliance that would transform the cartel. ... The proposal by the Organization of the Petroleum Exporting Countries would formalize the loose union between OPEC members and the group led by Moscow, which includes some former Soviet republics and other countries. The two groups have increasingly worked together in recent years, including in December when they agreed on a deal to curb production."
Further reading: "Question Marks Over Russia's Compliance With OPEC+ Cuts"
As reported by Politico on Thursday, Feb. 7,
"Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Ed Markey (D-Mass.) released a blueprint for a Green New Deal on Thursday, urging a '10-year national mobilization' for a speedy shift away from fossil fuels and calling for national health care coverage and job guarantees in a sweeping bid to remake the U.S. economy. ... the plan seeks to transition the U.S. to a 100 percent clean energy system without specifically calling for an end to fossil fuels, stating that it aims for 'net-zero greenhouse gas emissions through a fair and just transition for all communities and workers.' It also calls for creating 'millions of good, high-wage jobs' and pledges 'to promote justice and equity' across all communities within 10 years."
As reported by Reuters on Thursday, Feb. 7,
"France plans to back an EU proposal to regulate Russia's Nord Stream 2 pipeline, its foreign ministry said on Thursday, potentially threatening its completion and dealing a blow to Germany which has been trying to garner support for the project. ... The European Union executive wants to extend its internal energy market laws to offshore gas pipelines before construction is completed, giving it a say over how the new gas link under the Baltic Sea from Russia to Germany is used."
Further reading: "Gazprom Set To Increase Gas Exports By 50% + In Coming Years"
Energy Articles of Note
"State Of Oil Markets: Economic And Political Drivers" by Jennifer Warren
"Occidental Petroleum: My Oh My, OXY's A Great Buy" by Fluidsdoc
"Enterprise Products Partners: The Bull Case Strengthens" by Daniel Jones
Energy Sector IPOs for the Week Ended Feb. 8, 2019
Here's a list of the most recent initial public offerings in the energy sector:
Feel free to add any that we might have missed in the comments section below.
Separately, we wanted to pass along some energy bankruptcy news (hat tip goes to Seeing Alpha author Raw Energy):
- On Tuesday, Jan. 22, Gastar Exploration (OTCPK:GSTCQ) announced that it has completed its financial restructuring and has emerged from bankruptcy.
- On Monday, Feb. 4, Arsenal Energy Holdings LLC (a pure-play natural gas operator in the Marcellus Shale) filed for Chapter 11 bankruptcy protection.
U.S. Oil Rig Count
As per Baker Hughes, the number of active U.S. oil drilling rigs increased this week.
Weekly Natural Gas Storage Report and Summary
Natural Gas Rig Count
Unfortunately, the usual source for the Energy Recap's oil production chart has been taken offline; as such, we're using this opportunity to ask readers what they'd like to see take its place. Please let us know your suggestions in the comments; links to specific sources/charts/etc. would be extremely helpful.
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.