Texas Oil & Gas Association

Friends, there are only a few more days of early voting--get a fun reminder from your favorite podcast--TXOGA Talks! Texas Oil & Gas Association

Congressman August Pfluger recently sent a letter to Secretary Jennifer Granholm, signed by 44 fellow members of Congress, raising serious concerns about transparency and accountability within the Department of Energy (DOE). The Congressman demanded answers regarding studies allegedly conducted by the DOE on the economic and environmental impacts of LNG, findings that, according to recent reports, may have been withheld from the public because they highlighted the positive impacts of U.S. LNG on the global energy landscape. In a statement to the Odessa American, TXOGA President Todd Staples said the following: “In addition to the immediate economic consequences and job losses for Texans, the Biden Administration’s decision to halt approvals of LNG export permits hamstrings America’s ability to meet the world’s ever-growing energy demands, bolsters hostile nations and sets back environmental progress around the world. ‘With so much uncertainty in the world, the need for reliable, responsibly produced energy from a stable trading partner has never been more crucial. Texas is that trade partner and TXOGA applauds Congressman Pfluger and the signatories of the letter to Secretary Granholm and the DOE for shining a light on the essential role that LNG objectively plays in the success of our communities, the nation’s economy and energy security around the world.” Read more: https://lnkd.in/eJGaYCxM

Listen to the latest episode of TXOGA Talks for a deep dive on load growth and electricity demand in the Permian Basin: https://lnkd.in/gzmR4hPy

📊 TXOGA Chartbook Update - Week of October 28, 2024 🔹U.S. economic indicators remained stable. Federal Funds 30-day futures held at 4.8%, indicating no expected rate changes in November, while yields on long-term bonds, particularly lower-quality corporate bonds, edged higher during the week ending October 25. Business conditions remain favorable for GDP growth in Q4 2024, as indicated by the Philadelphia Fed's ADS Index and the University of Michigan’s consumer sentiment survey, which recorded its highest business conditions reading in six months. 🔹Oil market fundamentals loosened slightly, but prices flattened as geopolitical tensions in the Middle East eased. West Texas Intermediate (WTI) crude oil prices rose 3.6% week-over-week (w/w) to nearly $72 per barrel as of October 25. U.S. crude oil production remained at a record-high 13.5 million barrels per day (mb/d), while domestic demand (20.3 mb/d) and net petroleum exports (2.5 mb/d) declined, leading to a 5.5 million-barrel increase in crude oil inventories, according to the Energy Information Administration’s (EIA) data as for the week ended October 18. 🔹U.S. natural gas prices rose by 12.2% w/w amid strong consumption, exports, and winter weather forecasts. U.S. natural gas consumption exceeded 80 billion cubic feet per day (bcf/d) in October, and net exports reached a record 13.8 bcf/d, per EIA projections. Updated weather projections from NOAA and AccuWeather predict below-average temperatures in the Pacific Northwest, above-average temperatures in the Southeast, and increased storm activity. 🔹The Chart of the Week highlights how mean reversion analysis has recently been effective in both oil and natural gas markets. For detailed insights and analysis, please visit the TXOGA Chartbook at: https://lnkd.in/g8tSBmUm #TexasOilAndGas #EconomicOutlook #OilMarket #NaturalGas #EnergyTrends #MarketInsights #Business #Economics #Productivity #QuantitativeAnalysis #Strategy #Innovation #Inflation #Prices #Markets #Data

The oil and natural gas industry is constantly innovating! Listen to the full episode of TXOGA Talks: https://lnkd.in/gzmR4hPy

Join us for Texas Energy Day on February 4, 2025! This is your chance to meet fellow energy advocates, industry leaders, lawmakers, and regulators to discuss key issues affecting the future of energy in Texas. Register now: https://lnkd.in/eAHuKp7

Service companies are essential to the everyday operations of the oil and natural gas industry and allow companies to develop reserves, optimize production, maintain safety and manage wells throughout their lifecycle. “Oilfield service companies reflect the “can-do” attitude of the oil and natural gas industry. They are a huge factor in delivering the increased productivity in the oilfield, even with fewer rigs. The men and women who make up Texas and American service companies set the worldwide standard for excellence," said TXOGA President Todd Staples. “[Service companies] bring technology, skilled labor and tools to safely and efficiently extract oil and natural gas and they work closely with operators to ensure that wells are executed and maintained properly,” said TXOGA Chief Economist Dean Foreman, Ph.D. Read more: https://lnkd.in/ghMVc5H3

Last week, TXOGA President Todd Staples participated on a panel at the Emerging Energy Conference in Port Arthur, where he highlighted the ways industry continues to innovate to responsibly produce oil and natural gas more efficiently while making us cleaner, stronger and better. "Consumers around the world are expecting a lower carbon emissions profile. "Our energy needs as well as our electricity needs are going to grow substantially in the coming years, and into the future. And so you can produce electricity more efficiently if you capture the carbon. And carbon capture and storage technology can capture about 90% of those emissions. "Not only do you have geologic formations, but you have roadways, you have ports, you have infrastructure, and pipelines, you have electricity, and energy. You have a skilled workforce, you have universities that are second to none. And you have a can do attitude." Read more: https://lnkd.in/dh9jzgs5

Your vote matters! Early voting is underway and runs through Friday, November 1, and Election Day is Tuesday, November 5. For more information, to view a sample ballot, and to find your polling location, visit https://www.votetexas.gov/

📊 TXOGA Chartbook Update - Week of October 21, 2024 🔹U.S. economic indicators were stable. Consumer sentiment was little changed in the University of Michigan’s initial survey for October – and remains at overall levels that are consistent with consumer spending growth. Yields on high-yield corporate bonds receded by 0.2% week-over-week (w/w) to 11.6%, while 30-day Fed Funds futures held steady at 4.8%, decreasing the risk premium for lower-credit-quality bonds to 6.8%. 🔹Oil market fundamentals tightened, but prices fell as the market downplayed Middle East geopolitical tensions. Oil prices decreased by 8.6% w/w to $69 per barrel as of October 18. According to weekly U.S. petroleum market data from the Energy Information Administration (EIA) as of October 11, U.S. crude oil production rose to a record-high 13.5 million barrels per day (mb/d), but this was more than offset by increased petroleum net exports (3.4 mb/d) and solid demand (20.7 mb/d). These factors resulted in a 2.1 million barrels drawdown of crude oil inventories, which remain at the bottom of the 5-year range. 🔹U.S. natural gas prices fell as inventories stabilized within the 5-year range. U.S. dry natural gas production held steady for the past two weeks at 101.5 billion cubic feet per day (bcf/d), while overall consumption increased by 2.2 bcf/d w/w as of October 16 per EIA. Consequently, natural inventories rose by 2.1% week-over-week (w/w) to 3.71 trillion cubic feet and to the 68th percentile within the 5-year range, and prices fell by over 13% w/w as of October 18. Natural gas futures prices show a 35% increase between the contracts for delivery in November and January. 🔹As highlighted in the Chart of the Week, Texas’ energy trade this year – on track for the second-strongest year – underscores the value of having a diverse portfolio of trading partners and the fungibility of petroleum products. Asia Pacific has reasserted itself as Texas’ top energy buyer, despite China’s purchases falling by $1.9 billion. Mexico’s purchases led all declines with increased domestic refining and lower seasonal natural gas demand. For detailed insights and analysis, please visit the TXOGA Chartbook at: https://lnkd.in/g8tSBmUm #TexasOilAndGas #EconomicOutlook #OilMarket #NaturalGas #EnergyTrends #MarketInsights #Business #Economics #Productivity #QuantitativeAnalysis #Strategy #Innovation #Inflation #Prices #Markets #Data