Daily Energy Market Summary: #145 – 10/26/2020
COVID-19 cases hit record highs, driving markets into the red, with the Dow dropping more than 700 points. The decline came as data compiled by Johns Hopkins University showed daily coronavirus cases in the U.S. have risen by an average of 68,767 over the past seven days, a record. On Sunday alone, more than 60,000 cases were reported.
• S&P 500: -2.12%
• Nasdaq: -1.97%
• Dow Jones: -2.55%
Stimulus talks also dimmed that the White House and Republicans could strike a stimulus deal with Democrats before the election. White House economic advisor Larry Kudlow told CNBC’s “Squawk Box” on Monday that talks had slowed down, but noted they are still moving forward.
Oil and Gas News Today
Crude oil prices drop over 3% off more Libyan oil coming onto the market, with a solid path towards 1 mm bbl of production. Crude oil prices currently trading around $38.51 at 1:41 PM MST. Natural gas prices spike after colder weather moves into the short term forecast, driving natural gas prices to $3.032, off recent highs but closing in.
North American Shale News
• $MCF acquires $MCEP
• Tropical Storm Zeta closes in on GOM
• Cenovus and Huskey combine to create 3rd largest operator in CA
• Chevron bets on Middle` East gas riches
• Libyan force majeure over for El Feel
• Iraq is in talks with Total to invest in two gas projects