Daily Energy Market Summary #143– 10/22/2020

Published October 28, 2020 60 Views

Rumble RECORDED BEFORE EQT rumor about CNX Resources: https://www.bloomberg.com/news/articles/2020-10-22/gas-giant-eqt-corp-is-said-to-pursue-takeover-of-cnx-resources

More stimulus news inches major indices green as Pelosi said Thursday a deal on new coronavirus aid was “just about there.” She also said: “If we were not making progress, I wouldn’t spend five seconds in these conversations. … This is not anything other than I think a serious attempt. I do believe that both sides want to reach an agreement.”

• S&P 500: +0.56%
• Nasdaq: -0.02%
• Dow Jones: +0.65%

The Labor Department said weekly jobless claims fell to 787,000 for the week marking the first time since March that claims come in below 800,000. Economists polled expected first-time applicants for state unemployment insurance to have totaled 875,000.

Oil and Gas News Today:
Crude oil prices regain overnight losses as markets take in the bullish US jobs numbers. Crude oil prices currently trading around $40.61. Natural gas prices fall amid 49 bcf increase in natural gas, but losses are tamed by a Midwest cold front and increasing LG demand, according to an NGI report . Natural gas prices currently trading around $2.995

Gasoline cracks continued to weaken despite an upward trending energy complex. The front-month ICE New York Harbor RBOB crack against Brent fell to about $5.50/b in early US trading, on pace for the weakest close since Sept. 4.

North American Shale News
• DOE Natural Gas Stocks: 49 bcf BUILD
• Chevron CFO: Too many companies with too weak of balance sheet
• ExxonMobil laying off workers
• Samson Energy II sees 6% reduction in RBL
• Transocean will lay off Houston employee’s after failing to find a new contract

• TRILLION $$$$ comments on TPAO discovery in Black Sea
• CNOOC announces gas field in Bozhong 19-6 is online
• India loses giant gas field in Iran

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