The Permian Basin has been a key contributor to the US oil output growth post-pandemic, but the number of oil rigs in operation has decreased by nearly 20% since late 2022, signaling a significant slowdown. Chesapeake, a major shale driller, plans to reduce production by about 20% in 2024 due to market dynamics. The Trans Mountain pipeline expansion in Canada may not lead to long-term price relief for oil producers. Natural gas prices have fluctuated, with Chesapeake cutting output leading to a bounce in prices. Global oil demand growth is slowing, and supplies outside OPEC+ are increasing, potentially causing a surplus throughout the year.
US natgas prices soar 13% from 3-1/2-year low as Chesapeake cuts output https://t.co/XIIdLAzQmU https://t.co/bVWWy7u8RL
NatGas Soars After Chesapeake Cuts Production Outlook Amid Vicious Bear Market https://t.co/8lM5UBnBk7
(Public) Chesapeake Plays The Role Of OPEC, Will It Be Enough For #natgas? https://t.co/nB0Hvv1ttD
Plummeting US natural gas prices deal heavy blow to producers https://t.co/bLVbLGcS1I https://t.co/FFJqsGnKHG
Chesapeake and EQT Stocks Surge as Natural-Gas Prices Jump https://t.co/t70ifrunsp
US natgas prices soar 10% from 3-1/2-year low as Chesapeake cuts output https://t.co/K17TqnCA7O.
#Canada’s Oil Boom Threatens to Bring Back Pipeline Shortages Producers expected to fill Trans Mountain expansion quickly Dearth of export options has weighed on oil-sands crude prices #oott https://t.co/93rm5nIHWd
Global oil demand growth is losing steam while supplies outside OPEC+ continue to swell, potentially leaving markets in surplus all year, the International Energy Agency has said. https://t.co/SQZHwwKdx4
Natural-gas prices bounce 8% as Chesapeake plans production cuts https://t.co/fun9fJGCIo
⚠️ ANALYSIS-TRANS MOUNTAIN EXPANSION MAY NOT GIVE LONG-TERM PRICE RELIEF TO CANADA'S BOOMING OIL OUTPUT (Reuters) Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion (TMX) starts this year, but the relief… https://t.co/WcwQk5BSzx
US natural gas producers begin curbing output after a crash in prices 🇺🇸 📉 Chesapeake, a top shale driller, plans ~20% lower production for 2024 👉 "Given current market dynamics, the company plans to defer placing wells on production while reducing rig and completion activity" https://t.co/0GfKWDkDNo
'The Permian Basin has accounted for nearly all the country's oil output growth since the pandemic. But the number of oil rigs in operation has dropped nearly 20% since the end of 2022. The decline signals a huge deceleration in growth could be coming.' https://t.co/1W7r46xowQ https://t.co/vtPpEQg2tf