David Wethe

Energy reporter in Houston @Business. 🎙Voice of the Grizzlies. @Mizzou grad. Formerly @startelegram @DallasBizNews. Opinions = mine. Retweets not endorsements.

[Stephen Wicary @wicary]

Exxon and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago, @CrowleyKev @jendlouhyhc @zerpius @DavidWethe report https://t.co/VfBjHlypHf

[David Wethe @DavidWethe]

Texas is known for its pro-business policies, but some local activists are trying to block the big-money projects that power AI. Nice reporting from @dinakatgara & @j_lovinger https://t.co/IFe4tQIYYe

[David Wethe @DavidWethe]

@Evan_P_Grant Excellent and fair column today. Always appreciate your unbiased analysis of this team.

[David Wethe @DavidWethe]

Hunter Hunt, the grandson of famed Texas oil baron H.L. Hunt, is concerned about the impact from damaged Middle Eastern energy infrastructure that could leave oil production lower for years to come https://t.co/vl9yhlIRaM

[David Wethe @DavidWethe]

Diamondback Energy estimates that rigs in the Permian could jump as much as 10% between now and the end of the year as the Iran war boosts oil prices. https://t.co/2pu2RDhYAU

[Annmarie Hordern @annmarie]

“A lot of the inventory and spare capacity has been depleted already,” Chevron CFO Eimear Bonner told us. “There’s very little of the buffer left.”
https://t.co/JeDaKDNfb4

[David Wethe @DavidWethe]

It’s playoff time in Texas @GOHSBooster @GOaksBaseball

[Anne Riley Moffat @A_Riley17]

From TSA staffing shortages to surging fuel costs, it’s been a tough year for the aviation industry. DFW’s CEO is trying to stay calm and rise above https://t.co/q9e3JBQIY3

[David Wethe @DavidWethe]

Hot off the presses - an extremely rare update to the Dallas Fed's quarterly survey. US shale executives are frustrated with the “chaos” in oil markets that has come from the Middle East conflict.
w/@catarinasaraiva https://t.co/BlTSOk80Zd

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

A Panicked Race for Barrels Grips the Global Oil Market

In the North Sea, the world’s most important physical crude market, traders submitted 40 bids for cargoes last week, only four of which were met by offers. Cargoes for delivery in the coming weeks changed hands at unprecedented prices above $140 a barrel. Elsewhere, refiners have been hunting increasingly further afield for supplies, leading to a series of unusual trades and surging premiums for any oil that’s ready to ship right now.

Traders said the panicky moves across the world’s key physical oil markets demonstrated the scale of the shortfall in crude that’s due to be felt as the loss of supplies from the Middle East leaves a growing gap.

Skyrocketing prices are signaling that some European refiners will likely need to follow those in Asia and cut back production, they said — a move that might help to balance the market for crude oil but would deepen the shortfalls in vital products like diesel and jet fuel. (Bloomberg)

[David Wethe @DavidWethe]

SCOOP: ConocoPhillips has dispatched a team to Venezuela to evaluate the prospects for a return to drilling in the oil-rich Caribbean nation almost two decades after billions of dollars in assets were seized by the socialist regime. https://t.co/IUDGvlkoxR

[David Wethe @DavidWethe]

US shale drillers are expected to follow President Trump’s call for higher oil production — but not just because he said so https://t.co/PmuHtg885o w/@CrowleyKev

[David Wethe @DavidWethe]

EXCLUSIVE: Texas oilman Bryan Sheffield explains what he's looking to do with the investment commitment -- as much as $619 million -- that he just snagged from Japanese oil and natural gas producer Inpex for Australia's Beetaloo Basin. https://t.co/GLk3EAeeEO

[David Wethe @DavidWethe]

If the forward curve holds up over the next quarter, look for shale to start adding rigs in the second half of the year, -- with higher output starting next year, Citigroup says https://t.co/mWY2cIe9LB

[David Wethe @DavidWethe]

ICYMI: Vedanta’s Cairn is looking to quadruple daily output to the equivalent of 1 million barrels over the better part of the next decade as India’s largest private sector oil producer basks in the war-drive surge in crude prices https://t.co/epYYo1ODZk

[Dug Begley @DugBegley]

Congratulations @CERAWeek attendees: You live here now. There is no flying away. There is only Houston. Contact a realtor, or a priest, but it is your life now. You can check out of the conference anytime you like, but you can never leave. https://t.co/al8qA0gquF

[David Wethe @DavidWethe]

Saudi Aramco CEO Amin Nasser has withdrawn from a major energy conference in Houston as the situation in the Middle East threatens to escalate further.
Scoop from @Devikakrishnak https://t.co/pa8lBLu2G0

[Bloomberg @business]

Even as buyers in some parts of the world are desperate to secure gas, there’s so much extra production in Texas that producers are burning it off as quickly as they’re allowed. https://t.co/BO6El3CfjD

[Annmarie Hordern @annmarie]

Morgan Stanley: Brent is now seen averaging $110 a barrel in the second quarter, up from a previous outlook for $80. Figures for subsequent quarters were also raised.

The bank’s analysts including Martijn Rats write: “The recent closure of the Strait of Hormuz has disrupted about 20% of global oil supply, double the impact of the Suez crisis in 1956-57."

[Jennifer A. Dlouhy @jendlouhyhc]

NEWS: The Trump administration is planning to temporarily waive the century-old Jones Act that requires American ships be used to ferry goods between US ports in a bid to blunt surging oil & gas prices.

https://t.co/YpPp82UpcZ