Mid-Week Review – January 27, 2021
Elon Musk’s gas drilling plans in Texas meet legal resistance
Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state. The billionaire’s SpaceX intends to drill wells close to the company’s Boca Chica launchpad, it was revealed during a Friday hearing before the Railroad Commission of Texas, the state’s energy regulator. Production has yet to start because of a legal dispute between the SpaceX subsidiary Lone Star Mineral Development and another energy company.
Oil Supermajors to Show Worst Is Over With Commodities Rally
The Western world’s largest oil explorers are sailing into earnings season on the tailwind of strong commodity prices after a 2020 they would rather forget. With crude prices and refining margins buoyed by the rollout of Covid-19 vaccines and the prospect of an economic rebound, investors will be watching for signs in Big Oil’s fourth-quarter earnings that higher crude prices will translate into much-needed increased cash flows this year.
AP sources: Biden to pause oil and gas sales on public lands
President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands and waters, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change. The drilling moratorium is among several climate-related actions Biden is outlining Wednesday.
The new use for abandoned oil rigs
As offshore oil and gas platforms come to the end of their working lives, the remarkable ecosystems beneath the waves come into their own. There are more than 12,000 offshore oil and gas platforms worldwide. As they drain their reservoirs of fossil fuels below the sea, they eventually become defunct when they produce too little fuel for extraction to be profitable to their operators. The big question is what to do with these enormous structures when the fossil fuels stop flowing.
This article is part of Daily Market News & Insights
Tagged:
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
