Big D Equipment Co issued the following announcement.
Rigzone panelists offer their views on what to watch in the oil and gas markets this week.
Energy policy has been a prominent topic in this year’s U.S. election, with the Trump and Biden campaigns presenting clearly different proposals concerning the importance of oil and gas in the energy mix. Given court decisions tied to mail-in ballot deadlines, the winners of some races may not be known for days after the polls close on Tuesday. An even longer process will be deciphering how Tuesday’s elections will influence oil and gas policy, according to Rigzone panelists. Keep reading for their perspectives on what to watch this week – and beyond – in the oil and gas markets.
Tom McNulty, Houston-based Principal and Energy Practice leader with Valuescope, Inc.: Traders will use the U.S. election as an excuse to talk their books and drive oil up or down, depending on who wins. But the longer-term impact will not be clear for several months, and it will be far more nuanced. The role of natural gas in an ESG (Environmental, Social and corporate Governance)-dominated future will become the more important storyline.
Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: Elections are everything for the week as we see how energy states decide to vote. If LNG exports stay at record highs leading into the heating season, it will be a very tight gas market this winter and that has already shown up in recent reports. Even Cameron LNG has recently come back.
Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: Hurricane Zeta was the 27th named Atlantic hurricane this year, coming within one of the record set back in 2005. The official end to hurricane season is Nov. 30, so more storms could theoretically form between now and then.
Phil Kangas, US Partner-in-Charge, Energy Advisory, Natural Resources and Mining, Grant Thornton LLP: Borrowing base redeterminations, tight credit markets and an increase in energy company bankruptcy filings will all be market activity to watch. Crude price fluctuations based on just-announced COVID-19 shutdowns in Europe and elsewhere, and the market’s reaction to the election results both in the White House and Senate, will also be key developments.
Andrew Goldstein, President, Atlas Commodities LLC: I look for West Texas Intermediate (WTI) crude oil to be under pressure as a continued rise in COVID-19 cases persists. Additionally, in the new technology-heavy world (Zoom, Microsoft Teams, etc.), we are seeing more business (and deals) be done virtually. As face-to-face becomes less necessary, the airline industry will be hard-pressed to return to pre-pandemic levels, leading to a lack of demand and oversupply of jet fuel.
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