Saudi

Lisa Murkowski (R-AK), chairman of the Senate Energy and Natural Resources committee, is urging the Department of Energy’s Energy Information Administration (EIA) to publish data on oil storage capacity as a warning indicator of potential shut-in oil production.

The United States should embargo oil from Russia and Organization of the Petroleum Exporting Countries (OPEC) nations in response to their efforts “to distort energy markets,” according to Sen. Kevin Cramer (R-ND).

Notable warm trends from weather guidance over the weekend helped push natural gas futures prices several cents higher in early trading Monday. The October Nymex contract was up 6.6 cents to $2.680/MMBtu shortly after 8:30 a.m. ET.

A major attack on Saudi Arabia’s oil infrastructure over the weekend rocked crude prices, sounding an alarm that markets may have previously discounted the extent of geopolitical risks to supply, according to analysts.

Saudi Arabia’s national oil company is buying a 70% stake in Saudi Basic Industries Corp., aka Sabic, the kingdom’s petrochemicals firm, in a $69.1 billion deal that paves the way for an infusion of investments into global oil and gas deals beyond the Middle East.

Preliminary plans are in the works to build a 2 million metric ton/year (mmty) methanol production plant on the Mississippi River in Louisiana, which would be the largest of its kind in North America.

Houston-based Halliburton Co. has inked a contract to help Saudi Arabia develop the country’s unconventional natural gas.

ExxonMobil Corp. and Saudi Basic Industries Corp., i.e. SABIC, on Tuesday created a joint venture (JV) to further advance their Gulf Coast Growth Ventures project, a 1.8 million metric ton ethane cracker proposed for San Patricio County, TX.

Saudi Arabian Oil Co., better known as Saudi Aramco, has clinched commercial oil and gas partnerships with 14 U.S. energy companies and other global operators that combined are worth $10 billion-plus, the state-owned operator said.