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☆ Oil prices could spike 20%, possibly double if Middle East conflict disrupts Strait of Hormuz
▼ + stars: | 2024-01-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Shipping can be rerouted away from the Red Sea, but crude would be essentially trapped if the strait is shut down, Struyven said. A prolonged disruption in the strait could eventually double oil prices, he said. McNally thinks the market should be factoring in a $12 geopolitical risk premium in oil prices right now. Wirth told CNBC's Sullivan that Chevron is currently working with the U.S. Navy to protect its vessels transiting the Red Sea. "Hopefully, if it doesn't escalate further, we'll be OK — even if there has to be a wholesale diversion of shipments around the Red Sea," Granholm said.

Persons: you've, Daan Struyven, Goldman Sachs, CNBC's Brian Sullivan, Struyven, Bob McNally, McNally, Bush, Antony Blinken, Daniel Yergin, Yergin, Michael Wirth, Tehran's, Wirth, CNBC's Sullivan, Joe Biden's, Jennifer Granholm, Granholm, Israel, Benny Gantz, Gantz, Biden's, Bob Yawger, Yawger, Brent Organizations: Shipping, Rapidan Energy Group, National Security Council, P Global, Brent, Chevron, U.S . Navy, NBC News . Energy, Mizuho, Energy Information Agency, Gulf Locations: Red, Iran, Hormuz, Persian, Israel, Strait, Yemen, Danish, U.S, Lebanon, Beirut, Lebanese, Islamic Republic, The U.S, Europe, South Africa, United States, East

☆ US appeals court scraps Sempra's Port Arthur LNG emissions permit
▼ + stars: | 2023-11-15 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHOUSTON, Nov 15 (Reuters) - A U.S. court has removed an emissions permit for Sempra's (SRE.N) Port Arthur LNG export terminal in Texas, but the company said construction of the facility will continue for now. The approximately 13.5 million-metric-tons-per-annum (mtpa) Port Arthur plant has approval to export LNG to both Free Trade Agreement (FTA) and non-FTA countries, including Europe, and is part of the U.S. LNG expansion to meet growing global demand for the superchilled gas. The decision sends the Port Arthur LNG permit application back to the TCEQ for new evaluation. Investment firm KKR (KKR.N) owns a 20% stake in Sempra Infrastructure while Sempra Energy owns 70% and Abu Dhabi Investment Authority owns 10%. John Beard, executive director of the Port Arthur Community Action Network, which brought the lawsuit challenging TCEQ, said of the ruling: “We’ve won by standing up for Port Arthur communities of color to breathe free from toxic pollution.

Persons: Dado Ruvic, Port Arthur, Sempra, John Beard, “ We’ve, –, Biden, Alex Munton, Munton, Curtis Williams, Deepa Babington, Stephen Coates Organizations: REUTERS, Rights, Port Arthur, Free, U.S, U.S ., Appeals, Fifth Circuit, Texas Commission, Environmental, Rio, Rio Grande LNG, Port, Sempra Infrastructure, ConocoPhillips, Investment, KKR, Sempra Energy, Abu Dhabi Investment Authority, Port Arthur Community Action Network, Global Gas & LNG Research, Rapidan Energy, Thomson Locations: Port, Texas, Europe, Rio Grande, Port Arthur, Abu Dhabi, Houston

☆ Oil prices slip even as Middle East tensions spike, as investors eye Fed meeting
▼ + stars: | 2023-10-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In an aerial view, the Valero Houston refinery seen on August 28, 2023 in Houston, Texas. Oil prices dipped even after Israel sent ground forces into the Gaza Strip, raising tensions in the Middle East, as investors closely monitor the U.S. Federal Reserve's monetary policy meeting later this week. He said the ground operations were "limited so far" and noted other macroeconomic concerns. Oil prices surged late Friday, with Brent jumping above $90 per barrel as Israel said its troops were ‘increasing the ground operation’ in Gaza as it seeks to eradicate the militant group Hamas. "While a major oil supply disruption is not our base case, the oil market last week became a little too complacent about the likelihood of a major Israeli ground incursion in Gaza, and the risk of a wider regional war," McNally continued.

Persons: Israel, Brent, Bob McNally, Benjamin Netanyahu, McNally Organizations: . Federal, U.S . West Texas, Rapidan Energy Group, CNBC, Hamas Locations: Valero Houston, Houston , Texas, Gaza, ., U.S, Israel

☆ An 'extended war'? Markets may be underestimating the Israel-Hamas conflict
▼ + stars: | 2023-10-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

Oil prices jumped 4% on Monday before shrugging off those gains in subsequent sessions, and gold prices have inched higher by a little over 1% since the attack. "Global markets have yet to fully price the inflation risks from developments — from higher oil prices and more defense spending," Savage cautioned. That would cause the premium [of oil prices] to go higher," said Rapidan Energy Group's President Bob McNally. This could spike oil prices well north of $150 per barrel," Alpine Macro said in a note following the incursion. One analyst is of the view that even if the conflict prolongs, its implications on global markets is still largely contained.

Persons: Sameh, BNY Mellon, shrugging, BNY, Bob Savage, Savage, Amir Cohen, Bob McNally, McNally, Antony Blinken, Marko Papic, Mahmud Hams Organizations: Nurphoto, Hamas, U.S ., Swiss, BNY, Stockholm International Peace Research Institute, Reuters, Energy, United Nations, U.S, ., NBC News, Palestinian Health Ministry, Clocktower Group, CNBC, Brigades, Afp, Getty Locations: Gaza City, Israel, Palestinian, Gaza, Ukraine, Stockholm, U.S, Ashkelon, Iran, United States, Persian, Mahmud

☆ Israel-Hamas conflict's impact on oil: Watch Iran, says energy consultancy
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael-Hamas conflict's impact on oil: Watch Iran, says energy consultancyBob McNally, founder and president of Rapidan Energy Group, says the impact of the Israel-Hamas conflict on the oil market will be "fairly minor" if it doesn't expand to Iran.

Persons: Bob McNally Organizations: Israel, Rapidan Energy Group Locations: Iran, Israel

☆ Watch CNBC's full interview with RBC's Helima Croft and Rapidan Energy's Bob McNally
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with RBC's Helima Croft and Rapidan Energy's Bob McNallyHelima Croft, RBC Capital Markets global head of commodity strategy, and Bob McNally, Rapidan Energy Group founder and president, join 'The Exchange' to discuss the impact warfare in Gaza has on energy markets, normalization talks with Saudi Arabia strained over the Israel-Hamas conflict, and the potential for Biden to tighten Iranian oil supplies entering the United States.

Persons: RBC's Helima Croft, Rapidan, Bob McNally Helima Croft, Bob McNally, Biden Organizations: RBC Capital Markets, Rapidan Energy Group Locations: Gaza, Saudi Arabia, Israel, United States

☆ The market's been 'a little too complacent' about Saudi oil cuts, says energy consulting firm
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market's been 'a little too complacent' about Saudi oil cuts, says energy consulting firmBob McNally, founder and president of Rapidan Energy Group, says "the market is probably a little too complacent about the likelihood that these cuts — all of them — stay in place through the end of the year — especially that 1 million barrel per day [cut]."

Persons: Bob McNally Organizations: Rapidan Energy Group

☆ Under Biden, US oil production is poised to break Trump-era records
▼ + stars: | 2023-08-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. Climate vs. inflationWhen and if the oil production record falls, don’t expect any fireworks from the White House. Last week, Saudi Arabia vowed to extend its oil production cut for at least another month. It’s also true that domestic oil production -— unlike prices -— has been slow to recover from the Covid-19 crash.

Persons: Joe Biden, Trump, It’s, Biden, ”, Hunter Kornfeind, it’s, Mike Pence, Joe Biden’s, Pence, Barack Obama, “, Matt Smith, ” Biden, That’s, Kornfeind Organizations: New York CNN Business, Rapidan Energy, drillers, US Energy Information Administration, Strategic Petroleum Reserve, EIA, Exxon, Rapidan Energy Group, American Petroleum Institute, Biden, CNN, “ Locations: Saudi Arabia, Texas, Americas, Russia

☆ Before the end of the year crude oil could hit 'if not exceed' $100/barrel: Rapidan's Bob McNally
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBefore the end of the year crude oil could hit 'if not exceed' $100/barrel: Rapidan's Bob McNallyMatt Maley, Miller Tabak chief market strategist, Bob McNally, Rapidan Energy Group president, joins 'Last Call' to talk the Biden administrations policies that have helped the fossil fuel industry grow.

Persons: Bob McNally Matt Maley, Miller, Bob McNally Organizations: Rapidan Energy Group, Biden

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

HOUSTON, July 10 (Reuters) - A coming wave of North American liquefied natural gas (LNG) export projects faces staffing challenges that are prompting some of the biggest developers to expand training and coordinate projects to keep construction workers. WORKERS NEEDEDAt present Bechtel has more than 3,000 professionals working on its LNG projects. Two other projects - Golden Pass LNG and Plaquemines LNG - have added workers and are moving to 24-hour work schedules. Cheniere and Bechtel are training workers using virtual simulations or via partnerships with local schools. Venture Global LNG stitched together 18 liquefaction units in its highly modular Calcasieu Pass LNG plant, allowing it to open the facility in what it said was record time.

Persons: Paul Marsden, Marsden, Alex Munton, Bechtel, Corey Grindal, Grindal, Cheniere, Jason Klein, Klein, Paul Varello, Curtis Williams, Nia Williams, Matthew Lewis Organizations: Bechtel Corp's Energy, Labor, Rapidan Energy, Bechtel, Cheniere Energy, Corpus, Plaquemines, Canada, Reuters, Commonwealth LNG, Venture, Columbia, Thomson Locations: U.S, Port Arthur, Christi, Kitimat, British Columbia, China, Calcasieu, Houston

☆ Oil market is in 'believe it when I see it mode,' Bob McNally says
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil market is in 'believe it when I see it mode,' Bob McNally saysThe oil market is in a “believe it when I see it mode,” Bob McNally of Rapidan Energy Group tells CNBC’s Dan Murphy at OPEC’s two-day symposium in Vienna.

Persons: Bob McNally, CNBC’s Dan Murphy Organizations: Email, Bob McNally of Rapidan Energy Locations: OPEC’s, Vienna

☆ The oil market is very chill about the chaos in Russia. Should it be?
▼ + stars: | 2023-06-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Oil prices are, incredibly, lower today than they were before the short-lived uprising in Russia — one of the world’s most important players in the oil market. But some oil market veterans wonder if the pendulum has now swung too far in the other direction. An actual disruption to Russia’s oil flows would be a game-changer for the oil market, and perhaps the world economy. That country’s civil war shut down oil export terminals — and even though Libya’s output is much smaller than that of Russia, oil prices shot higher. For now, the oil market is betting there won’t be a repeat of the Libya unrest in Russia.

Persons: Wagner, Russia won’t, Vladimir Putin’s, Jerome Powell, Powell, Putin, ” Helima Croft, ”, Croft, Yevgeny Prigozhin, Bob McNally, George W, Bush, ” McNally, Prigozhin, “, ” Croft, Obama Organizations: New York CNN Business, CIA, RBC Capital Markets, CNN, Rapidan Energy Group, RBC, Strategic Petroleum Reserve Locations: Russia, Ukraine, Moscow, China, Libya

☆ Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — made no changes to its planned oil production cuts for this year, but coalition chair — and de-factor leader — Saudi Arabia announced further voluntary declines. "The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision. "It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day. On April 3, several producers of the oil cartel OPEC+ revealed a combined 1.66 million barrels per day of production declines until the end of this year.

Persons: —, Rapidan Energy Bob McNally, McNally, Ruxandra Iordache Organizations: Saudi, Organization of, Petroleum, Brent, U.S, West Texas, Rapidan Energy, CNBC Locations: OPEC, — Saudi Arabia, Asia, Saudi, Saudi Arabia

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ US House committee to consider bill on pressuring OPEC oil group
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 10 (Reuters) - The House Judiciary Committee was set to consider a bill on Wednesday to pressure the OPEC oil production group to stop making output cuts that can result in higher fuel prices for U.S. drivers. The committee was expected to vote on the so-called No Oil Producing and Exporting Cartels, or NOPEC, bill, which would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. Analysts were skeptical that the NOPEC bill would pass Congress while oil prices were relatively low as the market fears a recession. "House Judiciary Committee passage of NOPEC is more a biennial tradition than a sign of momentum," Rapidan Energy Group said in a note to clients. The committee has passed the bill in 2018, 2019 and 2021, Rapidan said.

☆ Want to play higher oil prices? Analysts back these stocks, giving one over 160% upside
▼ + stars: | 2023-04-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.

☆ The OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNally
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNallyHelima Croft, RBC Capital markets head of global commodity strategy, and Bob Mcnally, Rapidan Energy Group founder and president, join 'The Exchange' to discuss the OPEC+ decision to cut production, U.S. production of crude oil being catalysed by the OPEC+ cuts.

☆ OPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy says
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy saysBob McNally of Rapidan Energy Group lays out two scenarios, which "[come] down to demand," that OPEC+'s oil production cut could lead to in the second half of the year.

☆ Reaction: OPEC output cuts to roil markets
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.

☆ 2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy says
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy saysBob McNally of Rapidan Energy Group says "we're in the foothills — that means we could go up or down as we did this year."

☆ China reopening the big story for oil in 2023: RBC's Helima Croft
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina reopening the big story for oil in 2023: RBC's Helima CroftRBC Capital's Helima Croft and Rapidan Energy's Bob McNally join Brian Sullivan and the 'CNBC Special: Taking Stock 2023' to discuss energy markets and what investors can look for in 2023.

☆ China will remain a 'big buyer' of crude oil, energy consulting firm says
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina will remain a 'big buyer' of crude oil, energy consulting firm saysBob McNally of Rapidan Energy Group says the country's imports are "quite robust," and demand for crude, including for Russian oil, will be "quite strong" even through the winter.

☆ We're gonna see a lot of nothing in bipartisan energy policy the next two years, says Rapidan's McNally
▼ + stars: | 2022-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're gonna see a lot of nothing in bipartisan energy policy the next two years, says Rapidan's McNallyRBC’s Helima Croft and Bob McNally of Rapidan Energy join ‘CNBC: Business on the Ballot’ to discuss the energy markets as gas prices head higher and utility bills have soared this year.

"That announcement was making it appear like he was throwing a bone to the oil industry," said Tricia Curtis, CEO of consultancy PetroNerds, who dismissed the offer. Register now for FREE unlimited access to Reuters.com Register"What if oil does not fall to that price: Do we just keep our reserves low?" U.S. oil prices hit $120 per barrel this year and did not trigger a production boom because of shortages and high costs for labor and equipment, said Hunter Kornfeind, oil market analyst at Rapidan Energy Group. Rebecca Babin, senior energy trader at CIBC Private Wealth, said tight oil supplies have pushed up price expectations into 2024. If the Biden administration wants to boost oil supplies, it "should change its policies around producing more oil and gas in the United States," said Frank Macchiarola, a senior vice president at trade group American Petroleum Institute.

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