China's large treasury bond sale boosts oil prices while US natural gas producers anticipate a recovery in 2025.
While liquidity in oil markets is traditionally very low over the Christmas period, China has provided a bullish catalyst for Brent and WTI this year by announcing its monster $410 billion treasury bond sale. US natural gas producers are anticipating a reversal of fortunes next year after 2024 saw gas-focused drillers struggle with oversupply and multi-year price lows, dipping as low as $1.60 per mmBtu during the year.
Over the next 12 months, US natural gas production in the Lower 48 states is expected to add around 4 BCf/day and surpass 107 BCf/day by next December, buoyed by Henry Hub finally trending $3.7 per MMbtu. Gas drillers are now assessing the impact of winter weather on demand to convert uncompleted wells to wells in production, with next year's anticipated LNG feedgas ramp-up boosted by the recent launch of Venture Global's Plaquemines LNG facility. Total US feedgas demand is set to rise from 13.2 BCf/day in 2024 to more than 19 BCf/day in 2026, following the commissioning of ExxonMobil's Golden Pass LNG plant, pushed to late 2025 after a string of postponements. Market Movers - Norway's state oil company Equinor NYSEEQNR reported disappointing drilling results, as both the Mimung and Kvernbit wildcats failed to discover any commercial quantities of hydrocarbon. Canada's upstream firm Vermillion Energy TSEVET agreed to acquire privately held Westbrick Energy for $750 million, consolidating its acreage in the Deep Basin of Alberta and adding 50,000 boe/d of production. US offshore producer Talos Energy NYSETALO said it would terminate its so-called poison pill after it reached an agreement with billionaire Carlos Slim not to exceed the ownership threshold of 25% in the firm. Tuesday, December 24, 2024 Pre-Christmas trading tends to be very low on liquidity and this week will be no exception, with prices barely moving around the $73 per barrel mar
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