Chevron and ExxonMobil highlighted an aggressive strategy for drilling in the Permian Basin over the next five years to their investors this week. Exxon is aiming to increase production to 1 million barrels per day while Chevron is targeting an additional 900,000 barrels per day, all by the end of 2024. The presentations from both companies exemplify a growing trend in the region that has made the United States the world’s top producer of oil and natural gas.
You may or may not be aware but Sunday March 10th is the beginning of Daylight Saving Time. There are many conjectures about the origin and purpose of DST, but there is one clear fact, everyone enjoys more sunshine. On, “Sunday, March 10, 2019, 2:00:00 am clocks are turned forward 1 hour to Sunday, March 10, 2019, 3:00:00 am local daylight time instead.” Unfortunately that means we technically lose an hour of sleep that we all could use.
Notwithstanding OPEC production cuts, Venezuela sanctions restricting crude supply to the US Gulf Coast driving the market higher, retail gasoline prices are poised to make their annual spring run. Seasonal specification changes in gasoline have a significant impact on price.