Good morning, here's what the Oilman has for you today:

• U.S. LNG Exports Surge in October

• Democrats Demand Probe into Oil Megadeals

• Upcoming Oil and Gas Events

• Tweet of the Day

U.S. LNG Exports Surge in October

LNG exports last month hit the second-highest ever, reaching 7.92 million tons.

The biggest buyer – surprise – was Europe, taking in 60% of the total.

The biggest LNG exporter in the world

Just five years ago, the U.S. was a minor player in a market dominated by Australia and Qatar.

In the first half of this year, it was already the biggest exporter of LNG.

In fairness, the European gas crunch of 2022 helped make this happen.

Now, energy companies are building more LNG capacity.

Whatever some politicians in Europe think, gas demand is going nowhere.

And the U.S. industry is preparing to meet it.

Next year, two new LNG plants will start operations, adding 38 million tons to annual capacity.

Now that’s security of supply.

Peak gas demand? Yeah, right

The IEA recently predicted that gas demand will peak before 2030.

Based on the plans of LNG developers, this is not going to happen.

Based on the behavior of large LNG importers, this is not going to happen.

In fact, chances are that gas demand will continue to grow for the observable.

Now, liquefied gas is a bit expensive, pricing some buyers out of the market.

But with so much new capacity coming on stream in the next few years, this will change.

And lower prices will boost demand like nothing else.

After all, gas is cleaner than coal.

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Democrats Demand Probe into Oil Megadeals

It was only a matter of time.

A group of 22 Democrats led by Chuck Schumer have demanded a probe into the recent Exxon and Chevron deals.

The legislators claim the two deals could lead to higher fuel prices.

You can’t trust those oilmen

In a letter to the CFTC, the group said the following:

“These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States.”

Funny thing, that.

Democrats have been such enthusiastic opponents of the oil industry.

You’d think they would be happy if production fell, right?

Obviously, this is not the case.

And that’s because deep down, the Senate Majority Leader and co. Know how important oil is.

The rest is just talk and virtue-signaling.

Too big to pass through?

Exxon is buying Pioneer in a $60-billion all-stock deal.

Chevron is taking over Hess for $53 billion, also in an all-stock deal.

Acquisitions of this size invariably draw regulatory attention.

They’re just too big to ignore.

And there’s always the fear of antitrust issues with such big deals.

But now there’s a bigger fear: higher prices at the pump.

Those Senators should welcome the deals.

Higher prices at the pump might make EVs more attractive to drivers.

So, instead of complaining, the letter writers should encourage the deals.

Upcoming Oil & Gas Events

• November 6: Louisiana Energy Golf Open, Oakbourne Country Club, Lafayette, LA

• November 6-8: IPAA Annual Meeting, JW Marriott San Antonio Hill Country Resort and Spa, San Antonio, TX

• November 7: LOGA State of the Industry Series, Petroleum Club of Houston, Houston, TX

• November 8: Colorado Oil and Gas Association 39th Annual Meeting, Denver, CO

• November 8: IADC Annual General Meeting, Hyatt Regency Austin, TX

• November 9: Deepwater Executive Summit, Hyatt Houston West, Houston, TX

Around the Global Patch

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Tweet of the Day

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