Good morning, this is the Oil Patch. We're the Morpheus of oil and gas. We help you dodge bullets.

Here's what the Oilman has for you today:

• U.S. Takes Down Iranian Drone... Again

• The Gas Glut

• Barclays Vows To Stop Financing Oil Projects

• Tweet of the Day

U.S. Takes Down Iranian Drone... Again

The land of milk and honey. American troops. An Iranian-made drone in Syria.This bird of prey was threatening a base where the American troops were stationed.

Where to, pal?

The drone was headed towards Mission Support Site Conoco, which is named after an oil and gas field occupied by US-backed forces in Deir Ezzor province.

The base is established to keep an eye out for potential threats, as it has been a target for attacks in the past. The name of the base is a constant reminder of the strategic importance of oil, which is often the heart of conflicts and wars.

Photo, shoot

There have been multiple attacks on US positions in the area, including al-Tanf, the base on the Syria-Iraq border.

It's still unclear who orchestrated these attacks: the 'Iranian militias? Syrian nationalist militias? Just a bunch of goons?

The US forces made sure to publish photos of the drone before and after it went up in flames.

Whether it's this latest drone near Mission Support Site Conoco, or the Chinese balloons over Alaskan pipelines, energy assets are possible targets for hostile actors.

That's why the Oil Man says to Keep an eye out.

The Gas Glut

In a classic tale of boom and bust, some US natural gas producers who didn't hedge their bets are now left holding the bag.

Natural gas prices have fallen over 300% in the last six months, leaving companies with no choice but to sell their gas at prices below the breakeven point.

Ouch. That hurts the Oil Man.

You can practically hear the groans from here

In a recent report, industry insiders and analysts warn that the drop in gas prices from over $9 per mmBtu last August to $2.405 at the close of trade yesterday will impact first-quarter earnings and drilling plans.

Many gas producers didn't hedge future output, as they believed they would hit the jackpot with higher prices. Unfortunately, they forgot the golden rule: what goes up must come down.

Fickle lovers

When it comes to hedging, oil and gas companies are into it one minute, then they're not. In this case, the producers missed out on locking in higher prices because they were too busy chasing the dream.

To add insult to injury, fuller-than-usual gas storage sites in Europe mean lower prices for the gas that is produced.

On the other hand, there is returning gas demand in Asia, which is great news, but not enough to balance out the oversupply.

Business as usual

In the world of oil and gas, when demand is high, prices soar, and producers make more. But when the market gets saturated, as it did here, demand declines, and so do the prices.

The question is, when will the glut clear? Beats the ol' Oil Man. One thing we know for sure: there will be another boom, then another bust.

This is the circle of oil and gas life.

Today's Edition is Brought to You By Connection Crue

Are you ready to power up your professional network?

Look no further than Connection Crüe - your ultimate destination for connecting with industry leaders in the Oil & Gas energy sector.

Connection Crüe doesn't just stop there - they're also committed to investing in the industry's future through Kids Crüe events.

Reach out to JP Warren or Monika Warren today and get plugged into Connection Crüe. They're committed to helping you grow and succeed in the energy industry.

Barclays Vows To Stop Financing Oil Projects

The winds of change are blowing through the world of finance. Recently we heard of NatWest ending RBLs for oil and gas firm.

Now Barclays is joining the retreat.

The old ways of lending

Oil sands and thermal coal are being left behind, as the bank adopts a new ESG-laden policy to reflect these new "equitable" times.

Credit Agricole and HSBC are also following suit, cutting back on fossil fuel financing. The winds of change are being felt across the industry, as environmental groups ramp up the pressure on U.S. banks to stop funding new oil and gas projects.

Who funds the funders

As the Great Reset unfolds, governments, banks, and asset managers are wielding the ESG index as a social credit score to push non-woke corporations out of the market. Especially abundant, affordable energy-producing firms.

BlackRock, the world's biggest asset manager and a powerful strategic partner of the WEF, is firmly on board with the ESG index.

In a 2021 letter to CEOs, BlackRock CEO Larry Fink emphasized the importance of sustainability in investment, stating that "climate risk is investment risk." Oh okay.

The winds of change they are a blowin'. Which way will they blow?

Tweet of the Day

Thanks for reading today's Oil Patch!

Two quick requests before you go:

• If you found this useful, forward this email to a friend to spread the word. 👇

• Take 1 second to answer the poll below 👇👇