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• U.S. Rig Count Unchanged for Third Consecutive Week
  U.S. energy firms held the oil and gas rig count steady at 585 for a...
  U.S. energy firms held the oil and gas rig count steady at 585 for a third consecutive week, according to Baker Hughes' data as of November 8. This keeps the total count down 31 rigs, or 5%, from the same time last year. Oil rigs remained at 479, while gas rigs held at 102.
  
  The U.S. rig count declined 20% in 2023 amid falling energy prices, inflation-related costs, and a focus on debt reduction over production growth. Crude futures are down 2% year-to-date, while gas futures are up 6% after significant declines last year. Despite this, U.S. crude output is expected to grow from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. Meanwhile, gas output is projected to dip to 103.5 billion cubic feet per day in 2024 from 2023’s record high of 103.8 bcfd.
  
  

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• Third Straight Bearish Storage Report Trips Up Natural Gas Futures
  Weekly natural gas cash prices fell for a fifth week as a slow start...
  Weekly natural gas cash prices fell for a fifth week as a slow start to the heating season kept demand light and bulls waiting for temperatures to drop in the second half of November.
  
  As of November 1, 2024, the U.S. Energy Information Administration (EIA) reported that working natural gas in storage was 3,932 billion cubic feet (Bcf). This represents a net increase of 69 Bcf from the previous week. Current stocks are 157 Bcf higher than last year at this time and 215 Bcf above the five-year average of 3,717 Bcf. At 3,932 Bcf, total working gas is above the five-year historical range.
  
  The EIA's Weekly Natural Gas Storage Report provides detailed regional data and historical comparisons, offering insights into storage levels across different U.S. regions. You can access the full report on the EIA's website for more comprehensive information.
  

  
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• Rafael Trapped In The Gulf, Churning Up Big Surf
  Rafael weakened into a tropical storm overnight,...

  Rafael weakened into a tropical storm overnight, with sustained winds of 50 mph on a westerly path away from Florida and is expected to continue to steadily weaken over the next few days, according to the latest update from the National Hurricane Center.

  
  

  After that, Rafael is expected to meander over the central Gulf of Mexico Sunday into Monday, then turn toward the south or south-southwest by Monday night.

  
  

  According to the NHC, heavy rainfall indirectly associated with the moisture from Rafael is expected to lead to 3 to 6 inches of rain, with local amounts to 10 inches, across portions of the Upper Texas Coast into Southwest and Central Louisiana through Sunday morning, potentially leading to significant flash flooding.

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• AI's gas needs usher in new opportunities for pipeline firms
  Pipeline companies are stepping up efforts to meet growing demand for...
  Pipeline companies are stepping up efforts to meet growing demand for natural gas due to AI and data center expansions. Energy Transfer is fielding numerous connection requests from data centers and power plants, Williams is deeply engaged in discussions about future power needs, while Kinder Morgan sees unprecedented opportunities for gas infrastructure expansion.
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• ☕️What Else is Brewing Saturday Morning
  Wildfires burn across the Northeast and California. In...
  Wildfires burn across the Northeast and California. In Southern California, a wildfire that started Wednesday continued to plow through parts of the state, destroying 132 structures, mostly houses, as firefighters work to contain it. As of yesterday morning, 10,000 people were under evacuation orders in Ventura County. In New Jersey, a 39-acre fire in the Palisades sent smoke into New York City on Friday morning and was 30% contained by the afternoon. Yesterday evening, a brush fire broke out in Brooklyn’s Prospect Park that brought about 100 firefighters to the scene. Hundreds of brushfires have ignited in the Northeast recently as the region deals with the consequences of a supremely dry summer and fall that have left 94% of the region either abnormally dry or in drought, according to the US Drought Monitor.
  
  President-elect Trump included Elon Musk on a call with Ukrainian President Volodymyr Zelensky, per the New York Times. It’s not known what they talked about.
  
  US authorities, including the FBI, are investigating racist text messages sent to Black Americans, including children and college students, in the days after the election.
  
  The DOJ charged a man who said he was hired by an Iranian government official to assassinate President-elect Trump prior to the election.
  
  Special Counsel Jack Smith received approval from a federal judge to vacate all pending deadlines for his election interference case against Trump, a sign he’s winding down the case ahead of Trump’s inauguration.
  
  New York Gov. Kathy Hochul is making moves to revive the NYC congestion pricing plan before Donald Trump takes office.
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