It depends on how they structure the SPR releases. They have done different methods in the last few releases. They can sell the barrels outright or they can arrange them as an exchange, where someone would receive barrels now and are required to deliver back 100%+ barrels back to the SPr at some point in the future

Dump the reserves now, war lingers and/or supply can't resume quickly …

I hope everyone didn't go out and hedge right away.

Is it true that Qatar lost their LNG facility for 2-3 years?

Big for LNg in the US

Check out LNG stocks today, $LNG, $VG, $ NEXT

Fredd said:

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Is it true that Qatar lost their LNG facility for 2-3 years?

Big for LNg in the US

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All I've seen is "extensive" damage quoted over and over, maybe not 2-3 years but I bet it's down a while

Fredd said:

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Is it true that Qatar lost their LNG facility for 2-3 years?

Big for LNg in the US

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2 of 14 LNG trains down for 3-5 years, half of the gas-to-liquid throughput.

Bibendum 86 said:

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Fredd said:

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Is it true that Qatar lost their LNG facility for 2-3 years?

Big for LNg in the US

---

2 of 14 LNG trains down for 3-5 years, half of the gas-to-liquid throughput.

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Almost 4% of global LNG offline for 3-5 years. Talking about force Majeure on 5 year offtake agreements.

pearl is our crown jewel facility. they'll put whatever it takes to get online to full production again quickly and safely

Dang, the EU managed to go from screwed to screweder.

Remember, LNG in the US is highly regulated. They cannot process any more gas than they are allowed to pull. Since most of it is already contracted out, you have very little spot market plays. If you want to expand production or run more, you have to get approval from FERC.

So LNG plants are going to go as much to 100% as they can, but they cannot go over 100%. And if you miss the daily usage, it's lost. You cannot make it up.

~egon

cena05 said:

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Check out LNG stocks today, $LNG, $VG, $ NEXT

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With respect to VG, their CFO sold $50M in VG stock yesterday. Hard to think getting into VG after that. Haven't researched the other two you mentioned.

IRAQ ANNOUNCES A FORCE MAJEURE ON ALL OILFIELDS OPERATED BY FOREIGN OIL COMPANIES, ACCORDING TO OIL MINISTRY SOURCES.

— First Squawk (@FirstSquawk) March 20, 2026

https://fortune.com/2026/03/22/natural-gas-prices-negative-west-texas-permian-basin-burn-off-europe-asia-shortages-iran-war/

Waha natural gas prices are going very negative! It's always been poor and sometimes negative. But -$10.00 is insane!

• How does this limit Permian players ability to produce oil (i.e. capture the windfall of higher WTI)
• What's the medium term view on Waha?

TIA!

Too bad we don't have more pipelines or someway to get it to Europe.

Owen Kellogg said:

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https://fortune.com/2026/03/22/natural-gas-prices-negative-west-texas-permian-basin-burn-off-europe-asia-shortages-iran-war/

Waha natural gas prices are going very negative! It's always been poor and sometimes negative. But -$10.00 is insane!

• How does this limit Permian players ability to produce oil (i.e. capture the windfall of higher WTI)
• What's the medium term view on Waha?

TIA!

---

They're negative because they are no longer the limitation - lower gas prices is impedance to oil proudction in co-produced streams.

You can't co-produce oil and gas unless you have a place for both to go. You either burn or transport the gas. Right now, people are so dead set on producing the oil that they are paying people to take the gas from them which gives them more ability to produce oil.

I can't remember which day -$9.75 traded, but to be fair the average about 10 days ago, when things were at their lowest, was around -$7 for a handful of days. And that was during a few planned maintenance events and another major compressor going down during the same timeframe. We traded -$3.50 today with lifting action throughout the entire session. Sameday got all the way up to -$1. Balmo was bid -$3 by the time I left for the day. Generally, that headline was meant to draw clicks.

Regardless, the curve looks bearish until the end of the year when you get some major takeaway additions. Probably not -$9 bearish, but likely sub $0. There are more aptly suited folks on this thread who can give color to what the timeframe looks like to add additional production to drilling plans, but Permian DUC counts are currently very low. We'll see in the next few quarters who the nimble producers are.

Any info on the Valero Port Arthur incident?

BPCAg05 said:

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Any info on the Valero Port Arthur incident?

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Loud boom, big fire (daughter reporting from Nederland)

WATCH: 🇺🇸 Massive fire breaks out at Texas’ Port Arthur oil refinery following reported blast. pic.twitter.com/cOKusp7axu

— Donald J Trump Posts TruthSocial (@TruthTrumpPost) March 24, 2026

delete

Dated Brent trading at $141. Just more signs of what is coming.

The physical crude market is tight.

Rystad: "West African grades are being offered at eye-watering Brent +$20 to +$30 per barrel on a free-on-board basis."

Last week, we reported that Nigeria is now rubberstamping requests to approve applications for the revival of idled oil…

— OilPrice.com (@OilandEnergy) April 2, 2026

And more

No change in royalty checks, when will we see a bump?

Gordo14 said:

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Dated Brent trading at $141. Just more signs of what is coming.

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I'm long oil. I hope you're right. $$

crude is ripping.

Any of you oil and gas guys own any Comstock stock? A new power plant in Palestine was just announced and Comstock is going to supply the gas from their Haynesville wells.

nope- but a know an NFL GM that does.

$20 collapse in WTI.

Calling off the dogs sent it dippin

Iran still launching missiles so it may be ripping back up soon

Nm

Strait of Hormuz still closed. Iran claiming it's mined and they will only grant safe passage for a toll and an approval of ownership.