OIL MARKET: Stack up, baby, stack up!!! Liberty Energy, the oil services company founded by US Energy Secretary Chris Wright, says it will reduce its fleet count due to drilling slowdown. | #OOTT

TotalEnergies CEO Patrick Pouyanne saying publicly what almost everyone else in the oil industry has been saying in private about Exxon losing the Guyana arbitration against Chevron-Hess: "The outcome is good for the industry" #OOTT $CVX $XOM

TotalEnergies CEO Patrick Pouyanne speaking about the challenge of oil and gas trading in volatile politics: "Traders are a little more cautious not to take direct directional positions which could be hit by a tweet." #OOTT

TotalEenrgies CEO Patrick Pouyanne speaking about the challenge of oil and gas trading in volatile politics: "Traders are a little more cautious not to take direct directional positions which could be hit by a tweet." #OOTT

BIG OIL 2Q EARNINGS SEASON: TotalEnergies is the first of the majors to report. Net profit was lower y-on-y and net debt is rising quite fast, as the company keeps buying back shares ($2 billion per quarter) and hiked its dividend by 7.6%. Statement:

BREAKING: In its semi-annual report, @IEA revises higher its estimate of global consumption in 2024 to a record high of ~8.79 billion metric tons (from ~8.77 billion previously). IEA also anticipates a new demand all-time high in 2025, before dropping in 2026 | #CoalTwitter

SCOOP: The White House has tapped a former Newmont mining executive to head an office at the National Security Council focused on strengthening supply chains, sources tell me and @G_Slattery. David Copley first joined the WH's Energy Dominance Council before the shift in roles.

Any delay in the development of the Jafurah liquid-rich shale gas play is important because: 1) it's slated to add >600,000 b/d of liquids (condensates / NGLs rather than crude) by 2030 2) its gas supply is key to displace crude in KSA electricity generation, cutting oil demand

The capacity auction at PJM Interconnection — the biggest US grid — are out: $329.17 per megawatt-day, a 22% increase from the previous year (and a ~300% increase from the 2023-2007 average). PJM serves ~67 million people across 13 states. Statement:

It's been several months since the US sanctioned Chinese refiners that buy Iranian crude. Every new sanctions announcement that selects other targets foregrounds this choice: the US is holding back from action that could meaningfully disrupts Iran's oil exports.