OPEC, for some quiet moments..

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Eni, together with its Area 4 Partners, announces that the Coral South FLNG multi-sourced project financing achieved financial close, for a total amount of $4,675,500,000. Coral South FLNG is the first project sanctioned by the Area 4 Partners for the development of the considerable gas resources discovered by Eni and its partners in the Rovuma basin offshore Mozambique. It targets the production and monetization of the gas contained in the southern part of the Coral gas reservoir, by means of a floating LNG plant with a capacity of 3.4 mtpa. A Sale and Purchase Agreement was signed in 2016 for the sale of 100% of the LNG production to BP.

Eni secures project financing for Coral South FLNG

Oil declined after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. Futures dropped 1.2% in New York after rising 0.3% on Tuesday. Motor-fuel inventories climbed by 9.2 MMbbl last week, the American Petroleum Institute was said to report. That would be the biggest gain since January 2016 if replicated in government data due later on Wednesday. Nationwide crude stockpiles declined, according to the API data.

Oil drops as industry data show U.S. gasoline stockpiles grew

For America’s shale drillers, the tipping point to boost production looks to be $60/bbl. It’ll take a sustained run above that  price in New York before drillers rethink their spending plans for 2018, according to JPMorgan Chase & Co. Until then, activity looks to be “range-bound," said analysts led by Arun Jayaram in a Wednesday research note detailing their talks with operators in the Permian shale basin in Texas and New Mexico.

Magic number for new shale surge: $60/bbl, JPMorgan says

Shale gas production in the Appalachia region has increased rapidly since 2012, driving an overall increase in U.S. natural gas production. According to EIA’s Drilling Productivity Report, natural gas production in the Appalachia region—namely the Marcellus and Utica shale plays—has increased by more than 14 Bcfd since 2012. Overall Appalachian natural gas production grew from 7.8 Bcfd in 2012 to 22.1 Bcfd in 2016 and was 23.8 Bcfd in 2017, based on EIA data through October 2017.

EIA: Appalachia drives growth in U.S. natural gas production since 2012