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First Look - Libyan protests halt exports

Oil is trading higher, reversing some losses from yesterday
- WTI prices are recovering some of yesterday’s decline of about $1.50/Bbl
Libyan protests halt oil shipments (BBG)
- Oil loadings at two key ports in Libya have been halted due to protests, impacting about a third of Libya’s exports, or 400 MBbl/d
- Libya often faces disruptions to its oil exports due to political strife in the country
- The protests resulted from the Oil Crescent Region Movement saying it would block exports if the state-run National Oil Corp. did not transfer the headquarters of five energy companies from western Libya to Eastern Libya
OPEC+ expected to stick with supply plan next week (BBG)
- Oil traders and analysts surveyed by Bloomberg expect OPEC+ to maintain its current plan to begin restoring production in April
- Several OPEC delegates have said the same
- The organization is set to meet on Monday

The February contract is melting down before expiry as next month’s weather is trending warm
- February was down 16c to $3.53/MMBtu Tuesday morning (8:18 CT)
- The contract settled on Friday at $4.02/MMBtu
- The two-week forecast dropped another 13.1 HDDs in the past 24 hours, leaving only two days over the next 15 days with “below-normal” temperatures
FERC Advances Transco’s Southeast Supply Enhancement Project with Environmental Assessment (S&P Global)
- FERC Opts for Environmental Assessment. The Federal Energy Regulatory Commission (FERC) scheduled an environmental assessment (EA) for Transco’s 1.6 million Dt/d Southeast Supply Enhancement Project, rejecting calls from environmental groups for a lengthier environmental impact statement (EIS).
- Project to Support Coal Retirements. Duke Energy Carolinas, the largest shipper on the project, will use the capacity to facilitate the retirement of 8,400 MW of coal generation in North Carolina, aligning with state-mandated carbon reduction goals.
- Infrastructure Expansion Details. The project involves adding 209,607 horsepower of compression, bidirectional flow capabilities, and two major pipeline loops in Virginia and North Carolina, unlocking the full potential of the Mountain Valley Pipeline.
- The project in-service date is 11/2027