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Market Movers Americas, Oct. 3-7: Oil and gas producers may cut capex in 2023, rail could impact coal to US power plants

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Watch: Market Movers Americas, Oct. 3-7: Oil and gas producers may cut capex in 2023, rail could impact coal to US power plants

  • Featuring
  • Morgan Snook
  • Commodity
  • Coal Electric Power Natural Gas Oil Metals
  • Length
  • 01:39
In this week's Market Movers, presented by Morgan Snook:
  • Oil and gas E&P companies may cut capex
  • Rail staffing could impact coal deliveries to power plants
  • Mexican steel industry expects stability for flat steel prices
  • Comments due for New York State Electric & Gas' proposed electric rate increase
View Full Transcript

This week,

E&P companies seem to be getting antsy about the outlook for the oil and gas industry in 2023 -- right in the middle of their budget planning season for the year to come.

Upstream producers were a bit more pessimistic in the most recent Dallas Fed survey due to increasing costs, supply chain delays and difficulty getting work crews.

Some analysts see these concerns, combined with oil price declines, as possibly driving E&P companies to cut capital expenditures.

Coal deliveries to US power plants could continue to face rail service impacts due to worker shortages.

Amid high inflation and low unemployment rates, a Union Pacific spokesperson said their candidate pool has shrunk significantly.

The Mexican steel industry expects some stability for flat steel prices for the last quarter of the year, after prices tumbled about 40% in the past four months amid increased domestic supply and poor demand.

Rebar prices may also continue to fall amid tepid construction demand and fierce competition among mills.

Oct. 3 is the deadline to submit comments to the New York Public Service Commission regarding New York State Electric & Gas' proposed electric rate increases.

The utility says the rate increases will reduce power outages and accommodate more distributed energy sources, as well as allow for new infrastructure and the transition to clean energy.

I'm Morgan Snook. Thanks for kicking off your Monday with S&P Global Commodity Insights.