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Texas Is Preparing for Electricity Demand to Surge


1. Shell Remains on the Right Track to Recovery

- UK-based energy major Shell was one of the rare oil companies to surpass analyst expectations with its Q1 reported profit of $7.7 billion, buoyed by rebounding LNG production.

- Shell’s cash flow rose by 6% from Q4 2023 to $13.3 billion, prompting the oil major to ramp up share repurchases by a further $3.5 billion over the next three months.

- Compared to somewhat disappointing Exxon and Chevron results, Shell timed its refinery maintenance for the last quarter of 2023, allowing its downstream segment to fire on all cylinders lately.

- Under new CEO Wael Sawan, Shell has weakened its 2030 carbon targets and costs across the oil and gas business, as a result of which the company’s shares have gained 14% this year.

2. One Year On, WTI Midland Becomes a Brent Mainstay

- Exactly a year ago, WTI Midland was added to the world’s most important oil benchmark, the Dated Brent, prompting a surge in physical crude transactions in both forward and dated markets.

- Since the inclusion of WTI Midland in May 2023, 214 cargoes with a total volume of 149.8 million barrels have traded in the Platts window, with 138 of them being WTI Midland, boosting liquidity in the contract.

- Being the first non-North Sea blend to be included in the Brent basket, Midland has also had a slightly depreciative effect on the benchmark, being the lowest-priced grade on 130 pricing days out of the…

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