Texas Energy Report NewsClips
Thursday January 22, 2026
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices edged up on Thursday, after U.S. President Donald Trump ratcheted down tension with Europe over his demand for Greenland, while disruptions in supply from two large fields in Kazakhstan and a better demand outlook for 2026 lent support.
West Texas Intermediate for March rose 13 cents, or 0.21%, to $60.75 a barrel.
Brent crude was up 9 cents, or 0.14%, at $65.33 a barrel by 0320 GMT.
The contracts climbed more than 0.4% on Wednesday, following the previous day’s rise of 1.5%, after OPEC+ producer Kazakhstan halted output at its Tengiz and Korolev oilfields because of issues regarding power distribution.
Also on Wednesday, Trump suggested a deal was in sight over the Danish territory, while ruling out use of force to end a dispute that had risked the worst rupture in transatlantic relations in decades.
Top Stories
MSN – January 21, 2026
Chevron set to finalize Singapore oil asset sale in Q1 – Reuters
Chevron plans to close a deal to sell its oil refining and distribution assets in Singapore in this year’s Q1, as it engages in a final round of talks with global commodities trader Glencore and Japanese refiner Eneos, Reuters reported Wednesday. The assets for sale, valued at $1B or more, include Chevron’s (CVX) stake in a refinery, a terminal and retail stations in Singapore, and the company is looking to include retail stations in Cambodia and Malaysia in the deal, according to the report.
The sale is part of the company’s plans to divest refining and storage assets in Asia as it restructures globally to streamline operations and reduce costs. Chevron holds a 50% stake in Singapore Refining Co., which operates a 290K bbl/day refinery in Singapore; partner PetroChina owns the remaining 50% share through its Singapore Petroleum Co. unit.
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Rigzone – January 21, 2026
Western Midstream Secures New Deals with Occidental,ConocoPhillips
Western Midstream Partners LP (WES) announced Tuesday it has amended its natural gas gathering and processing contracts in the Delaware Basin with Occidental Petroleum Corp and expanded its partnership with ConocoPhillips in the same basin. The new agreements with ConocoPhillips and Occidental advance WES’ transition to fixed-fee arrangements in the maturing basin, The Woodlands, Texas-based company said in a statement on its website. The previous agreement with Occidental already provided for a transition to a fixed-fee structure; the new agreement speeds up that transition, according to WES.
Houston, Texas-based oil, gas and chemicals producer Occidental agreed to reduce its ownership in WES from about 42 percent to around 40 percent under the renegotiated gathering and processing contracts, “further positioning WES as a standalone midstream enterprise”, WES said.
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MSN – January 21, 2026
Valero, Phillips 66 buy Venezuelan oil cargoes as part of Washington’s deal with Caracas
Valero has bought a cargo of Venezuelan crude oil, two sources said on Wednesday, one of the first deals by U.S. Gulf Coast refiners that are part of Washington’s agreement with Caracas to export up to 50 million barrels. Phillips 66 has also purchased a cargo, one of the sources said.
Both bought the crude from trading house Vitol, the sources said, adding that it was traded for delivery to the U.S. Gulf Coast at a discount of about $8.50 to $9.50 a barrel to Brent crude. Vitol and rival trading house Trafigura were the first firms to be awarded licenses by the U.S. government to trade Venezuelan crude after President Nicolas Maduro’s ouster in early January.
Kinder Morgan beat Wall Street expectations for fourth-quarter profit on Jan. 21, helped by higher volumes of natural gas transported through its pipelines. Shares of the pipeline operator rose 3.2% to $29.49 in extended trade. U.S. midstream companies such as Kinder Morgan are benefiting from a surge in oil and gas production in the Permian Basin, as well as rising demand for natural gas driven by record liquefied natural gas exports and soaring power generation tied to artificial intelligence operations, cryptocurrency mining and data centers.
The company said it transported about 48,353 billion British thermal units of natural gas per day in the quarter, compared with 44,507 billion Btu per day a year ago.
Halliburton surpassed analysts’ expectations for fourth-quarter profit on Wednesday, helped by steady demand for its services and equipment in international markets, and said it would look to re-enter Venezuela as soon as commercial and legal terms, including payment certainty, were resolved. The Houston-based company, which kicked off the earnings season for U.S. oilfield services providers, has focused on international markets, particularly Latin America, Europe and Africa, as North America drilling and production activity has remained tepid.
Halliburton was among the oil companies that met with the White House earlier this month to discuss potential investment in Venezuela after the U.S. ousted President Nicolas Maduro in early January. “I think we could scale up fairly quickly (in Venezuela),” said CEO Jeff Miller on a post-earnings conference call, adding that the company was working to secure licenses from the U.S. that allow it to operate in the country. Halliburton said it could move equipment quickly into Venezuela, adding that it would be fairly straightforward to become operational.
The Latest TERse Tips
“The Permian shale region faces freezing conditions from Friday, with minimum temperature expected to plunge to -10 Celsius (14 F) in Midland, Texas. The polar vortex is going to test winterisation (and could lead to large production losses, although likely short lived)” — Javier Blas, Bloomberg
ERCOT has issued a Weather Watch from January 24-27 “due to forecast below-freezing temperatures with the possibility of frozen precipitation, higher electrical demand, and the potential for lower reserves. Grid conditions are expected to be normal during an ERCOT Weather Watch” — see the press release
U.S. natural gas futures jumped more than 50% in two days, putting futures on track for their biggest weekly gain in more than three decades, as dangerously cold temperatures are set to take hold of a massive swath of the country — Dallas Morning News*
Fossil fuels are a ‘crutch’: How AI’s unlikely winner could be renewable energy — Energy demand from data centers, crucial in the artificial intelligence buildout, has buoyed sentiment in the otherwise flat renewables sector — CNBC
The world is facing an irreversible water “bankruptcy,” with billions of people struggling to cope with the consequences of decades of overuse as well as shrinking supplies from lakes, rivers, glaciers and wetlands, U.N. researchers said Tuesday — Dallas Morning News*
Chinese EVs Blow Past Tesla and Tariffs En Route to Global Reign — U.S., European Union and Mexico try to quash accelerating demand for China’s hottest electric vehicles — The Wall Street Journal*
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Oil & Gas Texas
Zacks/Yahoo! News – January 21, 2026
Chevron and Turkey in Talks for Joint Oil & Gas Exploration
Per Bloomberg, Turkey’s state-owned energy company, Turkish Petroleum Corp. or TPAO, is in discussions with Chevron Corporation CVX to jointly explore oil and gas resources, marking another step in Turkey’s push to strengthen domestic energy production. The talks, which remain confidential, focus on potential collaboration in seismic studies and drilling operations across key offshore regions.
If finalized, the partnership would add Chevron to a growing list of major U.S. energy companies working with Turkey, following a January agreement between TPAO and Exxon Mobil CorporationXOM for joint exploration in the Black Sea and the Mediterranean. According to this agreement, XOM would identify oil and natural gas resources in the untapped areas of the Black Sea and Mediterranean.
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S&P Global Platts – January 21, 2026
US Gulf Coast refiners seen benefiting from increased use of heavy Venezuelan crude
Some US Gulf Coast refiners are moving forward on US President Donald Trump’s promise to direct Venezuela’s heavy crude barrels away from China and into their cokers, increasing utilization and improving overall refinery economics. Venezuelan crude exports to the US are seen picking up from the most recent Energy Information Administration monthly data, which shows Venezuelan crude exports averaging 135,000 b/d in October 2025, down from the 295,000 b/d in October 2024.
“We estimate that PADD 3 refiners would be able to absorb an additional 300,000-400,000 b/d of heavy Venezuelan crude to raise coking utilization to 2024 levels,” according to a December report from S&P Global CERA.
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Bloomberg – January 21, 2026
Bag by bag—in what Ron Gusek calls giant “super sacks”—Liberty Energy Inc. loaded 45 million pounds of sand in late 2024 from a California port and sent it across the Pacific. The cargo was bound for Australia’s remote Beetaloo Basin, where beneath red dirt sits a hard-to-reach reservoir of natural gas roughly the size of Belgium. When the sand landed in the outback, Liberty planned to mix it with high-pressure fluids and inject it underground to release natural gas in a process commonly known as fracking. It’s a uniquely American invention that’s quickly becoming a major US export, thanks to rising power demand and the world’s inability to quit fossil fuels.
A 10,000-mile supply chain for frack sand is of course not “sustainable over the long run,” says Gusek, Liberty’s chief executive officer. But in the early days of fracking development—before oil and gas basins have established their own sand mines, water infrastructure or pipelines—this is how the industry spreads. And spreading it is.
For decades, fracking was a high-tech phenomenon (or an environmental nightmare, depending on whom you asked) almost exclusively of the US energy industry. In West Texas and other energy-rich North American regions, the unconventional methods combining hydraulic fracturing and horizontal drilling have been used since the early aughts to unlock vast energy resources once considered unreachable in tight-rock formations, vaulting US shale into a $1.4 trillion sector, according to research firm Enverus. Most other nations largely stayed clear of the novel techniques, opting instead for more established drilling methods.
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Houston Chronicle – January 21, 2026
Orphaned oil and gas wells in Texas broke a 20-year record in December. Here’s why*
The number of orphaned wells across Texas reached over 11,000 at the end of 2025, breaking a 20-year record, according to the latest data from the state. So-called orphaned wells are oil and gas wells that are not actively maintained and have no operator on file with regulators, meaning the responsibility to clean up after and plug them lies with the state. Roughly 2,000 new wells joined the list over the last year, bringing the total of known orphaned wells to 11,123, according to the Texas Railroad Commission, which regulates the state’s oil and gas industry.
Because of the continued consolidation of the oil and gas industry, increased production costs, and lower crude prices – the price of oil fell roughly 20% over the last year – companies are more likely to go bankrupt or dissolve, leaving unplugged wells behind for the state to fix. The number of orphaned wells across the state is likely to grow even further as a result. Orphaned wells pose both a tax burden and an environmental problem for Texans; the cost to plug onshore wells is typically around $30,000, though the Railroad Commission has frequently had to pay 10 times that amount to plug wells that end up gushing contaminated water, according to records previously obtained by the Chronicle.
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Houston.com – January 21, 2026
Exxon Mobil Begins Baytown Refinery Expansion Near Houston
Exxon Mobil has officially broken ground on its latest refinery expansion in Baytown, a development that marks one of the region’s most notable industrial projects of the year. The initiative, located just east of Houston, aims to boost production of ultra-low sulfur diesel and high-performance lubricant base stocks. The move underscores the company’s ongoing commitment to modernizing its Gulf Coast operations and increasing the availability of cleaner fuel options.
The project, unveiled this week, will introduce new process units designed to increase efficiency while reducing emissions. According to Exxon Mobil representatives, the expansion supports growing demand across the transportation, industrial, and manufacturing sectors. These upgrades are also expected to enhance the facility’s flexibility in meeting market shifts.
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Yahoo! News – January 20, 2026
Magnolia LNG seeks more time to build Lake Charles LNG plant
A Louisiana facility that would export liquefied natural gas needs more time to finish construction and begin operations, its owner says.New York-based Glenfarne Energy is asking U.S. regulators for a five-year extension on an April deadline to complete the facility in Calcasieu Parish. In a Jan. 15 filing at the Federal Energy Regulatory Commission, Glenfarne and project partner Kinder Morgan cited “unprecedented delays” at the Department of Energy and regulatory uncertainty during the Biden administration as the primary reasons for the delay.
Originally approved in 2016, the Magnolia LNG export plant would be built on a 115-acre site along the Industrial Canal near Lake Charles. An initial five-year extension was granted in October 2020 due to delays caused by the Covid-19 pandemic, Glenfarne said in the filing.Construction has not started, and the newest extension sought by the companies would allow operations to begin as late as April 2031.Magnolia LNG currently lacks the required authorization to export to non-Free Trade Agreement countries.
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Houston Chronicle – January 21, 2026
Trump promised an energy boom in his second term. Texas shows who actually got one*
President Donald Trump signed the first of a flurry of executive orders on the first day of his second term, meant to “unleash America’s affordable and reliable energy and natural resources.” A year later and the president has opened up drilling opportunities in federal lands and waters, sought to place the U.S. in the top producer’s spot for non-fuel and rare earth minerals, and cut off the energy industries he deemed hoaxes and scams.
Over the last year, however, the U.S. energy sector has also faced higher production costs as a result of tariffs, geopolitical instability along key energy trade routes in the Middle East and South America, and billions in federal funding cuts targeting energy projects. Here is a breakdown of the Texas energy winners and losers a year into the Trump administration’s energy shake-up. The Winners — Oil Refiners: The Trump administration conducted a military incursion into Venezuela at the start of the year, removing the South American country’s president and proclaiming control of the world’s largest known oil reserves.
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Houston Chronicle – January 21, 2026
Texas wants to turn old oil rigs into coral reefs. A bipartisan bill could make it happen.*
A hundred miles off the coast of Freeport, dive boats congregate around a series of oil platforms where amberjack and angel fish swim between 300-foot-tall pilings covered in coral. Andy Lewis, who runs a charter business out of Freeport, described the site as “like little islands in the middle of the ocean.” “You’re out in the middle of nowhere, and suddenly you’re in a structure surrounded by fish,” he said. “It’s like swimming in a Petco aquarium.”
For decades, divers and fishermen have known that some of the most abundant marine life in the Gulf lies beneath oil and gas platforms, where coral grows in abundance in an otherwise barren underwater world. Now Congress is weighing whether to let those platforms stay in place indefinitely, creating more fishing and dive sites while also exempting the offshore oil companies that drill there from having to pull their old infrastructure up from the sea floor.
Oil & Gas National & International
Oil Price – January 21, 2026
IEA Raises Forecast of Global Oil Demand Growth in 2026
The world’s oil demand growth is set to rise by 930,000 barrels per day (bpd) in 2026, thanks to lower oil prices and a normalization of economies after the 2025 tariff chaos, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate by 70,000 bpd from last month. Oil demand is forecast to grow by an average 930,000 bpd this year, accelerating from 850,000 bpd in 2025, the agency said in its closely-watched Oil Market Report for January. In the December report, the IEA had expected global oil demand growth at 860,000 bpd for 2026.
The upgrade reflects a recovery in feedstock demand in the petrochemicals industry, on top of expectations of normalized economic conditions after the unpredictable and chaotic tariff policy of the Trump Administration last year.
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Energy News – January 21, 2026
Tengiz: Fire Paralyzes Kazakh Oil Giant and Threatens CPC Exports
Oil production at Kazakhstan’s Tengiz field has remained shut since January 19 following a fire that broke out the previous day at the site’s GTES-4 power station. According to three industry sources cited by Reuters, this disruption could last another 7 to 10 days, potentially extending into February. Operator Tengizchevroil (TCO) confirmed the temporary shutdown of operations at the Tengiz and Korolevskoye fields, citing power supply problems.
The fire affected two turbine transformers, according to KazMunayGas, Kazakhstan’s national oil company. TCO has already cancelled five CPC Blend crude cargoes scheduled for January and February, totaling between 600,000 and 700,000 metric tons, according to sources. These volumes were to be shipped from the Caspian Pipeline Consortium’s (CPC) Black Sea terminal. Chevron, TCO’s majority shareholder with 50%, did not respond to requests for comment.
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Miami Herald – January 21, 2026
At Davos, Trump says Venezuela oil boom looms as U.S. backs Rodríguez regime
President Donald Trump said Wednesday that Venezuela is poised to earn more from oil in the next six months than it has over the last two decades, underscoring a dramatic shift in Washington’s policy towards the South American nation following the U.S. military operation that captured former strongman Nicolás Maduro earlier this month.
Speaking in a closely watched address at the World Economic Forum in Davos, Trump praised Venezuela’s new authorities for swiftly agreeing to a deal with Washington and accepting U.S. cooperation after Maduro’s removal. “The leadership is good and smart,” Trump said, referring to the interim government led by Delcy Rodríguez, Maduro’s former vice president and onetime oil minister. A White House official said Wednesday that Rodríguez is expected to visit Washington in the coming weeks, though no date or agenda was provided. If confirmed, the trip would mark the most significant diplomatic engagement between the two countries in years.
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Yahoo! News – January 21, 2026
Wright tells oil executives that Venezuela’s output can rise 30%, sources say
U.S. Energy Secretary Chris Wright told oil company executives on Wednesday that Venezuela’s output can rise 30% from its current level of 900,000 barrels per day in the short- to medium-term, three executives who attended the meeting said. Raising crude output from Venezuela, which sits on the world’s largest oil reserves, is a top objective for U.S. President Donald Trump after U.S. forces seized Venezuela’s leader Nicolas Maduro in a raid earlier this month.
Wright’s closed-door meeting with the executives took place on the sidelines of the World Economic Forum in Davos, Switzerland. Years of under-investment and sanctions have led Venezuela’s oil output to plummet. It pumped 3.5 million bpd in the 1970s when it accounted for 7% of global supply, but today represents just 1% of the world’s production.
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Bloomberg – January 21, 2026
Arctic Blast Raises China LNG Prices Ahead of February Cold Snap*
An Arctic blast is driving temperatures sharply lower across China this week, helping buoy liquefied natural gas prices and prompting authorities to issue warnings about freezing weather. The colder weather has supported demand for heating fuels and halted a two-month slide for domestic LNG prices. The cost of supplies at import terminals inched up to 4,001 yuan a ton ($11.04 per million British thermal units) on Monday from 3,998 yuan on Friday, according to data from the Shanghai Petroleum and Natural Gas Exchange. State forecasters are warning of “rare coldness,” with blizzards and freezing rain sweeping from northern China into central and southern regions through Tuesday. Temperatures in some areas may plunge by as much as 16C over the next three days before beginning to recover in the south from Friday, data from the China Meteorological Administration showed.
Cold conditions are expected to return next month, with as many as three cold-air outbreaks forecast through Feb. 16, according to the National Climate Centre’s latest outlook. The timing is especially sensitive as it coincides with the peak Lunar New Year travel rush — one of the world’s busiest travel periods — raising the risk of widespread transport disruptions as hundreds of millions crisscross the country to reunite with family.
Utilities, Electricity & Renewables
KXAN – January 21, 2026
Tesla lithium refinery, ‘largest in America,’ now operating in Texas
Tesla officially began operations at its lithium refinery in Texas, Tesla CEO Elon Musk posted on social media last week. Musk wrote in an X post on Jan. 14, “The largest Lithium refinery in America is now operational.” The post linked back to a post from the Tesla North America X account, which shared an informational video about the refinery.
Tesla broke ground on the refinery, located in Robstown, Texas, near Corpus Christi, in May 2023. A press release announcing the groundbreaking said, “The 1,200+ acre site will be the location of the first industrial deployment of an acid-free lithium refining route.”
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Austin American-Statesman – January 21, 2026
Austin Energy says ‘teams are ready’ ahead of arctic blast headed to Texas*
Austin Energy says it is prepared for an arctic cold front expected to push temperatures below freezing and bring the potential for icy conditions to Central Texas this weekend, as city officials pressed utility leaders about winter weather preparedness. City officials questioned Austin Energy about its winter weather readiness during a City Council committee meeting Tuesday, as forecasts show temperatures dropping below freezing by Saturday morning and remaining cold through at least Monday morning.
Austin Energy General Manager Stuart Reilly told council members that while the forecast does not resemble the extreme winter storms that hit Texas in 2021 or 2023, the utility is remaining vigilant because of the likelihood of precipitation. “We get our equipment ready, our teams are ready, we staff up,” Reilly said. “We have additional crews on standby and on call, and we’ll be ready to respond if we need, if there are any impacts, whether weather-related or ERCOT grid-related. We’ll be ready, and we’ll keep the council and the public informed along the way.”
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Inside Climate News – January 21, 2026
Meta Wants Data Center in Sunny El Paso to Rely on Natural Gas
In October 2025, local officials celebrated the groundbreaking of a 1-gigawatt, $1.5 billion data center for the tech giant Meta. El Paso Electric had previously stated that existing infrastructure would support the data center and that Meta was looking to tap into a new solar farm. El Paso gets more than 300 days a year of sun, hence its nickname, the Sun City.
So it came as a shock to many El Pasoans that the electric utility is instead seeking approval for a 366-megawatt natural gas plant, called the McCloud facility, to power the data center. Advocates in El Paso worry that a new gas plant could drive up utility rates, worsen the region’s air pollution problem and set back efforts to transition to renewable energy.
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Austin American-Statesman – January 21, 2026
Global tech giant makes potential $1 billion data center deal in tiny Texas town*
Global semiconductor giant Advanced Micro Devices Inc. will be the first tenant in a 200-acre data center being developed on a portion of the former Alcoa Corp. smelting site near Rockdale, about 60 miles northeast of Austin. Developer Riot Platforms Inc., a Colorado-based cryptocurrency mining and data center company, announced the potential $1 billion lease and services agreement with AMD on Friday. The 10-year agreement is expected to generate $311 million in revenue and includes three five-year extension options.
The initial agreement calls for delivery of 2.5 megawatts beginning this month, with completion expected in May. The deal includes an option to expand capacity to as much as 200 megawatts. The 200-acre site represents a small portion of a planned 50-square-mile advanced manufacturing and logistics campus under development by Dallas-based Xebec Holdings LLC. Xebec purchased the 3,100-acre site in 2021 for $240 million, later unveiling plans for a large industrial campus. Part of the site will be home to Austin-based T1 Energy Inc.’s new solar cell factory, which could employ as many as 1,800 people. Another portion will be dedicated to a 1,200-megawatt, gas-fired power plant, with the remainder slated for residential, hospitality, retail and office use.
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MSN – January 21, 2026
Trump administration to offer states deals to host nuclear waste – Reuters
The Trump administration will seek interest from U.S. states as soon as this week on storing nuclear waste in return for incentives to build nuclear reactors, Reuters reported Wednesday, but the Department of Energy said no decisions have been made. Overcoming local opposition to waste storage is considered critical to achieving the administration’s ambitious nuclear expansion goals, which include quadrupling U.S. nuclear power capacity to 400 GW by 2050 to help meet surging electricity demand.
Radioactive and toxic nuclear waste currently is kept onsite at nuclear power plants, first in spent fuel pools and then in concrete and steel casks. A plan several years ago had focused on Nevada’s Yucca Mountain as a single repository for all U.S. waste, but former President Obama stopped the project due to local opposition.
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San Antonio Express-News – January 21, 2026
If you’ve noticed massive new facilities going up across Texas, you’re seeing the leading edge of a major data center build-out. These projects support cloud computing, streaming and artificial intelligence. For the construction industry, they represent a significant share of the work pipeline for the next several years, especially for crafts already in incredibly high demand. The story being told about this boom is simple: Texas is the perfect location, approvals should be automatic, incentives should flow freely. But working people and taxpayers deserve to ask, “What are we getting in return?”
The Texas Building Trades Council represents the men and women who will build these facilities. We want this work. Texans should be doing it under standards that reflect the scale, complexity and public investment involved. When public dollars are on the table, the public deserves enforceable commitments in return — good construction jobs, transparent deals and communities that benefit long after the ribbon-cutting. …
When a developer requests tax abatements or other public support, the public should receive measurable commitments in return. That includes a credible construction workforce plan that matches the project’s scale and reflects the reality that electricians and other crafts are already stretched thin.
It includes job-site standards that protect safety and quality. It includes real investment in apprenticeship and training, because Texas can’t meet rising demand without growing the workforce development pipeline. And it includes transparency about the value and duration of incentives, with verification and clawbacks if commitments are not met. Strong construction opportunities and good deals for taxpayers aren’t mutually exclusive. They just require transparency and accountability from the start.
Regulatory
Bloomberg – January 21, 2026
The Repo Market Has Started Pricing In Energy Transition Risks*
For years, climate experts have insisted that markets will naturally push companies to take climate change more seriously as risks become more apparent. Fresh research indicates that borrowers are now starting to face a financial penalty for ignoring the dangers ahead. This month, a paper published by the European Central Bank found that banks with the greatest so-called transition risks now “face significantly higher borrowing costs” in funding markets. That followed a December paper by analysts at the Central Bank of Ireland, which showed that companies facing physical climate risks are in a similar predicament, and will need to provide more collateral.
The studies examined the two main ways companies should, theoretically, feel the pain of global warming. Transition risk — the notion that companies slow to cut high-carbon activities will be punished by regulators and markets — has often seemed difficult to quantify, in part because many governments keep delaying efforts to move toward net zero emissions. But physical risk — which covers the real-world impact that extreme weather has on assets such as buildings — is getting harder to ignore as climate disasters mount. … Margherita Giuzio, a senior economist at the ECB, along with Bige Kahraman and Jasper Knyphausen of the Oxford Saïd Business School, explored how banks’ exposure to carbon-intensive borrowers affects funding costs in the European repo market. (The repo market allows banks to manage short-term cash by selling and then buying back high-quality securities such as government bonds, often overnight.)