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Oil Suddenly Crashes After Jobs Report
Oil Suddenly Crashes After Jobs Report It would appear no one told the machines that ADP would report a devastatingly ugly jobs print this morning… Oil started sliding earlier but the ‘better than expected’ ADP print actually seemed to spark a panic puke for some reason ahead of this morning’s EIA inventory/production report.
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits On April 15, Judge Brian Morris nullified water-crossing permits in Montana that were granted for the Keystone XL, a major setback for the long-embattled tar sands oil pipeline. The ruling came just days after Keystone XL owner TC Energy, formerly known as TransCanada, obtained billions of dollars in subsidies from the Alberta government […]
THE DEATH OF THE BAKKEN HAS ARRIVED: Oil Production Down 30%
THE DEATH OF THE BAKKEN HAS ARRIVED: Oil Production Down 30% With North Dakota Bakken oil production down more than 30%, the death of the mighty shale region has begun. There is no way for the companies producing shale oil in the Bakken to recover from this global contagion overnight collapse. Yes, it virtually happened […]
Oil flows spell deep depression
Oil flows spell deep depression Energy is not just one commodity among many in the economy; it is the commodity. Without energy, nothing gets done. And, oil is not just one form of energy in the energy commodity complex; it is the energy source upon which our modern way of life depends. In fact, it is the main energy […]
There Is Now A Record 375 Million Barrels Of Oil Stored On Tankers
There Is Now A Record 375 Million Barrels Of Oil Stored On Tankers Last weekend we showed that as oil storage on land was rapidly filling up, a familiar sight was seen off the coast of Asia’s oil hub in Singapore: a record surge in tankers on anchor used as seaborne storage, and taking advantage of the […]
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel It started in mid-February for jet fuel and in mid-March for gasoline. Oil companies are reporting financial fiascos every day: Today Exxon reported its first quarterly loss since 1999 ($610 million), on a “market-related” $2.9 billion write-down. “We’ve never seen […]
The Wave Of Shale Well Closures Has Finally Begun
The Wave Of Shale Well Closures Has Finally Begun U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history. American producers continued to pump at record highs in March, even after dozens of drillers laid out blueprints to limit production. But with U.S. storage […]
The Oil Wells That Will Never Recover
The Oil Wells That Will Never Recover It is very common today to read about shutting-in of producing oil and gas wells to reflect the reality there are fewer and fewer places to store oil right now. An old oilfield maxim-the cheapest storage is in the ground. It wasn’t coined to meet the criteria that are extant […]
Movie review of Michael Moore’s “Planet of the Humans”
Movie review of Michael Moore’s “Planet of the Humans” Preface. This documentary was made by Jeff Gibbs, a writer and environmentalist, with Michael Moore as the executive producer. I watched the movie and then read 20 criticisms of it. None were any good, it is as if the reviewers had watched an entirely different movie. […]
False Solutions to Climate Change: Part 1, Electricity
False Solutions to Climate Change: Part 1, Electricity It’s become increasingly clear that climate change is not only real but beginning to bite. Now that much of the population is finally feeling the urgency—and during a time when COVID19 has much of our frenetic commerce on hold, giving us a space for thinking and discussion–what […]
Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years
Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years Exxon Mobil Corp. has reported its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand. The company reported a $610 million loss for the quarter ending March 31. That is equivalent to about a 14c loss […]
The Bizarre Blindspot in “Planet of the Humans”
The Bizarre Blindspot in “Planet of the Humans” So, was the film “Planet of the Humans” a hit job on the environmental movement disguised by the filmmakers’ phony claim to care about Mother Earth? Or was it an honest, get real, exposé of its assertion that, “The takeover of the environmental movement by capitalism is […]
Game Over For Oil, The Economy is Next
GAME OVER FOR OIL, THE ECONOMY IS NEXT It’s game-over for most of the U.S. oil industry. Prices have collapsed and storage is nearly full. The only option for many producers is to shut in their wells. That means no income. Most have considerable debt so bankruptcy is next. Peggy Noonan wrote in her column recently that […]
