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The Oil Crisis Puts The Entire U.S. Economy At Risk
The Oil Crisis Puts The Entire U.S. Economy At Risk Job losses, well shut-ins, and bankruptcies have replaced the praise surrounding the shale oil boom that greatly enhanced America’s energy independence and gave President Trump a reason to tout energy dominance. Now, the federal government is mulling over ways to help the industry curb its […]
Why Trump Is Desperate To Secure This Rare Metal
Why Trump Is Desperate To Secure This Rare Metal While the United States is slowly working towards ending the lockdown and restarting the economy, the federal government is quietly fighting a second war with China over critical metals. One of those critical metals in particular is the extremely rare key to global technological dominance because […]
Oil Producers May Ditch Old FPSO Offshore Projects In This Downturn
Oil Producers May Ditch Old FPSO Offshore Projects In This Downturn The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s […]
U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940
U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940 Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 34, falling to 374, with the total oil and gas rigs sitting at 614 fewer than this time last year as […]
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 […]
Permian Bankruptcies Could Fuel A Buying Spree For Big Oil
Permian Bankruptcies Could Fuel A Buying Spree For Big Oil The United States shale revolution is over. Production in the Permian Basin, which spreads across West Texas and Southeast New Mexico, has been slowing for months, but the novel coronavirus took things from bad to much, much worse for U.S. shale. The oil price shock […]
The LNG Market Is “Imploding”
The LNG Market Is “Imploding” While everyone is understandably watching the meltdown in the crude oil market, the global market for natural gas is also cratering. At least 20 cargoes of U.S. liquefied natural gas (LNG) have been cancelled by buyers in Asia and Europe, according to Reuters. The global pandemic and the unfolding economic crisis […]
The Shale Suffering Has Only Just Begun
The Shale Suffering Has Only Just Begun A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading of the coronavirus. With demand for motor fuel plunging, refiners are cutting crude processing, and crude oil storage […]
U.S. Shale Faces Largest Ever Drop in Fracking Activity
U.S. Shale Faces Largest Ever Drop in Fracking Activity The Covid-19 crisis combined with the oil price war is about to trigger the largest ever monthly drop in U.S. fracking activity. The Covid-19 pandemic has ravaged global oil demand and, coupled with the extremely low price levels brought on by the wide supply surplus, is […]
MIT: The Energy System Of The Future Is Closer Than We Think
MIT: The Energy System Of The Future Is Closer Than We Think Thanks to continuously declining costs, a hybrid renewable electricity generation system that combines wind, solar, and storage could become competitive with the cheapest fossil fuel electricity in the United States—combined-cycle natural gas generation, an MIT professor suggests. John Deutch, an Institute Professor at MIT, […]
“It Feels Apocalyptic” – A Letter From Zimbabwe, Where The Country Remains In Total Shutdown
“It Feels Apocalyptic” – A Letter From Zimbabwe, Where The Country Remains In Total Shutdown Zimbabwe is once again at the brink of economic collapse, making a mockery of President Emmerson Mnangagwa’s claim that the country is open for business. As Bloomberg reports, many shops and factories have shut their doors because of a lack of […]
Trump Claims Victory As Oil Prices Plummet
Trump Claims Victory As Oil Prices Plummet Oil prices are now down over 20 percent from recent highs, and President Trump knows exactly where the credit for that belongs. “If you look at oil prices they’ve come down very substantially over the last couple of months,” President Trump said in a news conference last week. […]
What The Oil Price Collapse Says About The Economy
What The Oil Price Collapse Says About The Economy In Tuesday’s technical update, I discussed the breakdown in the major markets both internationally as well as domestically. Of note, was the massive bear market in China which is currently down nearly 50 percent from its peak. (Click to enlarge) What is important about China, besides […]
Saudis Cut Oil Exports To U.S. To Boost Crude Prices
Saudis Cut Oil Exports To U.S. To Boost Crude Prices Saudi Arabia has been slashing oil exports to the United States over the past two months, in what looks like a move to force a reduction in the world’s most transparently reported inventories that could put the Saudis on a collision course with U.S. President […]
