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This Vital Oil And Gas Choke Point Could Be At Risk
This Vital Oil And Gas Choke Point Could Be At Risk Beijing is taking to task a Pentagon report, ”Military and Security Developments Involving the People’s Republic of China 2018” released last Thursday on China’s military activities. The annual report issued by the Pentagon and presented to Congress, highlights growing Chinese naval capability, all the […]
Spending Boost Fails To Raise Production In The Permian
Spending Boost Fails To Raise Production In The Permian The U.S. shale industry is gearing up to spend more this year, despite assurances to maintain capital discipline. In the second quarter, shale companies signaled their intention to lift capex. Part of the reason is that costs are on the rise, so some drillers have to […]
Oil Markets Are In For A Bumpy Ride
Oil Markets Are In For A Bumpy Ride The always-volatile oil market is set for even more volatility over the next two years as investors and speculators try to make sense of the conflicting market forces determining the pace of demand growth and global oil supply. Over the past month, the two key themes have […]
The “Weakest” EIA Report In Years
The “Weakest” EIA Report In Years The EIA just published one of the “weakest” weekly oil reports in years, which suggests troubled waters ahead for the global oil market. The timing of the report is not ideal, coming amidst a currency crisis in Turkey, which has raised fears of financial contagion in other emerging markets. […]
Iran Sanctions Could Backfire On U.S. Drillers
Iran Sanctions Could Backfire On U.S. Drillers The United States is upping the ante in its effort to sanction Iran, and its efforts may further complicate its ongoing trade war with China and affect the flow of oil worldwide. On August 16, the head of the new Iran Action Group, Brian Hook, announced that the […]
The Productivity Problem In The Permian
The Productivity Problem In The Permian The multi-year campaign to boost efficiency and productivity in the U.S. shale patch could be nearing its limits. Output in the Permian basin is already starting to slowdown, largely due to pipeline constraints. However, there is also a series of other data points that suggests that shale drillers are […]
All-Time Low Spare Capacity Could Send Oil To $150
All-Time Low Spare Capacity Could Send Oil To $150 While the oil market and analysts are trying to guesstimate how much Iranian oil the U.S. sanctions will stifle later this year, they all agree that the return of the sanctions is the market’s key bullish driver as well as the largest ‘known unknown’ for oil […]
The Real Reason Behind The Next Oil Squeeze
The Real Reason Behind The Next Oil Squeeze The last quarter has seen increased volatility in oil prices, an increase that I attribute to the growing tensions in international markets as fears of a global trade war intensify. The headlines seem to get starker by the day, and markets loathe this type of uncertainty. (Click […]
EIA: U.S. Oil Production Growth Is Slowing
EIA: U.S. Oil Production Growth Is Slowing The EIA just revised down its forecast for U.S. oil production growth for 2018, an acknowledgement that pipeline constraints are slowing output gains in the Permian basin. The EIA believes the U.S. will average 10.68 million barrels per day (mb/d) this year, down 0.11 mb/d from last month’s […]
Canada Frees Itself From Saudi Oil Imports
Canada Frees Itself From Saudi Oil Imports The ongoing political row between Canada and Saudi Arabia over Ottawa’s demand that the kingdom release detained women’s rights activists in the country is picking up momentum. Earlier this week, Saudi Arabia ordered the Canadian ambassador to leave Saudi Arabia “within 24 hours” after his country criticized the […]
The Shale Boom That Will Never Happen
The Shale Boom That Will Never Happen When the National Hydrocarbons Commission of Mexico scheduled its first-ever shale tender for September this year, the July elections were obviously not front and center in the thoughts of its management. Yet now, this tender may be as good as gone after President-elect Andres Manuel Lopez Obrador said […]
Why Saudi Oil Production Suddenly Dropped
Why Saudi Oil Production Suddenly Dropped As if oil market participants haven’t had enough conflicting market forces to digest over the past week, reports that Saudi Arabia’s crude oil production surprisingly dropped in July by around 200,000 bpd from June further confounded the market and sent oil prices rising on Monday. Last week, several surveys […]
Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles
Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles Canada Natural Resources, the largest producer, is allocating capital to lighter oil drilling and is curtailing heavy oil production as the price of Canadian heavy oil tumbled to a nearly five-year-low relative to the U.S. benchmark price. Due to the transportation bottlenecks, the discount at […]
The U.S. Remains The Natural Gas King
The U.S. Remains The Natural Gas King Data from the 2018 BP Statistical Review of World Energy show that last year the U.S. maintained a healthy lead as the global natural gas powerhouse. In 2017, the U.S. produced an average of 71.1 billion cubic feet per day (Bcf/d) of natural gas. That’s a 1.0 percent increase from 2016 production, but not […]
The U.S. Oil Production “Mirage”
The U.S. Oil Production “Mirage” Some of the surge in U.S. oil production this past spring might have been “a mirage.” On July 31, the EIA released monthly data on U.S. oil production, which revealed a decline in U.S. output of 30,000 bpd in May, compared to a month earlier. The dip is a surprise, […]
