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Tag Archives: oil production
New IEA Data May Indicate A Slowdown In Rig Count Drop
New IEA Data May Indicate A Slowdown In Rig Count Drop The IEA OMR is out early this month hence April’s edition of vital statistics comes early. The March 2015 Vital Statistics is here. EIA oil price and Baker Hughes rig count charts are updated to the end of March 2015, the remaining oil production charts are updated to February […]
U.S. Oil Glut Story Grossly Exaggerated
U.S. Oil Glut Story Grossly Exaggerated Recently, I have noticed that oil storage & production data (and media hype for that matter) has disconnected from hard data. This has been occurring for many quarters now with the US economy statistics as well and appears to be the new world order where facts can be spun […]
T. Boone Pickens Points The Finger At U.S Shale
T. Boone Pickens Points The Finger At U.S Shale So what do you do when you believe devoutly in hydraulic fracking but also understand that too much fracking is responsible for an oil glut that’s hammering the price of oil like a pile-driver? If you’re legendary Texas oil billionaire T. Boone Pickens, you call for […]
The Perfect Storm For Oil Hits In Two Months: US Crude Production To Soar Just As Storage Runs Out
The Perfect Storm For Oil Hits In Two Months: US Crude Production To Soar Just As Storage Runs Out Less than two weeks ago we warned that based on the current oil production trend, the US may run out of storage for crude as soon as June. This is what we said back in early March when the BTFDers […]
Lipstick on a pig: America as the world’s swing producer of oil
Lipstick on a pig: America as the world’s swing producer of oil Most people have heard the old saying: “You can put lipstick on a pig. But it’s still a pig.” That’s sort of what is happening in the American oil patch as producers try to put a positive gloss on the devastation that low […]
North America Crude Oil Production Remains Strong
North America Crude Oil Production Remains Strong There are signs that crude oil production in the US remains strong, despite the strong correction in prices recently. The American Association of Railroads (“AAR”) publishes rail traffic data for a variety of commodities in the US and Canada. The subset for petroleum and petroleum products can provide […]
IEA sees renewed pressure on oil prices as glut worsens
IEA sees renewed pressure on oil prices as glut worsens (Reuters) – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare […]
ExxonMobil CEO Wrong About “Resilience” Of Tight Oil Production
ExxonMobil CEO Wrong About “Resilience” Of Tight Oil Production ExxonMobil CEO Rex Tillerson is wrong about the resilience of U.S. tight oil production. Last week, The Wall Street Journal reported: “…Mr. Tillerson pointed out that the collapse in natural-gas prices similarly had led the number of rigs drilling for that fuel to drop to 280 from north […]
Deciphering The Latest Rig Count Data
Deciphering The Latest Rig Count Data The main take-away from this week’s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand. Please remember the […]
Oil Producers Could See “Regime Change”: Bloomberg
Oil Producers Could See “Regime Change”: Bloomberg As we’ve noted previously, the US-Saudi joint effort to force the Kremlin into cutting Assad loose (the end goal of course being to install a government that will acquiesce to mainlining Qatari natural gas through Syria straight into Europe thus breaking Gazprom’s stranglehold), has resulted in a bit of collateral […]
Could Oil Prices Plummet A Second Time?
Could Oil Prices Plummet A Second Time? Are oil prices heading for a double dip? The surge in shale production has produced a temporary glut in supplies causing oil prices to experience a massive bust. After tanking to a low of $44 per barrel in January, falling rig counts and enormous reductions in exploration budgets have fueled […]
The Fracking Bust Exacts its Pound of Flesh
The Fracking Bust Exacts its Pound of Flesh Breath-taking booms and obliterating busts have made the oil and gas business. Booms draw money, which begets more money, which allows for technologies to be invented or perfected, and it builds enthusiasm that turns into blind faith among investors, and they throw more money at it. The […]
This Week In Energy: Data Pointing To Another Fall In Oil Prices
This Week In Energy: Data Pointing To Another Fall In Oil Prices Oil prices have stabilized somewhat around the $60 per barrel mark, and over the past few weeks oil has shown less volatility than what we have grown used to in the preceding six or seven months. But another swoon could be just over […]
Bakken Decline Rates Worrying For Drillers
Bakken Decline Rates Worrying For Drillers I have been supplied an Excel spreadsheet of all North Dakota wells back to 2006, thanks to Enno Peters and Dennis Coyne. I only used the data back to 2007 however. This is a wealth of information if we want to know how many wells came on line in […]
OPEC’s Strategy Is Working Claims Saudi Oil Minister
OPEC’s Strategy Is Working Claims Saudi Oil Minister Saudi Oil Minister Ali al-Naimi, the architect of OPEC’s strategy to regain market share by causing the price of crude oil to plunge, says his plan is working, and data from petroleum research firms seem to back him up. Making his first public comments in two months, […]
