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Oil Price Recovery May Be Too Much Too Soon
Oil Price Recovery May Be Too Much Too Soon Oil prices have hit their highest levels in 2015, with WTI surging above $60 per barrel. Crude oil inventories in the U.S. declined for the first time since December 2014, perhaps indicating that the glut could be easing. The EIA reported that oil stockpiles fell by 3.9 million […]
No Steep Decline In U.S Oil Production Expected Anytime Soon
No Steep Decline In U.S Oil Production Expected Anytime Soon Increased oil output in the US has kept World oil output from declining over the past few years and a major question is how long this can continue. Poor estimates by both the US Energy Information Administration (EIA) and the Railroad Commission of Texas (RRC) […]
Big Hit For U.S. Oil Production In January
Big Hit For U.S. Oil Production In January U.S. crude oil production fell at least 135,000 barrels of oil per day in January 2015 compared to December 2014 according to the EIA (Figure 1). Figure 1. U.S. crude oil production. Source: EIA and Labyrinth Consulting Services, Inc. (Click image to enlarge) Related: Latest EIA Predictions Should Be […]
The EIA Is Bizarrely Optimistic About Future US Oil Production
The EIA Is Bizarrely Optimistic About Future US Oil Production The EIA came out with its final update of Annual Energy Outlook 2015. It seems that the EIA is extremely optimistic concerning future US crude oil production. Here is a comparison with AEO 2014. The EIA still expects US crude production to peak in 2019 but […]
OPEC Says US Oil Boom Will End This Year
OPEC Says US Oil Boom Will End This Year OPEC says the demand for oil – its oil – will rise during 2015 because the cartel is winning its price war against US shale producers by driving them out of business. “Higher global refinery runs, driven by increased [summer] seasonal demand, along with the improvement […]
Latest EIA Predictions Should Be Taken With More Than A Pinch Of Salt
Latest EIA Predictions Should Be Taken With More Than A Pinch Of Salt The U.S. government released its landmark Annual Energy Outlook on April 14, with some rather bold predictions about the future of oil and gas. The EIA released the 2015 edition of its report at a Washington conferencehosted by the Center for Strategic and International Studies. […]
Global Shale Revolution On Hold
Global Shale Revolution On Hold Along with the rest of the energy world, we have been closely tracking rig counts (now down 40 percent from last fall) and other data to try to determine where the oil markets are heading. This week, the Energy Information Administration reported that production is finally set to decline in […]
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 […]
Oil slips below $56 on expectations oversupply to linger
Oil slips below $56 on expectations oversupply to linger (Reuters) – Oil slipped below $56 a barrel on Wednesday, pressured by expectations that oversupply in world markets would persist and an industry report saying U.S. crude stocks rose from a record high. The American Petroleum Institute said on Tuesday crude stocks increased by 1.6 million barrels last week. […]
Wall Street Has a Dream About the Price of Oil
Wall Street Has a Dream About the Price of Oil The price of oil has bounced 20% since January 29 when the benchmark West Texas Intermediate had dipped below $44 a barrel, but according to Edward Morse, Citigroup’s global head of commodity research, that dizzying bounce is a “head-fake.” Because the fundamentals are still terrible. Oil production […]
Alternate opinions: The world’s energy information duopoly comes to an end
Alternate opinions: The world’s energy information duopoly comes to an end Recent developments are beginning to undermine the supremacy of the world’s long-running energy information duopoly and its perennially optimistic narrative. Policymakers, investors and the public should take heed. Until now most energy price and supply forecasts and analyses were based predominately on information from […]
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production A leading geologist delivers the hard facts As we’ve written about often here at PeakProsperity.com, much of what’s been ‘sold’ to us about the US shale oil revolution is massively over-hyped. The amount of commercially-recoverable shale oil is much less than touted, […]
Oil Prices Most Volatile Since 2009
Oil Prices Most Volatile Since 2009 The nearly 20 percent rally in oil prices over the past week raised hopes in the oil industry that the financial bloodshed might be over. But hopes were quickly dashed on February 4 when prices erased much of their gains – March deliveries of WTI dropped by a whopping 8 percent in a […]
Oil Plunges, Inventories Soar to Record, Glut Gets Worse
Oil Plunges, Inventories Soar to Record, Glut Gets Worse Crude oil had rallied 20% in three days, with West Texas Intermediate jumping $9 a barrel since Friday morning, from $44.51 a barrel to $53.56 at its peak on Tuesday. “Bull market” was what we read Tuesday night. The trigger had been the Baker Hughes report […]
Essential Oil Production Statistics – February 2015
Essential Oil Production Statistics – February 2015 This is the second in a monthly series of posts chronicling the action in the global oil market in 12 key charts. The January 2015 post is here. EIA oil price and Baker Hughes rig count charts are updated to end January 2015, the remaining oil production charts are updated to December 2014 […]
