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The great condensate con: Is the oil glut just about oil?

January 18, 2016

The great condensate con: Is the oil glut just about oil? My favorite Texas oilman Jeffrey Brown is at it again. In a recent email he’s pointing out to everyone who will listen that the supposed oversupply of crude oil isn’t quite what it seems. Yes, there is a large overhang of excess oil in […]

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Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out

January 7, 2016

Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out Why Oil Keeps Falling off the Chart After having been through the greatest two-year loss on record, the price of oil plunged 9.6% on Wednesday and in evening trading. As I’m writing this, WTI hit $32.62 a barrel, a new low […]

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All Roads Lead To Peak Oil

December 21, 2015

All Roads Lead To Peak Oil I follow the JODI World Oil Database primarily because it is now four months ahead of the EIA international data base. I make some adjustments however. I use the OPEC MOMR “secondary sources” for all OPEC data where JODI also uses the MOMR but uses their “direct communication” data instead. The […]

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Government Influence Over Asset Prices Growing

December 15, 2015

Government Influence Over Asset Prices Growing Where most analysis on oil markets tends to fall short is on the depth of analysis vs. reading headlines and group think, the latter of which is heavily shaped by misinformed media and government propaganda. The facts are OECD stocks have fell in October, not increased. That runs against […]

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EIA Says Shale Continues to Decline

December 9, 2015

EIA Says Shale Continues to Decline The EIA’s Drilling Productivity Report has US shale oil on a steep decline. The below shale oil production charts are the EIA’s estimate of what shale production will look like through January 2016. Keep in mind this is the EIA’s estimate and not hard production numbers. The big drops here are […]

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Egypt update: net oil importer and chokepoints

December 7, 2015

Egypt update: net oil importer and chokepoints Oil production and consumption Fig 1: Oil production vs consumption After a post-peak decline production has stabilized but consumption has increased relentlessly at a long-term 1.7% pa, slightly below population growth of around 2% pa. Egypt is now a net oil importer. On these trends, the gap between […]

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Oil Prices Down As Storage Keeps On Filling Up

November 26, 2015

Oil Prices Down As Storage Keeps On Filling Up Happy Thanksgiving Eve! One hundred and forty-eight years to the day after Alfred Nobel patented dynamite, and the fuse has been lit for an explosion to the downside for the crude complex. After geopolitical tension was stoked yesterday, attention shifts back to oversupply today with the […]

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A Surprising Look at Oil Consumption

November 25, 2015

A Surprising Look at Oil Consumption The EIA publishes oil consumption numbers for all major nations. However they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless a lot can be gleaned from just looking at those consumption numbers. If oil consumption numbers are growing year after year, then […]

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The Case For Peak Oil

November 21, 2015

The Case For Peak Oil All charts below were created with data from JODI, the EIA and OPEC MOMR. It is in thousand barrels per day and the last data point is September 2015. World crude oil production has taken off during the last two years due primarily to US shale oil production and higher […]

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US Oil Production by State

October 31, 2015

US Oil Production by State The EIA’s Petroleum Supply Monthly is just out with production numbers, through August, for each state and offshore territories. The EIA’s Monthly Energy Review is also out. This publication has US production data through September but not for individual states. The Petroleum Supply Monthly June 15 production numbers were revised down considerably this month. And […]

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Ivy League Universities Pushing Oil Industry Agenda With No Accountability

October 23, 2015

Ivy League Universities Pushing Oil Industry Agenda With No Accountability Harold Hamm isn’t the kind of guy you’d expect to be name dropping Ivy League schools. Born in Oklahoma, his education ended with his graduation from high school. Which didn’t stop him from becoming a multi-billionaire by building his own oil and gas fracking company, […]

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Texas Oil and Gas Decline in August

October 22, 2015

Texas Oil and Gas Decline in August The Texas RRC Oil and Gas Production Data with production data for August is out. The RRC data is always incomplete but if this month’s incomplete data is less than last month’s incomplete data then that’s a pretty good indicator that production this month is down. The EIA data here […]

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Saudi, US Oil Inventories Hit Record High as Demand Fizzles

October 20, 2015

Saudi, US Oil Inventories Hit Record High as Demand Fizzles The amount of oil in storage globally, not including the various “strategic petroleum reserves” in the US, China, Europe, Japan, and other locations, has grown to staggering proportions this year, as oversupply drowns out tepid demand. In the US, oil storage is seasonal. A big […]

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EIA Short Term Energy Outlook

October 8, 2015

EIA Short Term Energy Outlook The EIA is out with the latest Short Term Energy Outlook. All charts below are in million barrels per day. The one table is in thousand barrels per day. The projected data is through December 2016. The EIA has Non-OPEC total liquids dropping 620,000 bpd in September, up 280,000 bpd in November […]

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JODI Data and Giant Field Depletion

September 24, 2015

JODI Data and Giant Field Depletion I am starting this post off with a news article because it explains why JODI has U.S. production numbers wrong for July. No, U.S. Oil Production Probably Didn’t Rise in July The Joint Organizations Data Initiative (JODI) releases monthly oil supply-and-demand data for about 80 countries, which it gathers by directly surveying the […]

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