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Tag Archives: shale oil
Rig Count: Capitulation?
Rig Count: Capitulation? After last week’s moderate drop in rig count, the amount of horizontal oil rigs seems to implode this week. The U.S. land rig count was down 37 this week and the land horizontal rig count was down 30. Is this capitulation? Hard to say but it’s the biggest drop since March 2015. […]
Down the Ratholes of the Future
Down the Ratholes of the Future The new year now upon us has brought out the usual quota of predictions about what 2016 has in store, and I propose as usual to make my own contribution to that theme. I’ve noted more than once in the past that people who make predictions about the future really […]
The New Cartel Running the Oil Sector
The New Cartel Running the Oil Sector As oil prices wallow near multi-year lows, it’s becoming increasingly clear that the new cartel controlling oil prices is not OPEC but world credit markets. From Saudi Arabia’s record $100 billion deficit to shale oil’s continuing reliance on cheap credit funding, it’s clear that no major oil producer or company in the […]
“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports
“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports A document published by the Public Relations Society of America, discovered by DeSmog, reveals that from the onset of its public relations campaign, the oil industry courted mainstream media reporters to help it sell the idea of lifting the ban on crude oil exports to the […]
The Confidence Game Is Ending
The Confidence Game Is Ending Immediately after the Fed hiked interest rates last Wednesday – after sitting at 0% for 7 years – markets acted pretty much as one might expect. The Fed tightens monetary policy when the economy is strong so rising stock prices, rising interest rates and a strong dollar are all things […]
Just About Every Part of the Permian Basin is Unprofitable at $30 Per Barrel
Just About Every Part of the Permian Basin is Unprofitable at $30 Per Barrel Less than 2 percent of Permian basin tight oil wells are commercial at $30 per barrel oil prices. Sorry about that. I know that many believe that U.S. shale and tight oil plays are commercial even at current low oil prices […]
Deja Vu All Over Again
Deja Vu All Over Again Janet Yellen will increase interest rates for the first time in nine years on Wednesday. She isn’t raising them because the economy is strengthening. The economy just happens to be weakening rapidly, as global recession takes hold. The stock market is 3% lower than it was in December 2014, and […]
U.S. Shale Lifelines Running Thin
U.S. Shale Lifelines Running Thin As the world heads towards the start of the winter fuel oil season, crude prices still show little sign of a sustained upward move. Instead, oil seems to be trapped in a new “normal” range of around $40 to $55 a barrel. Shale oil producers have done a remarkable job […]
The Dismal Thing Schlumberger CEO Just Said about US Oil
The Dismal Thing Schlumberger CEO Just Said about US Oil 2016 to be brutal. Then, dreams of “potential spike in oil prices” An engineer in the oil industry, who’d sold his house in Houston and bailed out after finding work in another state, just told me this: A young civil engineer that I am working […]
Fracking Fraud
Fracking Fraud Photo by Jacques del Conte. Hucksters for high volume hydraulic fracturing with horizontal drilling, the intensely industrial process by which x percent of natural gas and oil are mined in the United States today, loudly tout multiple benefits of the practice. Fracking reduces dependence on imports of crude oil. It generates jobs, profits […]
Will declines in U.S. and Canadian oil production lead to a global decline?
Will declines in U.S. and Canadian oil production lead to a global decline? At the beginning of this year I noted that all of the growth in world oil production* since 2005 has come from two countries: the United States and Canada. And, I suggested that since the growth in production in those two countries came […]
Is cheaper driving here to stay?
Is cheaper driving here to stay? Gasoline may stay cheap until we burn through the current market glut in perhaps a year. We are now seeing declining growth and a deflationary economic contraction globally. In fact, the current $40-plus a barrel oil price is by itself good proof of that. The global collapse in the […]
Shale Oil’s “Dirty Little Secret” Has Been Exposed
Shale Oil’s “Dirty Little Secret” Has Been Exposed On Friday, on the way to diving into Goldman’s $20 crude call, we recapped our characterization of low crude prices as a battle between the Fed and the Saudis, a battle which is now manifesting itself in budget troubles in Riyadh and a concurrent FX reserve burn. […]
