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An Alarming Trend Is Developing In US Shale Oil Production
An Alarming Trend Is Developing In US Shale Oil Production Summary U.S. oil production is currently around ~13 million b/d. But despite the overall meaningful decrease in Lower 48 gas production, associated gas production remains strong. In addition, EIA’s reported weekly NGL production continues to outpace crude production growth. The market still falsely believes that […]
The world has a major crude oil problem; expect conflict ahead
The world has a major crude oil problem; expect conflict ahead Media outlets tend to make it sound as if all our economic problems are temporary problems, related to Russia’s invasion of Ukraine. In fact, world crude oil production has been falling behind needed levels since 2019. This problem, by itself, encourages the world economy […]
Update on the WTF Collapse of Gasoline & Jet Fuel Consumption: The Holiday Period
Update on the WTF Collapse of Gasoline & Jet Fuel Consumption: The Holiday Period Long-term structural issues have long dogged these fuels. Then came the Pandemic. During the holiday shopping and travel period in December and early January, ten months into the Pandemic, gasoline consumption in the US was down about 12% from a year […]
Is EIA Data Disguising A Disastrous Decline In U.S. Shale?
Is EIA Data Disguising A Disastrous Decline In U.S. Shale? The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil market, and that economic activity will “explode” on the other side […]
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line The US Energy Information Agency (EIA) dissects the historic event. “It’s not often that we’re served up a WTF moment like this,” I wrote on April 20, when the May contract for crude-oil benchmark-grade West Texas Intermediate (WTI) plunged to […]
Is US Shale Cannibalizing Itself?
Is US Shale Cannibalizing Itself? U.S. oil production continues to grow, but the shale industry is in the midst of a deceleration as low oil prices and a financial squeeze slow the pace of drilling. The U.S. added 246,000 bpd of fresh supply in April, the latest month for which data solid is available. That put to […]
NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer
NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer While Mexico suffered the bloodiest year of violent deaths in 2018, even bigger trouble may be ahead for the embattled country. For the first time in more than 50 years, Mexico has become a net importer of oil. This is undoubtedly bad news for […]
What’s Behind The Crash In Crude?
What’s Behind The Crash In Crude? Oil prices crashed to new one-year lows on Tuesday, dragged down by a deepening sense of global economic gloom as well as fears of oversupply in the oil market itself. The reasons for the sudden meltdown were multiple. Rising crude oil inventories and expected increases in shale production weighed […]
What Crashing Refining Margins Mean For Oil Markets
What Crashing Refining Margins Mean For Oil Markets Oil prices have plunged to one-year lows, but refiners in certain parts of the U.S. are not benefitting from cheaper crude. According to new data from the EIA, refining margins for motor gasoline have fallen to five-year lows. “Flattening year-over-year growth in gasoline demand in the United […]
Why oil prices can’t rise very high, for very long
Why oil prices can’t rise very high, for very long Oil prices are now as high as they have been for three years. At this writing, Brent is $74.14 per barrel and West Texas Intermediate is at $68.76. These prices aren’t really very high, if a person looks at the situation from a longer term point […]
How EIA Guestimates Keep Oil Prices Subdued
How EIA Guestimates Keep Oil Prices Subdued The EIA has once again undercut its previous estimates for U.S. oil production, offering further evidence that the U.S. shale industry is not producing as much as everyone thinks. The monthly EIA oil production figures tend to be more accurate than the weekly estimates, although they are published […]
Huge Decline In U.S. Proved Oil And Gas Reserves
Huge Decline In U.S. Proved Oil And Gas Reserves Proved oil and gas reserves down 11.8 percent and 16.6 percent, respectively, from year-end 2014 EIA has downgraded its estimates of proved oil and gas reserves in the U.S., according to its Crude Oil and Natural Gas Proved Reserves, Year-end 2015 report, released today. Proved reserves of […]
