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by winston » Sun Jul 01, 2018 12:53 pm
OPEC officials have signaled the extra volume is likely to be in the range of 700,000 to 1 million bpd.
A request by Trump for 2 million bpd more would be at least double market expectations.
Riyadh plans to boost output to 11 million bpd, the highest in its history, in July up from 10.8 mln in June.
Iran's rial currency has lost up to 40 per cent of its value since last month.
by winston » Mon Jul 09, 2018 1:42 pm
by winston » Thu Jul 12, 2018 8:51 am
For weeks, as the U.S. summer driving season sped off, stockpiles at the oil hub in Cushing, Oklahoma, were falling to 3 1/2-year lows.
And at the end of June, gasoline stockpiles fell 1.5 million barrels, almost double what the market was expecting.
Plus, there was another catalyst that catapulted prices higher.
Suncor Energy's (NYSE: SU) Syncrude Canada oil sands facility suffered a tripped power transformer that shut down the entire complex. And it'll be down for weeks.
The Syncrude facility pumps out around 350,000 barrels per day of crude. So this instantly applies pressure to the North American market.
The facility is expected to be offline for all of July. Then it should be back, operating at between 60% and 70% capacity in August.
Of course, there's also Venezuela's collapse, Libya's struggles, Angola's falling production and new sanctions being levied against Iran.
It's predicted the Energy Select Sector SPDR ETF (NYSE: XLE) will see a 7.7% move up by the end of September.
And the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP) is expected to see an even bigger move of 11%.
Year to date, the Energy Select Sector SPDR ETF has trailed the market and crude, gaining just 4.6%. The Oil & Gas Exploration & Production ETF has done much better, increasing 16.5%.
by winston » Fri Jul 13, 2018 11:00 am
The US military eats up 100 million barrels of oil each year. By itself, America’s Department of Defense is the 34th largest consumer of oil in the world.
The US consumes over 7 billion barrels of oil each year. And that represents only 37% of the nearly 100 quadrillion of BTUs of America’s annual energy consumption (the rest coming from natural gas, coal, and other sources).
For comparisons sake, the rest of the world consumes another 450 quadrillion BTUs.
The US is still a net oil importer to the tune of about 3 million barrels per day.
The hyper-bullish EIA thinks that the shale fields will peak out in 2025.
by winston » Mon Jul 16, 2018 11:20 am
by behappyalways » Tue Jul 17, 2018 4:51 pm
by winston » Mon Jul 23, 2018 2:33 pm
by winston » Mon Jul 30, 2018 7:58 am
by winston » Mon Aug 06, 2018 10:28 am
by winston » Mon Aug 13, 2018 9:20 am
Crude oil prices just posted their longest losing streak in three years, registering six straight weeks of declines.
From the middle to end of 2008, during the height of the financial crisis, crude oil tanked 77 percent.
During the more recent slump from mid-2015 to early 2016, prices tumbled 56 percent.
Watch for WTI are the Cushing inventories," said Kloza. "They're about 21 million barrels compared to numbers that are closer to 55 or 65 million barrels in the last couple of years, so you could have a squeeze between now and when the September WTI contract expires."
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