Tweeting now: Saudi oil output +70K b/d in July to 10.57MM b/d; could produce 11MM b/d in 2H if it keeps up pace, Citigroup says.
Tweeting now: crude inventory report by @EIAgov down much more than expected: -4.4MM bbl for week ended July 31 to 455.3MM bbl.
Tweeting now: with 21 deals valued at $27.7B, midstream boosts 2Q M&A activity in US oil and gas industry, ; overall M&A activity in US oil and gas industry during 2Q = 47 deals worth $38.8B, both up from 1Q
Tweeting now: Saudi Aramco ups Sep US-bound Extra Light, Heavy crude oil official selling prices from Aug by 70 cents/b, 20 cents/b respectively.
Tweeting now: WEST COAST GASOLINE STOCKS remain critically low, at lowest level for more than 10 years. Before looking at the new graph, read the commentary from last week, July 29, 2015:
The good news: west coast refineries continued to ramp up crude processing and throughput hasnow reached near-average level:
It will be interesting to see the graph at the end of August. Will refiners in California be able to keep up with increased demand?
Meanwhile in PADD II, the Midwest, refinery utilization rates hit 100.3%. There is a lot of verbige to explain that but it comes down to one data point: the refiners are making a lot of money on cheap oil and high gasoline demand. For newbies, a map of the nation's PADD is at this link; PADD 2 includes the Bakken and Oklahoma, everything in between and east to Indiana.