Sunday, March 19, 2017

Sunday, March 19, 2107

Active rigs:

Active Rigs4732107195185

Cheap gas in Texas: down to 79 cents in Houston. Yes, you read that correctly. Not "down 79 cents," but "down TO 79 cents. Per gallon. This will spook three folks:
  • the Saudis
  • Tesla
  • EVs in general
Someone else can do the math:
  • IEA now says that with the OPEC cuts, there could be a 0.5 million bopd deficit sometime in the 2H17 (that's later this year)
  • not counting the SPR, the US has well over 500 million bbls of stored crude oil; at record levels; and all indications that it will continue to increase

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