Wednesday, April 12, 2017

US Crude Oil Production Climbs To Highest Level In More Than A Year -- April 12, 2017

Apparently for US producers, $55-oil is just fine. From Bloomberg:
Crude retreated for the first time in seven sessions after a government report showed U.S. production climbed to the highest level in more than a year, offsetting data on declining stockpiles.
If you look really, really, really closely, you can just barely see the "retreat" in US crude oil reserves (white line) (LOL). On the other hand, even without reading glasses one can spot the increase in production (blue line):

This is the first time I've paid attention to the crude oil reserves graph. Look at that surge in 1Q15. That was the first quarter after the Saudis declared the end to quotas, I believe.

No comments:

Post a Comment