Tuesday, April 24, 2018

Wow! Look At This -- Active Rigs Up To 62 -- As Low As 56 Just A Few Weeks Ago -- April 24, 2018; WTI Flirting With $69 (Again)

Obama's revenge: yesterday I posted/commented on a story with a "Trump's Revenge" headline. For those following the US oil story, it's very clear that the US is suffering from "Obama's Revenge." Killing the Keystone XL almost single-handedly put the US in the situation it finds itself with the wrong kind of oil. Was this all calculated? 

Tea leaves in Kuwait: production will increase -- and will increase significantly -- in the out years.

Tea leaves in Saudi Arabia: Saudi Aramco will "lift" oil-trading volume to six million bopd, currently trading about 3.5 million bopd. Prince Salman is leading the change in Mideast strategy as the region continues to produce less oil Compare with:
  • Vitol, the largest independent trader: 7 million bopd (previously mentioned on the blog)
  • Shell:  12 million bopd (a publicly traded company)
  • BP: 8 million bopd (a publicly traded company)
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Back To The Bakken
Where Fracking Is Always In Fashion

Active rigs:

$68.914/24/201804/24/201704/24/201604/24/201504/24/2014
Active Rigs62482984185

RBN Energy: Oklahoma -- processing plants, pipelines planned to keep pace with gas growth, part 2. Earthquakes in Oklahoma? That story is dead. Really, really dead. Apparently.

2 comments:

  1. I believe that 0bama killed the Keystone XL pipeline to Support his commie Friends in Venezuela. he knew that Canadian oil sands compete with Venezuela heavy crude for US Refineries. don

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    Replies
    1. Agree completely.

      If Obama was as smart as all his supporters said he was, then he clearly knew what he was doing. This was not rocket science. His staff would have prepared a very, very simple PowerPoint presentation that clearly showed Venezuela would lose if Canadian oil had clear path (Keystone XL) to the Gulf coast.

      I've said it more than once: Obama probably did more to hurt the US than any modern president.

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