- July, 2018: 10.3 million bopd
- August, 2018: 10.4 million bopd
Forecasts, from SeekingAlpha;
- a new report from the Department of Energy predicts production in the Permian Basin will continue to grow more than any other U.S. shale field next month despite tightening pipeline capacity, which may have fallen below production
- the report predicts the Permian will add 31K bbl/day of oil production in October, bringing the play's overall output near 3.5M bbl/day (31K/3.5 million = 0.8% (not quite 1%)
- the Eagle Ford Shale is expected to add 16K bbl/day, bringing its output closer to 1.5M bbl/day (slightly more than 1% growth)
- the Bakken field in North Dakota is forecast to add 14K bbl/day of oil production to more than 1.3M bbl/day (the most growth, at almost 1.08% growth)
Market: while CNBC continues to talk the market down, no one has mentioned this. All things being equal, a rising bond market is deleterious for the stock market. For the past year, talking heads have set the 10-year bond as the metric to watch. The threshold was seen as 3% by most talking heads. As long as the10-year bond stayed below a 3% yield, the stock market would/should/could go higher; but if the 10-year bond yield went over 3% then one would expect the market to fall. So, what happened today? The 10-year bond yield is ... drum roll ... 3.04% at the very moment the Dow is flirting with an all-time intra-day high ... currently up an incredible 250 points.
WTI: $70.30.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or think you may have read here.
BRK-B: completely escaped my attention -- flirting with 52-week highs.
Oil sector: across the board, is going to do well today.
Ethanol: on the ropes. Two ethanol producers in Iowa shutting down. Blaming it on "bossa nova" (loosely translated as "new sheriff in town" -- LOL).
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