Lede: global oil shortage at 1.7 million bopd in August, 2020. DUCs fell as completions rose; new wells drilled remained at all-time low.
Comment: it will take awhile to go through this week's post, but the "global oil shortage of 1.7 million bopd in August" was taken from the OPEC report. That's a global shortage. Back-of-the-envelope to help me put that 1.7 million bopd in perspective:
- 1.7 x 31 = 50 million bbls.
- US crude oil in storage, November 21, 2018: 450 million bbls
- US crude oil in storage, September 16, 2020: 500 million bbls
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Not Fast Enough
T-Mobile has a television ad to get free internet access and wi-fi infrastructure to "eligible" households (distance / remote learning) featuring elementary-school-age children in the ads. T-Mobile targets 10 million households over the next five years.
Not fast enough.
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