Wednesday, January 27, 2016

Fast And Furious -- January 27, 2016; US Crude Oil Stocks At Highest Inventory Level For Month Of December Since The Great Depression


January 31, 2016: someone over at The New York Times must be reading this blog. LOL. 

Original Post

Several interesting tweets one following the other, fast and furious:
  • Reuters: Russian energy ministry says possible coordination with OPEC was discussed at meeting with Russian oil companies
  • Russia's Transneft says Russia and OPEC will discuss possible output cuts -- Tass
  • From John Kemp, Remains unclear whether Russia is seriously contemplating coordinated OPEC cuts but speculation intensifying
  • From John Kemp: CAVEAT LECTOR: Earlier today Reuters carried this: Russia plans no joint action with OPEC 
Other energy tweets:
  • US commercial crude oil inventories +8.4 million bbl for week ended Jan. 22 to 494.9 million bbl,
  • From John Kemp: Canada's oil output projected to rise 56% to 6.1m b/d by 2040 under reference price scenario (most from oil sands)
  • Oil Companies Holding On: Deloitte Says M&A Deals Down 53%.
  • At 484 million bbl (+23% YOY), US crude oil stocks hit highest inventory level for December since 1930
  • US oil output in December averaged 9.3 million b/d, down 1.4% YOY but 2nd highest for month since 1972,
  • US petroleum demand in December was highest for month in 5 years.
That last bullet was a bit interesting in view of this graph that shows gasoline demand continues to fall, though it now "parallels" last year's decline:

Tell me again why we're adding ethanol to gasoline? Oh, that's right. The first presidential "primary" is held in Iowa.

What peak oil? Did you notice that US crude oil stocks hit highest inventory level for month of December since 1930 -- wasn't that during the Great Depression? 

In Other News

California's snowpack --- S-N-O-W -- is deepest in five years -- Los Angeles Times. Link here. Kennedy clan is likely booking a flight out to the west coast now to confirm. And to go skiing.

Atlantic City: has been devastated by the quick collapse of its one-time monopoly on East Coast casino gambling and could see its cash flow run dry by April. The ravaged local economy laid bare the city's bloated budget and over dependence on a single industry.

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