Peak Oil? What Peak Oil? To Infinity And Beyond -- January 30, 2017

To infinity and beyond, the Trump rally continues (posted elsewhere, also):

US consumer spending rose in December by most in three months -- Bloomberg. Data points:

• previous month revised upward, up to 0.2 percent
• 0.5 percent advance in consumption (consumption accounts for about 70 percent of the ecoomy)
• 0.3 percent increase in income
• consumers flocked to auto dealerships last month to top off a record year for the industry
• sales of cars and light trucks jumped to a 18.3 million annualized rate in December, pushing the year's total purchases to a record 17.55 million 

Is it likely that more than 1.5% of the American population even knows that the US set a record of automobile sales in 2016 due to December sales, coming one month after Trump elected president?

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This is from oilprice.com: OPEC may be powerless to stop "lower for longer."

• consider the source

Disclaimer: this blog is not an investment site.

Data points:

• links the 2017 BP Energy Outlook  
• oil resources are abundant and those that are known today dwarf the expected global consumption of oil out to 2050 and beyond
• low-cost production will pump "ever-increasing amounts of that oil and higher-cost producers will be gradually crowded out"
• abundance of oil resources contrasts with expectations of slowing growth of oil demand
• BP: supply-demand analysis suggests that oil prices may not only be lower for longer, but that they may be lower for even longer

In other words, "to infinity and beyond!"


From BP's 2017 Energy Outlook:

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OPEC Not Cheating ... Yet

or

Fast and Furious?

OPEC convinces investors that its oil output cuts are real -- Bloomberg. Data points:

• money managers' WTI net-long positions rise to record -- CFTC
• OPEC supply to fall by 900,000 bopd this month, the first month of cuts -- Petro-Logistics
• Saudi Arabia, Kuwait, Algeria: said they have cut more than required
• Russia: curbing production faster than was agreed
• one headwind: increased US shale production
• US production in 2017: will increase by 1 million bopd
• US crude production: climbed to 8.96 million bopd as of January 20, 2017
• US crude production closing in on EIA's latest 2017 output forecast of 9 million bopd that as issued January 10, 2017

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Trump Enthusiasm Continues

US consumer spending rose in December by most in three months -- Bloomberg. Data points:

• previous month revised upward, up to 0.2 percent
• 0.5 percent advance in consumption (consumption accounts for about 70 percent of the ecoomy)
• 0.3 percent increase in income
• consumers flocked to auto dealerships last month to top off a record year for the industry
• sales of cars and light trucks jumped to a 18.3 million annualized rate in December, pushing the year's total purchases to a record 17.55 million