- a graphic earlier today suggested Saudi Arabia "spare capacity" forecast to shrink significantly in 2019
- there's a story over at oilprice.com suggesting US shale oil won't be able to fill the gap
- the Permian pipeline shortage won't be resolved before 2019
- the Trans Mountain Pipeline expansion project won't be completed this year (if ever)
- not even the height of summer driving season, and US gasoline demand hits a new record
- refiners are operating at 95.7% capacity and having trouble keeping up with distillate fuel demands
- distillate fuel reserves in the US hit an all-time (if not an all-time low, very close; certainly appeared that way on the graph; needs to be fact-checked)
- China recently shut down new solar installations, suggesting they need more fossil fuel sooner
- Venezuela may import heavy oil to meet refining needs
- Iraq's instability may affect production
- Iran's sanctions will cause greater shortfall than some pundits suggest
- the chairman of the "US Fed" said their will be four rate hikes this year, partly because "they" expect the price of oil to increase by the end of the year, causing inflationary pressure on the economy
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Back to the Bakken
Active rigs:
$66.64↑ | 6/13/2018 | 06/13/2017 | 06/13/2016 | 06/13/2015 | 06/13/2014 |
---|---|---|---|---|---|
Active Rigs | 63 | 56 | 28 | 75 | 185 |
Five new permits:
- Operator: Hess
- Field: Capa (Williams)
- Comments: Hess has permits for a 5-well CA-Ferguson Smith pad in SESE 19-155-95
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