Natural Gas Fill Rate -- Wow -- T+56 -- The Market, Energy, Political Page, Part 2 -- July 26, 2018

Wow, who else has noticed this? Rhetorical question, don't answer. We've talked about this before. This is huge considering the shale revolution in the production of natural gas.

Meanwhile:

Crude oil E&P: we've talked about this before -- folks worried that the oil industry has fallen behind in exploration -- I consider it a meme and a false narrative. I'm not worried, one way or the other.  Unfortunately, this article does not put "$37 billion" into perspective (except for past three years), from Rigzone, majors on pace to approve $37 billion in projects during this calendar year (2018).

... over 30 percent ($12 billion) of these had already been approved during the second quarter.

BP, Eni, Royal Dutch Shell, Total, ExxonMobil, and Chevron  approved over $77 billion worth of greenfield projects from 2015 to the first quarter of 2018.

Of this figure, BP approved the most at $27.6 billion, followed by Eni at $25.4 billion, and Shell at $11.1 billion.

So, $77 billion / 13 quarters = $6 billion quarter (from 2015 to 1Q18, inclusive = 13 quarters). This calendar year, $37 billion / 4 quarters = $9.25 billion / quarter.

Even this arithmetic doesn't do much for clarification or perspective -- but it is what it is.

Another link.