Net imports of crude and products were down to -771,000 bpd. In other words, net exports over a half a million bpd.Comment, from a reader:
Caveat: "and products" means that NGL exports are included. Crude and condensate is still ~2.5 MM bopd imports.
Still: this is way better than the peak oilers expected.
Shale critics all thought we were lining up to hit 12.5 million at year end, after some summer slowness. Now, it is clear we are going to be ~13.0 million at year-end. In other words, the EIA was right. This is almost an identical dynamic to the criticisms in 2017 which were also proved wrong. Even some of the same naysayers like Hamm and Papa (hoping to pump price up).
Original Post
Graphics only for now. Comments and links, maybe later.
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Runaway, Traveling Wilburys
Net imports of crude and products were down to -771,000 bpd. I.e. net exports over a half a million bpd.
ReplyDeleteCaveat: "and products" means that NGL exports are included. Crude and condensate is still ~2.5 MM bopd imports.
Still: this is way better than the peak oilers expected. Paging Chris Martensen!
Pretty amazing.
DeleteShale critics all thought we were lining up to hit 12.5 at year end, after some summer slowness. Now, clear we are going to be ~13.0 at YE. IOW, EIA was right. Alsost identical dynamic to the criticisms in 2017 proving wrong. Even some of the same naysayers like Hamm and Papa (hoping to pump price up).
ReplyDeleteIt is quite amazing. Most alarmed, of course, Prince Salman and holders of Saudi Aramco stock.
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