Oil Starting To Move -- September 27, 2023

Locator: 45593WTI.

Weekly EIA petroleum report: pending.

From Bloomberg today:

The path followed by oil prices for the rest of the year won’t be determined in Moscow, the US shale patch, or even OPEC’s headquarters in Vienna. It will be dictated by Riyadh.

Take Russia: The country’s latest export ban, on gasoline and diesel, isn’t aimed at global markets. The government needs to ensure adequate fuel supplies to domestic buyers after slashing the subsidy it pays refiners to sell products locally. Once processors have been beaten into submission, or at least reached a satisfactory compromise, overseas flows will resume.

Energy revenues are too important for Moscow to allow a lengthy export halt. Its restriction on crude shipments, notionally extended to the end of the year, is already showing cracks.

US shale producers also won’t hold much sway. They may agitate for more oil-friendly government policies, but they admit they have no intention of markedly boosting output in response to crude’s march toward $100 a barrel.

As far as OPEC+ goes, the group’s November meeting to set production policy is almost irrelevant. Most members are already pumping at capacity, unable to reach their targets.

WTI today, surging: 

US market:

• CVX: pre-market, up $1.80; uup 1.1%.
• DVN: way below its highs, but up 1.6% in pre-market trading;
• MPC: pre-market, up $1.67; up 1.11%
• OKE: pre-market, up 1%

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Flashback: Menwith Hill Station

A huge part of my life back in 2004 or thereabouts.

Link here.

I did not know this site (the blog) existed. I happened to run across it when I did a "person's name" search. The individual for whom I was searching is completely off the grid and has been for as long as I've known him / her. There should be no way that individual could have gotten me to the linked site, but there you have it. 

I had pretty much "forgotten" about MHS until I read Kim Wicken's book on Lexington, the racehorse.

Also, Horse.

Wow, I still have such great memories of MHS, Yorkshire, the people.

The walks were incredible. I really don't to what I can compare Yorkshire with regard to walking.

I would do almost anything to return, but I won't give up Sophia.

Maybe when I'm ninety years old.