oil

Oil in USA

Clean Oil That Only Costs $20 per Barrel?

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Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.

The proof is in the numbers. In 2017, the United States averaged 9.3 million bpd. This year, the EIA predicts that U.S. oil and gas production will reach record levels, averaging 10.3 million barrels bpd to surpass the record reached in 1970 (9.6 million bpd).

Clean Oil That Only Costs $20 per Barrel? Read More »

Gold

Big Picture Update on Commodities & Precious Metals

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In the following article, Gary Tanashian editor of Notes from the Rabbit Hole (NFTRH), has compiled a series of year end charts to help us get a handle on several sectors that relate to inflation. These sectors include Gold and other Precious Metals, Commodities (CRB Index) , Oil,  Natural Gas, Industrial Metals, Agriculture, Copper, Uranium and more. 

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Permian Basin Map

Is Peak Permian Only 3 Years Away?

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The Permian Basin is the largest petroleum-producing basin in the United States and has produced a cumulative 28.9 billion barrels of oil and 75 trillion cubic feet of natural gas. Currently, nearly 2 million barrels of oil a day are being pumped from the basin. It has been estimated that 43 billion barrels of oil and 18 trillion cu. ft. of gas remain; however, some experts claim the content is much bigger than expected, half a trillion barrels or even 2 trillion barrels. Eighty percent of estimated reserves are located at less than 10,000-foot (3,000 m) depth. Advances in hydrocarbon recovery such as horizontal drilling and hydraulic fracturing aka. “fracking” have expanded production into unconventional, tight oil shales… But is it possible that the current Bonanza in Oil production could come to a rapid end?

Is Peak Permian Only 3 Years Away? Read More »

Oil Train Tanker

Could the Next Oil Price Spike Cripple The Industry?

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In the following article Andreas de Vries and Dr. Salman Ghouri of Oilprice.com discuss the possibility of oil price spikes crippling the oil industry. At first blush that seems highly unlikely.  After all the oil industry is critical to powering the world and although there have been bumps along the road over the last 100 years the oil industry has always weathered the storm. But let’s look at what they have to say.

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The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

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The following article by Cyril Widdershoven of Oilprice.com takes a look at the recent technical glitch that could cut Saudi production by as much as 900,000 barrels per day. Many Middle East oil fields are aging and are experiencing technical challenges. Creation of the Manifa oil field was a technological wonder of the modern world due to its abundance of marine life and unique structure. As of today Manifa is reporting that the water injection issue is not currently affecting oil production

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NYMEX Crude Oil

Is A Big Move In Oil Prices Due?

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On November 30th 2016, Bloomberg trumpeted the following headline, OPEC Confounds Skeptics, Agrees to First Oil Cuts in 8 Years. On the day before, (i.e. November 29th) oil prices had plunged 2.5% and the NYMEX Oil ETF was trading at $11.34 and the news drove the price up to $13.05 by January 6th, 2017 where it peaked and it’s been downhill ever since.

Was this a case of “Buy the Rumor Sell the News”?  Not quite since it did climb for a couple of months before reality set in, but the OPEC deal was doomed to fail pretty much from the beginning. First of all, U.S. Shale Oil wasn’t part of the deal and secondly the targets were set at previous peak production so there really weren’t any “cuts” simply limits to future growth. After falling to $9.89 on June 21st the price has rebounded a bit moving back above support so we could easily see a move to the resistance line or above. So have we seen the bottom and is this the beginning of  a new rally?    Or is this a counter-trend rally to the top of the channel or simply a fake and the beginning of a correction to the downside? In today’s post, Brian Noble looks at the question, “Is a big move in Oil Prices Due?”~ Tim McMahon, editor. 

Is A Big Move In Oil Prices Due? Read More »

Has Permian Shale Productivity Peaked Already?

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The Permian Basin is the largest petroleum-producing basin in the United States and has produced a cumulative 28.9 billion barrels of oil and 75 trillion cu ft. of gas. Currently, nearly 2 million barrels of oil per day are being pumped from the basin advances in hydrocarbon recovery such as horizontal drilling and hydraulic fracturing (fracking) have expanded production into unconventional, tight oil shales which up until fairly recently were unrecoverable. Prior to these advances, all the talk was about “Peak Oil” and that we would run out of recoverable oil. And then along came horizontal drilling and fracking and we are suddenly awash in oil and natural gas. But is it all about to come to a screeching halt as Permian oil production peaks? In the following article about Permian Basin Productivity Nick Cunningham of Oilprice.com looks at where Permian productivity is headed now.

Has Permian Shale Productivity Peaked Already? Read More »

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