Category:

Bakken April Production Data

The North Dakota Industrial Commission is out with the April production Data for the Bakken and all North Dakota . Eight month of flat to down production from the Bakken. Bakken Amplified I have shortened the data to 16 months here to give a better picture of what is really happening. North Dakota reached an 8 month low. North Dakota, in April, was 17,631 barrels per day below their September 2014 production. The Bakken was only 11,024 below September 2014 so conventional wells seem to be dropping off pretty fast. The Baken is 54,599 bpd below their peak in December and all North Dakota is 59,385 bpd below their December Peak. As usual there was very little adjustments in the previous months data. Bakken March production was adjusted down by 114 barrels per day while North Dakota production was adjusted down by 81 barrels per day. Bakken BPD Per […]

Posted On : Published By : Tom Whipple
Category:

BHI: US rig count continues fall in 27th straight week

The US drilling rig count declined 9 units during the week ended June 12 to settle at 859 rigs working, according to data from Baker Hughes Inc. After 22 straight weeks of double-digit and near triple-digit declines, the count over the past 5 weeks has dropped by an average of just 7 rigs/week. It has now fallen in 27 consecutive weeks overall, during which time it has lost 1,061 units ( OGJ Online, Dec. 5, 2014 ). Compared with this week a year ago, the count is down 995 units. An energy update earlier this week from Raymond James & Associates indicated that the number of weekly well permits issued in the US last week, using a 4-week average, was flat compared with the prior week. A primary indicator of rig count activity, 865 permits were issued last week, up from 839 during the previous week. However, the 4-week […]

Posted On : Published By : Tom Whipple
Category:

Study: US Can Profit from Unconventionals While Protecting Environment

Contrary to popular belief, the United States can capture the full economic benefits of unconventional gas and oil while also substantially addressing local environmental impacts and making major strides toward a lower-carbon energy system. But stakeholders must let go of the misconceptions, historic rivalries, and distrust that have led to zero-sum mindsets and slow progress, according to a recent report from Harvard Business School (HBS) and The Boston Consulting Group (BCG). The report, America’s Unconventional Energy Opportunity, offers a comprehensive plan to overcoming the “false trade-offs between reaping the enormous economic benefits of developing unconventional gas and oil, minimizing environmental impacts, and making major progress towards reduced greenhouse gas emissions.” U.S. unconventional oil and gas development, which has eliminated the need for natural gas imports and reestablished the United States as the world’s second largest oil producer for the first time since 1991, offers the United States the largest […]

Posted On : Published By : Tom Whipple
Category:

Wall Street falls as Greece crisis unresolved; energy shares dip

U.S. stocks fell on Friday as Greek debt talks hit a stalemate and as concern over how soon the Federal Reserve might raise interest rates kept investors cautious. Energy shares dropped as oil prices fell for a second straight day. The energy index .SPNY, down 1.2 percent, led the day’s decline, followed by a 1.1 percent drop in the healthcare index .SPXHC. Upbeat consumer sentiment and other data added to views the economy may be regaining momentum, which increased anxiety for investors ahead of next week’s Federal Open Market Committee meeting, the U.S. central bank’s last meeting before September. Also of concern, a day after the International Monetary Fund quit bailout talks with Greece, EU officials said they had held their first formal discussions on the worst-case scenario for the country. "It’s the Greek situation again, and that’s been played out on a day-to-day basis, where you had a […]

Posted On : Published By : Tom Whipple
Category:

Oil prices fall after Saudis say could raise output to meet demand

SINGAPORE Oil futures dipped on Thursday, with U.S. crude retreating further from a one-month peak of almost $62 a barrel earlier this week, after Saudi Arabia said it was ready to raise output further to meet strong demand. U.S. crude prices hit a high of $61.82 a barrel earlier this week, their strongest since May 6, as firm demand and a stock drawdown lifted the market. But the rally was halted by a dimming global economic outlook as well as top crude exporter Saudi Arabia saying it was ready to increase its oil output in the coming months to a new record to meet a rise in global demand. Front month U.S. crude CLc1 had fallen 25 cents to $60.52 a barrel by 0035 GMT. Brent futures LCOc1 were down 29 cents at $64.82 a barrel. (Reporting by Henning Gloystein ; Editing by Ed Davies )

Posted On : Published By : Tom Whipple
Category:

Oil Data Not Keeping Up as Market Adjusts to Low Prices

Jun 11, 2015 In today’s oil market, even the data providers are frustrated with the data. Market watchers have become obsessed in recent weeks with “missing barrels,” or the idea that total supply-and-demand figures from forecasting agencies show that the market is more oversupplied than market behavior suggests. Some say the physical market is actually better balanced than the data show, either because production is lower than reported or demand is stronger. In its monthly report released today, the International Energy Agency – whose forecasting reports are the most widely followed by energy traders – acknowledged that this might be the case. “Statistics…have a poor track record of capturing rapid market changes, as the statistical process often entails adjustments and extrapolations from recent trends, which naturally tend to assume business as usual,” the agency said. “Current markets could thus be tighter than reflected in recent data.” One major problem […]

Posted On : Published By : Tom Whipple
Category:

Oil prices fizzle on so-so economic data

Weak economic growth figures send crude oil prices lower in Thursday trading, ending a string of gains. Photo by Stephen Shaver/UPI NEW YORK, June 11 (UPI) — Expectations of a short-term global decline in oil demand and a modest increase in U.S. unemployment sent crude oil prices lower in early Thursday trading. Brent crude oil prices ended a string of gains Thursday to fall nearly a full percentage point to $65.07 per barrel. West Texas Intermediate, the U.S. benchmark, sold for $60.79, down 1 percent from the previous close. The U.S. Labor Department said Thursday initial claims for unemployment insurance increased 2,000 to a seasonally adjusted 279,000 for the week ending June 6. Low oil prices have left workers in the energy sector struggling, though federal data show more jobs gained overall in Texas, the No. 1 oil producer, but fewer in North Dakota, the country’s second-largest oil producer. […]

Posted On : Published By : Tom Whipple
Category:

Oil prices fall after Saudis say could raise output to meet demand

SINGAPORE Oil futures dipped on Thursday, with U.S. crude retreating further from a one-month peak of almost $62 a barrel earlier this week, after Saudi Arabia said it was ready to raise output further to meet strong demand. U.S. crude prices hit a high of $61.82 a barrel earlier this week, their strongest since May 6, as firm demand and a stock drawdown lifted the market. But the rally was halted by a dimming global economic outlook as well as top crude exporter Saudi Arabia saying it was ready to increase its oil output in the coming months to a new record to meet a rise in global demand. Front month U.S. crude CLc1 had fallen 25 cents to $60.52 a barrel by 0035 GMT. Brent futures LCOc1 were down 29 cents at $64.82 a barrel. (Reporting by Henning Gloystein ; Editing by Ed Davies )

Posted On : Published By : Tom Whipple
Category:

IEA: Global oil demand rising on economic recovery, lower oil prices

According to the International Energy Agency’s most recent Oil Market Report , global oil demand averaged 93.3 million b/d in this year’s first half, up 1.6 million b/d on the year and 400,000 b/d above the estimate in last month’s report. Global demand for the whole year is forecast to average 94 million b/d, 1.4 million b/d up on the year and 300,000 b/d higher than in last month’s OMR. “Since bottoming out at a 5-year low in second-quarter 2014, global oil demand growth has steadily increased, as additional economic growth, colder-than-year-earlier European winter weather conditions and more recently price effects have filtered through,” IEA said. However, momentum is expected to ease somewhat in this year’s second half, assuming a return to normal weather conditions and given a recent partial recovery in oil prices. Global oil production fell 155,000 b/d in May to 96 million b/d as a small […]

Posted On : Published By : Tom Whipple
Category:

Oil demand rises after price drop, but supply strong: IEA

LONDON World oil demand will rise much more than expected this year, the International Energy Agency (IEA) said on Thursday, in the latest sign that the collapse in oil prices is helping to boost fuel use. The Paris-based agency also pointed to "exceptionally high" growth in global supplies, forecasting OPEC crude production would remain near May’s multi-year high and boosting its projection of supplies this year from other producers. In a monthly report, the IEA raised its forecast for global oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.40 million bpd, bringing demand this year to almost 94 million bpd. "Recent oil market strength of course partly stems from unexpectedly strong global oil demand growth," said the IEA, which advises industrialized nations on energy policy. Oil prices have recovered this year after hitting a near six-year low close to $45 a barrel in January. Prices […]

Posted On : Published By : Tom Whipple