• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 35 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 22 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 8 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 1 day "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 18 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Editorial Dept

Editorial Dept

More Info

Oil Price Volatility Increases On OPEC Outages

Friday September 14, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

(Click to enlarge)

Key Takeaways

- Crude inventories fell again, dropping below the 400-mb range for the first time since February 2015. The significant drawdown helped push up oil prices.
- However, gasoline inventories rose yet again, offsetting some of the crude draw.
- Refinery runs are still extremely high, but should come down in the weeks ahead. That could ease the pressure on crude stocks while leading to some drawdowns in gasoline inventories.

1. U.S. upstream capex rising quickly

(Click to enlarge)

- U.S. upstream capex has been soaring since 2016, despite promises of capital discipline from a long line of shale executives.
- U.S. upstream capex has more than doubled from $40 billion in 2016 to $100 billion this year, according to Bank of America Merrill Lynch.
- “This increase in spending is most evident in the rig and frac spread counts, which have also nearly doubled over the same period,” BofAML said in a note. “[B]ut these data points are more meaningful when accounting for efficiency and productivity gains that producers have achieved over the same period.”
-…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News