all things energy thread

[blackfrancois]

i'll start it off with a ... "woohoo!"

PDVSA ordered to pay Conoco $2b!

[blackfrancois]

in related news ... chevron evacuates from venezuela.

[StoopTroup]

Daughter was just informed her trip to Nicaragua is cancelled.

I didn't want her going in the first place. Her Mom called to tell me it was cancelled and when she did...these were her words....

THANK GOD ! ! !

I reminded my Wife that I never wanted her to go and wonder why all of a sudden was she saying "Thank God"?

I may need to order pizza for dinner or maybe an Ortega frozen Dinner.

[Stinger_1066]

Where do you get your energy in this world?

[Mazeppa]

Where do you get your energy in this world?

[StoopTroup]

Where do you get your energy in this world?

[blackfrancois]

and crude keeps rising!

yay!

nymex up over $68 today.

[1stTimeCaller]

Richard Spears believes we are at the beginning of an 8 year boom cycle

[Mazeppa]

Can someone explain why crude is going up and we have so much oil we are exporting it.

[1stTimeCaller]

Can someone explain why crude is going up and we have so much oil we are exporting it.

I can’t explain the oil market. It might have to do with buying for $40/bbl and selling for $65/bbl due to what our refineries are setup to refine.

I made those numbers up.

[Pphilfran]

Concerns about sanctions on Iran.

[Pphilfran]

Import export data

https://www.eia.gov/petroleum/data.php

[Mixer!]

I was thinking that the price of gas was up because of Syria.

[OU48A]

April’s unemployment stands at 3.9%
This will support crude demand and prices

[OU48A]

https://www.marketwatch.com/story/5-...ent-2018-05-03

Devon Energy Inc. (NYSE: DVN) reported Monday that two wells are producing the largest 24-hour initial production rates in the United States. The Boundary Raider 6-7 Com 212H and 213H both flowed at a stunning 11,000 barrels of oil equivalent per day.

The analyst also points out that flow rates are some of the largest ever seen in the Permian Basin and the United States, with the previous high in the region being 6,500 barrels of oil equivalent per day.

[blackfrancois]

nymex wti = $69.80

[OU48A]

The high so far today for WTI is $69.97.
A year ago WTI was $ 42.07
This price rise is great news for OU, our state and many DB posters.

[OU48A]

This is what drill baby drill is doing for the nation.
This is huge. They are doing what they said could not be done.

https://oilprice.com/Energy/Energy-G...-Exporter.html

Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products.

The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.

However, it should also be noted that the Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude.

[SoonerVikeThunder]

·
2h
U.S. crude #oil futures settle at $69.72/bbl. $1.29. +1.89%. #CME #NYMEX #CL_M7 #OOTT volume: ~636k

[blackfrancois]

bam.

conoco moves to take over pdvsa assets.

[OU48A]

Great News for OU and our state
At the time of this post the price of WTI is $70.65

[SoonerKA1999]

Can someone explain why crude is going up and we have so much oil we are exporting it.

We have a supply bottleneck in the Permian right now. Tons of Oil to ship, but we don't have the pipelines to transfer the volume.

[SoonerKA1999]

This is what drill baby drill is doing for the nation.
This is huge. They are doing what they said could not be done.

https://oilprice.com/Energy/Energy-G...-Exporter.html

Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products.

The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.

However, it should also be noted that the Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude.

Thanks Trump!

[SoonerKA1999]

https://www.marketwatch.com/story/5-...ent-2018-05-03

Devon Energy Inc. (NYSE: DVN) reported Monday that two wells are producing the largest 24-hour initial production rates in the United States. The Boundary Raider 6-7 Com 212H and 213H both flowed at a stunning 11,000 barrels of oil equivalent per day.

The analyst also points out that flow rates are some of the largest ever seen in the Permian Basin and the United States, with the previous high in the region being 6,500 barrels of oil equivalent per day.

To have a fraction of the mineral rights on that lease...... WOW!

[Mazeppa]

We have a supply bottleneck in the Permian right now. Tons of Oil to ship, but we don't have the pipelines to transfer the volume.

Thank you.

[SoonerKA1999]

Thank you.

Also, Venezuela's communist leadership that seized and nationalized their oil industry has basically forced or scared all the qualified people away from their Oil Industry. They basically have a bunch of low IQ burger flipping government lacky's standing over their oil industry scratching their heads because they don't know how the crap works. Since all the qualified folks were sent packing, they're literally down 600,000 bbl a day of oil production. OPEC cut production, which drives price. Couple those two factors with Iran getting new oil export restrictions, prices are climbing. But that is all because of world demand and supply. As the US works to get their Oil Transport infrastructure up to domestic demand and export capacity, Oil prices will gradually level out. But the Saudi's could not sustain below $50 bbl oil any longer. Their production costs have gone up, while US production costs have gone down.

The US is poised to become a MASSIVE player in the international oil markets which is another reason why I think things are changing politically in Saudi Arabia.

The US becoming a Oil exporter again was one of the greatest economic wins in nearly 50 years. Long overdue.

[Mazeppa]

I guess I'm just too dumb on this subject, but it seems like if we have enough oil to export then it seems that the price that we pay should go down, even with what's going on in the world.

[OU48A]

Also, Venezuela's communist leadership that seized and nationalized their oil industry has basically forced or scared all the qualified people away from their Oil Industry. They basically have a bunch of low IQ burger flipping government lacky's standing over their oil industry scratching their heads because they don't know how the crap works. Since all the qualified folks were sent packing, they're literally down 600,000 bbl a day of oil production. OPEC cut production, which drives price. Couple those two factors with Iran getting new oil export restrictions, prices are climbing. But that is all because of world demand and supply. As the US works to get their Oil Transport infrastructure up to domestic demand and export capacity, Oil prices will gradually level out. But the Saudi's could not sustain below $50 bbl oil any longer. Their production costs have gone up, while US production costs have gone down.

The US is poised to become a MASSIVE player in the international oil markets which is another reason why I think things are changing politically in Saudi Arabia.

The US becoming a Oil exporter again was one of the greatest economic wins in nearly 50 years. Long overdue.

^This + the LNG/ NG export market are going to put pressure on everyone else and help hold down price spikes….
It would be great to eventually see more NG used for domestic transportation and free up more crude oil for export.

[OU48A]

I guess I'm just too dumb on this subject, but it seems like if we have enough oil to export then it seems that the price that we pay should go down, even with what's going on in the world.

To a degree the prices we pay are tied to world prices. There is a several dollar price difference between Brent -vs- WTI. This gives US manufactures who use crude products a cost advantage over many other producers of similar products around the world. It’s one of the reasons why our employment numbers are so low now.

But we do have bottle necks in the domestic system…There are shortages of large pipe and skilled labor with huge amounts of new crude coming on line…
One of the underreported factors is how our refining capacity has ramped up to a point where they are exporting large amounts of crude oil & NG products.

[Mazeppa]

To a degree the prices we pay are tied to world prices. There is a several dollar price difference between Brent -vs- WTI. This gives US manufactures who use crude products a cost advantage over many other producers of similar products around the world. It’s one of the reasons why our employment numbers are so low now.

But we do have bottle necks in the domestic system…There are shortages of large pipe and skilled labor with huge amounts of new crude coming on line…
One of the underreported factors is how our refining capacity has ramped up to a point where they are exporting large amounts of crude oil & NG products.

If the refineries have ramped up production wouldn't that lead to less oil to export thus lowering prices? I'm just trying to figure this out. So no matter how much oil we produce hear we still have to pay, as a consumer, what ever the world determines we pay?

[OU48A]

If the refineries have ramped up production wouldn't that lead to less oil to export thus lowering prices? I'm just trying to figure this out. So no matter how much oil we produce hear we still have to pay, as a consumer, what ever the world determines we pay?

The domestic refineries are using a lot more crude but we are producing so much more crude oil that we are still able to increase our crude oil exports

[blackfrancois]

So no matter how much oil we produce here, oil price is determined by the world market.

rephrased, that's spot on.

remember that, while related, gasoline, natural gas, and crude are different commodities with different, but correlated, supply/demand curves.

opec has a huge influence on the price of crude. when it announced production cuts several months ago, that's when we started seeing the biggest gains in the price of crude. and this, in turn, allowed new developmental drilling to begin again, because new wells were now "in the money."

by a wide margin, price is the biggest determinant of new investment. initial production, total reserves and cost are also important, but secondary factors. naturally, with new development comes more production.

"thanks, opec!"

[parshooter6512]

The refineries run at a high utilization rate most of the time except during maintenance season. Crude oil prices have keyed on US storage numbers. Opec realized this and stopped sending crude here. Storage numbers are coming down and prices are going up. Crude storage is not reported in other parts of the world, so there may be some out there we don't know about. Tankers are tracked and a known commodity.

[Mazeppa]

The refineries run at a high utilization rate most of the time except during maintenance season. Crude oil prices have keyed on US storage numbers. Opec realized this and stopped sending crude here. Storage numbers are coming down and prices are going up. Crude storage is not reported in other parts of the world, so there may be some out there we don't know about. Tankers are tracked and a known commodity.

I'm not trying to be obtuse here, but are we still importing crude from opec while at the same time exporting our oil? If so is there a difference in the type of crude that we import/export?

[SoonerKA1999]

I'm not trying to be obtuse here, but are we still importing crude from opec while at the same time exporting our oil? If so is there a difference in the type of crude that we import/export?

It comes down to timing. Some times oil from other countries sit in tankers for days or weeks in the ports of Galveston and other areas. If there is slack in domestic supply being delivered to the refineries, they will accept a foreign source of oil sitting in port. Some deliverers also leave tankers idle in port loaded and wait on prices to come up before they check in and off load. It's all about squeezing that extra penny out of every shipment.

[Pphilfran]

I'm not trying to be obtuse here, but are we still importing crude from opec while at the same time exporting our oil? If so is there a difference in the type of crude that we import/export?

https://www.eia.gov/energyexplained/index.php?page=oil_imports

[TaimenHuchen]

The IRAN NUCLEAR DEAL has been dumped, but they don't have to repay the $150 $Billion we gave them.

[SoonerVikeThunder]

/...248877056?s=20">

how do you post twits here?

https://twitter.com/Schuldensuehner/...248877056?s=20

[blackfrancois]

how do you post tweets?

just place the tweet's file name (993468256248877056) within the "twitter" tags, like this:

[OU48A]

This is going to help a lot of OU people and OU friendly corporations.

https://boereport.com/2018/05/08/eia...owth-forecast/

U.S. crude output to hit 12 million bpd in late 2019
May 8, 201810:49 AM Reuters

NEW YORK (Reuters) – U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report.

The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd on average next year, according to the short term energy outlook. Last month, it expected a 750,00-bpd year-over-year increase to 11.44 million bpd. Overall, the agency’s forecast has increased by more than 1 million bpd since January.

[SoonerVikeThunder]

https://twitter.com/Schuldensuehner/...248877056?s=20">

dammit there are no file numbers only, I click “copy link to twitter” at other site and paste in twitter > < but it does not have only numbers. Is there an easy way to post the link to make it work? I post from iphone too

[dallasstars10]

Anyone know about the Devon layoffs a week or two ago?

[blackfrancois]

dammit there are no file numbers only, I click “copy link to twitter” at other site and paste in twitter > < but it does not have only numbers... I post from iphone too

i use a phone as well (android with chrome app) and copy the tweet's url and then delete everything (like the path), leaving behind only the file name. i have to open the tweet first in a window. i cannot just copy it from the twitter account's home page (as far as i know).

[SoonerVikeThunder]

i use a phone as well (android with chrome app) and copy the tweet's url and then delete everything (like the path), leaving behind only the file name. i have to open the tweet first in a window. i cannot just copy it from the twitter account's home page (as far as i know).

Thanks, and that sucks lol.

[SoonerVikeThunder]

993468256248877056">

ok that failed too dammit to hell

[blackfrancois]

"ok, that failed too..."

no, it worked. (fify.) you just have to edit out everything but the file name and put it between twitter brackets.

[SoonerVikeThunder]

"ok, that failed too..."

no, it worked. (fify.) you just have to edit out everything but the file name and put it between twitter brackets.

You said “the numbers” and I did that. Tried everything lol. I think its iphone and not compatible

[blackfrancois]

You said “the numbers” and I did that. Tried everything lol. I think its iphone and not compatible

i simply edited your post.

[SoonerVikeThunder]

i simply edited your post.

I know but it won’t let me post an original. I guess if you tag along after me and repost that works lol, but not really

[blackfrancois]

I know but it won’t let me post an original. I guess if you tag along after me and repost that works lol, but not really

you can't edit your own posts?