rjs's blog

15 Million Fracking Jobs at Risk; 12 Million Export Jobs Could Also Be Lost

On Friday, the US Chamber of Commerce released a report, apparently timed for the weekend before the election when a number of fracking initiatives are on the ballot nationally, which alleged that "14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000" if fracking were banned in the US.

New Well Productivity Triples in the Utica; Gasoline Supplies at a Summertime High

Wednesday's release of US oil data for the week ending July 15th by the US Energy Information Administration indicated that our oil imports rebounded back to above recent averages, that our refineries ramped back up to seasonal levels to use all of those extra imports, and as a result another small portion of our monstrous glut of crude oil was converted into a glut of refined products.

Oil Crashes on Brexit, Oil Imports at a 42 Month High, Record Gasoline Output and Usage

Oil prices crashed along with global financial markets on Friday following the British vote on Thursday to exit the European Union (typically referred to as "Brexit"), which is widely expected to precipitate a period of political instability in Europe.

What the EIA Doesn’t Tell Us When Comparing US Output to that of Russia & Saudi Arabia

On Monday of last week, the U.S. Energy Information Administration posted an article on their daily blog (Today in Energy) titled "United States remains largest producer of petroleum and natural gas hydrocarbons"..  The article featured a graph of our production of gas and oil vis a vis that of Russia and Saudi Arabia and went on to tell the familiar story about how fracking made it possible for our output of gas and oil to pass that of Russia in 2012

Oil Inventories Drop by 3.4 Million Barrels as EIA Fudge Factor Swings by 664,000 Barrels Per Day

This Wednesday's Petroleum Status reports for the week ending May 6th from the Energy Information Administration indicated that our crude oil production fell a bit once again and that our imports of oil were virtually unchanged, while US refineries saw another modest increase in the amount of oil that they used.

Bets Drive Oil Prices Up 20% In April Despite New Inventory Records Each Week

Oil prices, and prices for everything that is refined from oil, continued to head up last week, something you don’t need me to tell you if you've bought gasoline lately.  There has been no fundamental change in the global oversupply situation that would account for higher prices, however, but rather a change in the betting positions of oil speculators.

Crude Inventories Fall for 1st Time in 8 Weeks; Refined Products at Another Record

This week's oil data from the US Energy Information Administration showed that our oil inventories fell for the first time in 8 weeks, as our imports of oil also fell to their lowest in 8 weeks, and refiners used more crude than they had in any prior week this year.

A 33 Month High for Oil Imports Means Yet Another All Time High for Oil Inventories

The reality of the crude oil glut finally caught up with the oil price rally that had been driven by rumors of an OPEC / Russian pact last week, as oil prices fell 5% in their first weekly loss since mid-February. Almost the entirety of that drop occurred on Wednesday, after the EIA release of the weekly oil data, which showed a near record addition to our already record crude stockpiles.

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