Thread: Oil Slick Stuff

OH!!!! We are spilling so much, so much we have to stop drilling this stuff it's KILLING US!!!!!! Wacko-tobacco isn't good for your powers of reasoning.

Attachment 38645
CLQ6 Future Quote - Crude Oil - Electronic Aug 2016 Future Price Today (CLQ6:NMN) - MarketWatch

July 4, 2016 4:31 pm
US oil reserves surpass those of Saudi Arabia and Russia

Anjli Raval, Oil and Gas Correspondent

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. US oil reserves surpass those of Saudi Arabia and Russia - FT.com

The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.
Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s 212bn and Russia’s 256bn in reserves.
The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.
Production outlook depends on a series of holes in the ground

Recoverable reserves — those barrels that are technologically and economically feasible to extract — are analysed by the energy industry to determine company valuations and the long-term health of an oil-producing nation’s economy.
Conventional oil producers, such as Saudi Arabia, have traditionally used their huge resource riches to wield power globally, particularly among big consumer countries such as the US.
This relationship has been disrupted in recent years by hydraulic fracturing and other new technologies that have helped the US unlock vast reserves and enabled it to become more energy independent. [more]
http://www.ft.com/cms/s/0/7525f1dc-4...#axzz4DY6b3xrb

Venezuela's Energy Woes Spread to Its Closest Ally: Cuba

by Reuters

|
Marianna Parraga and Alexandra Ulmer
|
Friday, July 08, 2016



HOUSTON/CARACAS, July 8 (Reuters) - Venezuela's falling crude output and financial woes have left it struggling to maintain a 15-year-old oil assistance program to its closest ally, Cuba.

State-run oil firm PDVSA has slashed its exports to Communist-run Cuba this year, according to the company's internal trade data, seen exclusively by Reuters.
The shift signals an unraveling of the oil diplomacy pioneered by Venezuela's late socialist leader Hugo Chavez and helps explain why Cuba, which generates electricity from fuels, recently ordered some joint ventures and state-owned firms to reduce power usage.
It also comes as Cuba improves its relations with the United States after decades of antagonism and a U.S. economic embargo while Venezuela, mired in triple-digit inflation and acute product shortages, is in a prolonged standoff with Washington.
Cuba, long reliant on Venezuela as its top energy supplier, has received some 53,500 barrels per day (bpd) of crude from PDVSA this year, a 40 percent decline from the first half of 2015, according to the company's data.
When it was flush with cash from oil exports, Venezuela's socialist government won political support in Latin America and the Caribbean by sending oil on advantageous terms to allies.
Cuba, which receives some 4 percent of Venezuela's total oil exports, has been the biggest beneficiary of the program and until this year was spared the fallout from PDVSA's growing cash flow problems, which already undermined oil supplies to Uruguay, Jamaica, Dominican Republic and Curacao.
Venezuela has partially offset the smaller crude shipments to Cuba by boosting exports of refined products such as fuel oil, diesel and liquefied petroleum gas (LPG).
But overall shipments to Cuba, including both crude and products, still declined 19.5 percent to 83,130 bpd in the first half of this year.[more]
NEWS | Venezuela's Energy Woes Spread to Its Closest Ally: Cuba | Rigzone

E10 averaging $1.89 a gallon in Boiled Peanut GA.

My-O-My!!
Attachment 38820
CLQ6 Future Quote - Crude Oil - Electronic Aug 2016 Future Price Today (CLQ6:NMN) - MarketWatch

Originally Posted by nnuut

My-O-My!!
Attachment 38820
CLQ6 Future Quote - Crude Oil - Electronic Aug 2016 Future Price Today (CLQ6:NMN) - MarketWatch

So Tuesday we were paying between a $1.73 and $1.95 a gallon for gas around my area. Yesterday oil drops to about $45 a gallon and this morning gas all around me jumped to $2.25 a gallon. What the heck???????

Originally Posted by nasa1974

So Tuesday we were paying between a $1.73 and $1.95 a gallon for gas around my area. Yesterday oil drops to about $45 a gallon and this morning gas all around me jumped to $2.25 a gallon. What the heck???????

This might have something to do with it, or the crooks are ripping us off again?
Attachment 38827
DXY Index Quote - U.S. Dollar Index (DXY) Index Price Today (DXY:NYE) - MarketWatch

Or because Crude Inventories are down.
Prior = -2.223M Actual = -2.546M Gallons.
https://www.briefing.com/investor/ca.../2016/07/11-15

Stocks struggle to rise as oil re-enters bull-market territory

Published: Aug 18, 2016 12:35 p.m. ET

U.S. stocks on Thursday were flipping between small gains and losses as investors digested a Federal Reserve divided about the timing of an interest-rate hike and a batch of upbeat economic data.

A rise in oil prices, which pushed West Texas Intermediate crude trading on the New York Mercantile Exchange—the U.S. benchmark—into bull-market territory, has helped nudge energy stocks up. A bull market is defined as a 20% rise from a recent low.[more]

Stocks struggle to rise as oil re-enters bull-market territory - MarketWatch

EIA Petroleum Status Report

Released On 10/5/2016 10:30:00 AM For wk9/30, 2016 Prior Actual Crude oil inventories (weekly change) -1.9 M barrels -3.0 M barrels Gasoline (weekly change) 2.0 M barrels 0.2 M barrels Distillates (weekly change) -1.9 M barrels -2.4 M barrels

Highlights Crude oil inventories fell 3.0 million barrels in the September 30 week to 502.7 million barrels. Though it was the fifth weekly decline in a row and whittled the year-on-year gain down 1.4 percentage points to 8.4 percent, some market participants had anticipated a bigger drop after the American Petroleum Institute said Tuesday the weekly drawdown would be 7.6 million barrels. Product inventories were mixed but also down on a net basis, with gasoline up 0.2 million barrels to 227.4 million barrels for a 1.6 percent annual gain, while distillate fuels were down 2.4 million barrels to 160.7 million, 7.8 percent higher than a year ago. Refineries operated at 88.3 percent capacity last week, down from 90.1 percent in the prior week, but production increased, averaging 10.0 million barrels per day for gasoline and 4.7 million barrels per day for distillate fuel. On the demand side, total product supplied over the last four weeks averaged 19.9 million barrels per day, up by 3.0 percent from the same period a year ago. Supplied gasoline averaged 9.3 million barrels daily, up 3.2 percent from the year ago level, while supplied distillate fuel averaged 3.6 million barrels, down by 8.9 percent. WTI, which had risen to the highest level since June in recent sessions on news that OPEC would cut production and maintain it between 32.5 million to 33.0 million barrels per day, fell about 25 cents to $49.25 per barrel immediately after the release of the EIA report, but quickly recovered and rose to new highs for the day at around $49.87 per barrel.

[more]

Economic Calendar - Bloomberg