Oil falls to a more than 1-year low below $50 on fears the coronavirus will slow global growth
https://www.cnbc.com/2020/02/03/oil-...al-growth.html
What Impact Would a Fed. Acreage Frack Ban Have?
What Impact Would a Fed. Acreage Frack Ban Have?
by Andreas Exarheas
|
Rigzone Staff
|
Friday, January 31, 2020
Rystad Energy looks at the potential impact of a federal acreage fracking ban.
If fracking activity was to be eliminated on federal acreage, the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace lost oil volumes.
That’s what recent analysis conducted by Rystad Energy suggests, according to the company, which outlined that such a fracking ban would likely have little immediate impact on nationwide oil and gas production figures.
“Even in the long-term, the impact might be quite negligible as seen from the greater industry perspective,” Artem Abramov, head of shale research at Rystad Energy, said in a company statement.
Abramov added, however, that such a ban “could have stronger negative effects on one key shale producing region in particular – the New Mexico portion of the prolific Permian Delaware Basin”.
Oil production from federal lands surpassed one million barrels per day during the summer of 2019, doubling over the most recent two-year period, Rystad Energy revealed. New Mexico accounted for the largest share of oil production growth in 2018-2019, the company added. [more]
https://www.rigzone.com/news/what_im...60946-article/
Oil falls to a more than 1-year low below $50 on fears the coronavirus will slow global growth
https://www.cnbc.com/2020/02/03/oil-...al-growth.html
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
I heard this morning a report saying Chinese oil consumption was down 20% last week. They said they are holding ships at the Panama Canal bringing oil to China, and thinking about sneding them somewhere else, as Chinese demand is drying up due to Chinese virus lockdowns killing travel/movement.
If that hold, there is going to be a HUGE surplus of oil floating around the entire world.
We have been hanging around $2.35 for almost the last two weeks.
May the force be with us.
Oil's popping back above $50 today... over $51 now.
Sent from my SM-G930U using Tapatalk
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Yep heading UP today,can't always go DOWN!
Supply Risks Push Crude Back Toward $60
Bloomberg) -- Oil jumped back above $58 a barrel and was set for the longest run of gains in more than a year as U.S. sanctions on Russia’s largest producer and conflict in Libya shifted the focus to supply threats from virus-driven demand concerns.
The U.S. sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with Venezuela’s president and its state-run oil company, threatening to crimp the nation’s ability to export crude. In Libya, fighters loyal to eastern military commander Khalifa Haftar shelled Tripoli’s port, forcing a halt to shipping and leading to the suspension of cease-fire talks.
Oil is extending its longest rally since January 2019 after surging last week on optimism that the worst economic impacts of the deadly coronavirus had been accounted for. Any disruptions to global supply could go some way to offsetting the demand destruction from the outbreak, just as China and other nations in Asia roll out stimulus packages to cushion the blow.
Rosneft’s sanctioned unit has been “Venezuela’s primary conduit for brokering cargoes, which find their way predominantly to refineries in India and China,” Stephen Innes, Asia Pacific market strategist at AxiCorp, said in a note. “Throttling this Asian supply channel will provide some support for oil prices.” [more]
https://www.rigzone.com/news/wire/su...61134-article/
Filled up wife's car for $2.959 today. Same old story, not worth a 10 mile round trip for the $.2 per gal savings.
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