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Thread: OIL..

  1. #21
    Join Date
    Oct 2011


    Quote Originally Posted by yellowsnow View Post
    Spring is here and refineries were down to re-gear for gasoline making. I think the re-jigging is close being done and refineries are ready to suck up the glut oil to make gasoline for the summer driving. Too many variables when dealing with oil
    biggest variable is still hands down..GLUT


  2. #22


    And the declining rate of rig closures, 21 for this month down from 41 last month.....or at least that is the excuse of the hour. lol

  3. #23


    $48.38 and the stock market is going CRAZY today! Must be a recovery...

  4. #24


    $50.67............................. wow, wild action going on the last few days. computers are Running the Funny Business! LOL...

  5. #25


    Quote Originally Posted by Silver and Gold View Post

    I believe inventory surplus is now over 450 million barrels

    Stockpiles of U.S. crude rose by 8.2 million barrels to record highs in the week ending March 20, according to data from the U.S. government's Energy Information Administration.

    Iventory is swelling.

    U.S. crude oil inventories surged 10.95 million barrels to a record 482.39 million in the week to April 3, the Energy Information Administration (EIA) said in its weekly report.

  6. #26


    Saudi Arabia raised its crude output to 10.3 million barrels a day in March, according to their oil minister Ali al-Naimi. The uptick in production was the result of unexpected strong demand from its customers. The Kingdom's previous record peak was 10.2 million barrels a day in August 2013.

    Another growth export market for the U.S. is condensate production. Condensate is a liquid hydrocarbon that remains liquid at atmospheric pressure after passing through surface-separating facilities at natural gas wells. Condensate used to be classified with crude, but is now classified by the Department of Energy as a product, and therefore eligible for export. Most of the U.S. plant condensate goes to Canada to be used as a diluent in synthetic or bituminous crudes, and also their conventional heavy crude grades. These heavy grades are so thick that they need to have a diluent before being put through a pipeline. The condensate is sent to Canada via the Cochin pipeline, which until spring of 2014 was a propane pipeline used to bring Canada's propane to the U.S., but was reversed for its current purpose.

    Analysts from Barclays and Morgan Stanley said yesterday that Iran's deteriorating infrastructure and lack of investment due to sanctions that have made it tough for them to do business, will also impede their potential comeback into the world as a large exporter. They do have a rumored 30 million barrels of crude in storage, but getting up and running at full pace could take months. The height of their crude production was 2.5 million barrels/day.
    The decrease of U.S. oil rig counts has been getting slighter the last few weeks, but it has dropped by 50% since October. Production was down by 33,000 barrels last week, and is as yet unaffected by the rig count drop. Increased efficiencies and geological studies have made rig counts misleading to some extent. In 2003 it took 45 days to drill a horizontal well, now is takes only 17 days. An average well used to produce 350,000 barrels/day, now the average is 750,000 barrels/day. In additional the average cost of a horizontal well is down to $40 per barrel. The Energy Information Administration still maintains that the U.S. will pump 9.3 million barrels/day this year.
    What's the Frequency, Kenneth?


  7. #27


    Should be a summer of low priced gasoline?

    Record Gasoline Output to Curb Biggest U.S. Oil Glut in 85 Years

    Refiners are poised to make gasoline at a record pace this year, keeping the biggest U.S. crude glut in more than 80 years from overflowing storage.
    They’re enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season. They’ll increase output to meet consumer demand and they’ve added more than 100,000 barrels a day of capacity since last summer, when they processed the most oil on record.

    Booming crude production expanded inventories this year by 86 million barrels to 471 million, the highest level since 1930. Analysts from Bank of America Corp. to Goldman Sachs Group Inc. have said storage space may run out. What looks like an oversupply to banks is turning into an all-you-can-eat buffet for those making gasoline and diesel fuel.
    “A lot of the excess crude we’ve been sitting on is going to get chewed up quickly,” Sam Davis, an analyst for energy consulting company Wood Mackenzie Ltd., said in Houston April 2. “We’re going to move from a stock build to a stock draw.”

    Goldman Sachs and Bank of America have said storage builds are increasing the risk of breaching storage capacity, sending prices tumbling. West Texas Intermediate oil, the U.S. benchmark, already has lost more than half its value since June as growing U.S. shale production led to a global oversupply. WTI for May delivery added $3 to settle at $52.14 a barrel on the New York Mercantile Exchange on Monday.
    What's the Frequency, Kenneth?


  8. #28


    Huge oil find in the UK.

    Britain strikes oil with surprise find

    Billions of barrels of oil have been found in the UK at what was previously a small site near Gatwick Airport. But how much of that can be extracted and its potential benefits are still far from clear, as Joel Flynn reports.

    Deep in the heart of the British countryside, among lush green fields and rows of hedges and trees, lies an untouched reserve of billions of barrels of oil. That's according to a new survey done on the area. It could be one of the biggest mainland oil finds in the UK. UK Oil and Gas investments reported the find, which it has a 30 percent stake in. David Lenigas is its chairman. SOUNDBITE: UK Oil and Gas Invesments Chairman, David Lenigas, saying (English): "It's like a big sponge 1,500 feet thick with vast amounts of oil in it, with three big limestones that mean you can effectively suck the oil out of the sponge. It's a great find and there's a lot more work to be done to bring it into proper production, but eventually this will be a very key part of Britain's stratgeic energy resource." The companies operating at the site were already aware of the oil deposit. What they had thought of as a small find though has proved to be much bigger. 158 million barrels of oil per square mile at the Weald Basin, near Gatwick Airport, would make the site a "world class" resource, according to UKOG. Environmental groups have warned about the effects further fossil fuel consumption could have on the climate. Locals too, already living close to an airport, are likely to oppose heavy industry nearby. But Admiral Markets' Darren Sinden says this might just be the start. SOUNDBITE: Admiral Markets Market Research and Client Relations Manager, Darren Sinden, saying (English): "I think we'll see more of these kind of discoveries, perhaps not of this scale, and more moves by companies to try and exploit that, and there will obviously have to be a wider conversation about whether it's right to be churning up the countryside looking for oil, or to let sleeping dogs lie, particularly while the oil price remains so low." There's still much work to be done. Test drilling at two sites are ongoing, and UKOG estimates only between 5 and 15 percent of the total reserve will be recoverable. Even with that recovered, a depressed global price means the money might not flow in as quickly as the oil.

    What's the Frequency, Kenneth?


  9. #29


    Quote Originally Posted by redraspberry View Post
    Huge oil find in the UK.

    Britain strikes oil with surprise find
    yep, There is more oil than water in California.
    Prices are down and no deflation?
    Nothing happens to the stock market?
    Magic economics.
    Those who deny manipulation are of course right...
    Of course i forgot that times have changed, the oilprice has no influence anymore more.

    Nothing has influence anymore, our whole society is on the operation table.
    We are getting artificial economic kidneys, arificial printed blood, arificial debt is money ideas, arificial quantitative lungs and HOP we are fresh like newborn babies who will produce arificial sh*t, but who cares, because that will be coming in the future...

    Jokers are governing us.

    Golditiki2 +++

  10. #30


    $53.51.................................... at the moment.

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