Early signs of growing demand for crude oil have prompted market optimism that has led to increased WTI buying, setting the stage for the benchmark’s best-ever monthly performance regardless of domestic storage hitting their highest levels in history. With oil surging, there seems to be renewed optimism in the energy industry.
The worst of the coronavirus induced oil crash seems to have bottomed out as storage inventories saw fairly dramatic drawdowns in the final weeks of May, a reversal of events from the past several months. Such relief may be all but eliminated in the ensuing week as an influx of nearly fifty million barrels of foreign crude oil is about to reach the U.S. Gulf and West coasts. The volume of incoming crude may offset most of the production cuts generated by domestic operators and extend low oil prices until the inventories can be worked back down.
In this episode of Memorial Madness (recording on a Tuesday after celebrations) your host Tavis speaks on the largest trade disputes between the US and the rest of the world,
This time last month WTI prices went negative for the first time in history as the May front month contract expired. Instead of plunging into negative territory again this month with the expiry of the June contract, prices remained strong and rallied into the thirties for the first time since March. Does this indicate the worst is over for the global oil industry?
The dual black swan events of 2020 have thrown supply and demand far out of equilibrium but with China purchasing crude again and various parts of the United States starting to open back up, global oil demand is beginning to return. As the world begins to recover to pre-pandemic levels, market forces will support the shift back towards equilibrium just like the shift we are currently seeing in China.
President & CEO of RARE PETRO, Anthony D. McDaniels, sat down with Kathryn Mills of The Crude Audacity Podcast to discuss the assault on the PetroDollar LIVE on Facebook and YouTube. It was an energetic discussion on today’s Global Oil Market and what it means for the strength of the American Oilfield, American Energy Security, and American Global Influence. While their conversation was lively, it was not quite long enough to dive deep into the complex intricacies fueling this Oil War. Check out our analysis below!
California | April 2020 Field Overview Current Brent crude prices are $22.30/bbl. California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the
Eagle Ford Basin | April 2020 Field Overview The current WTI price is $15.50/bbl. A heavy shale play, the Eagle Ford basin is located east of the Permian, stretching from
The Permian Basin | April 2020 Field Overview Current WTI price is $15.50/bbl. Located in West Texas, the Permian Basin has been producing oil for over 100 years. It leads
The SCOOP/STACK Basin | April 2020 Field Overview Current WTI price is $15.50/bbl. Ranking 6th in oil production and 3rd in natural gas production, the SCOOP/STACK play is one of
The DJ/Niobrara Basin| April 2020 Field Overview Located mainly in the Northeast of Colorado, the Denver-Julesburg Basin consists of five main oil-producing formations: Niobrara sections A-C, Codell, and Greenhorn. These
The Powder River Basin| April 2020 Field Overview The Powder River Basin, known for its coal deposits, is located in Southeast Montana and Northeast Wyoming. The basin is named so
The Marcellus Shale| April 2020 Field Overview The Marcellus Shale is the largest gas play onshore in the US. Located in the Northeast, it supplies the high demand markets along
The Bakken Shale| April 2020 Field Overview Named after Henry Bakken, the farmer who owned the land where oil was originally discovered, the Bakken Shale is located in North Dakota,
In this episode your hosts Tavis and Kevin speak about the good news for leases that is spreading nationwide, Wyoming’s future in international gas markets, the looming threat of big
In this episode your host Tavis is confused about the (relatively) high futures prices, talks about pirates, and mentions how the US should tread carefully when imposing its will worldwide.
For the first time since January, crude oil inventories declined indicating the world has begun its journey on the road to a slow and fragile recovery. While this does not mean the global oil and gas industry is out of the weeds just yet, this week’s events show steps in the right direction.
There is a strong inverse relationship between crude storage levels seen at the Cushing, Oklahoma facility and WTI futures price. This relationship exists even though the storage facility only holds a percentage of total domestic crude inventory. In fact, data suggests that in order for crude prices to stabilize above $55 per barrel, inventory in Cushing will need to drop below 47.5 million barrels, or about 62% storage utilization at the facility.
This episode your host Tavis speaks on the (small) potential for $100/barrel oil, potential for conflict between the US and Saudi Arabia, and a second outbreak(?)! This and more on
Global Economies are officially shrinking with the release of first quarter data, shell wells are being shut-in, global crude has nowhere to go, and according to new EIA data, the United States actually produced more energy than it consumed for the first time since the late 1950s in 2019.