Prices were falling before SPR release, the trend is obviously down. Demand is comparatively weak, SPR Cushing and all off shore floating is loaded to the brim. perhaps this move is an attempt to bail out someone who will be slotted to supply the re tapping off of the overburdened salts.
Recently saw at the SPR web site that Avg cost of SPR oil was under 40.00 per barrell.
The extent of the backlog from new supply is profound, and WTI price reflects that awareness.
This paris agency is a peak oil mouthpiece is producing wild speculative reports nearly daily, none show much real awareness, apparently they are part of the cabal of information slingers, an arm of what is known as International...
folks dont have a clue about how rapidly USA will be able to be self sufficient in crude...considering only a year ago consensus was we would need to import LNG and prostitute ourselves to russia, brazil and venizooailya.
Now none of these situations will be allowed to happen...peak oil is toast, the price trend is down and will remain so, for a very long time...
more Another 59 Billion barrels are envisioned from this little / NOT noticed Shale play extending South from Co to New Mexico....Oh MY. 3,600 sq miles of saturated shales....MY OH MY.
Landmen, calling all landmen, jobs, jobs jobs....
rigzone.com
More Facts
Current production North Dakota is 325,000 BOPD excluding these data below. There are 1,222 wells on the confidential list, up from 1,158 when last reported back in early May, 2011. Despite worst winter and spring weather ever....oil is shut in or the glut would be swamping every known site.
By month:
For June, 2011: there are still about 30 wells to come off the confidential list in June, 2011.
July, 2011: 92 wells will come off the list in July
August, 2011: 79 wells will come off the list in August
September, 2011: 93 wells will come off the list in September
October, 2011: 91 wells will come off the list in October
November, 2011: 78 wells will come off the list in November
By driller: |
