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Oil prices have moved into ‘super contango’ thumbnail

Oil prices have moved into ‘super contango’

It looks to be a volatile final few weeks for crude oil prices. So far, the low for WTI oil prices in 2015 of $37.75 a barrel set in August stands as the low price point -- but not for long. There is a global supply glut, not just of crude oil, but, increasingly, refined products that will likely break the back of price support in the market, sending oil prices into a holiday plunge. So much so, land based storage tanks are filling up and increasing numbers of volumes are being stored on tankers. A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma. In a recent report, the International Energy Agency highlighted the fact that global inventories of all petroleum products were at 3 billion barrels, which was a record. And just over 2 ...

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subMedia smoothie

A smooth blend of juicy videos from subMedia.tv’s riotous first decade of anarchist video making.

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What it costs to produce a barrel of oil

Everyone in the energy industry is suffering as crude oil prices have slumped. But some oil producing countries are hurting more than others. In the United Kingdom, it costs $52.50 to produce a barrel of oil -- which is trading right now around $42. Oil production in Brazil costs nearly $49 per barrel. Production costs around $41 a barrel in Canada. In the United States, production costs are $36 a barrel -- still below the trading price. Those findings are from Rystad Energy's UCube database, which has information from roughly 65,000 oil and gas fields around the world. Of course, it's hard to make money when the cost of producing oil is higher than the sales price. It's no secret that many major energy companies have already announced a range of cut backs in high-cost countries. On the other side of the coin, Saudia Arabia and Kuwait ...

Driving in the US is at an all-time high thumbnail

Driving in the US is at an all-time high

Remember peak car? Over the past five years, various analysts and writers have been wondering whether driving in the United States might finally be going out of style. Their reasons: Overall road travel has been dropping since 2008. And there was at least anecdotal evidence that younger Americans preferred city life to suburban sprawl. Well... it's time to revise those think pieces. This year, Americans are driving more than they ever have before. Peak car isn't upon us just yet. Let's start with this chart, from Bill McBride of Calculated Risk. Total vehicle miles traveled has been surging of late, with the 12-month rolling average hitting another all-time high in September 2015: (Bill McBride/Calculated Risk)The rate of growth has been particularly striking: In September 2015, vehicle travel on all roads and streets was fully 4.3 percent higher than in September 2014. Over the past year, as Reuters' John ...

General Ideas

Let’s be thankful that now is a fantastic time to be alive

Thanksgiving celebrates human cooperation. And even though the European colonization of America was not exactly a cooperative venture, the inaugural 1621 Plymouth Thanksgiving feast certainly was. That historical reality reminds us why Thanksgiving is worth celebrating today — that one of humanity’s best traits is our ability to take something dark and make it bright. Today is an opportunity to give thanks for a wonderful fact: In all of human history, there has never been a better time to be alive than right now. This might seem an odd thing to say at the moment. War, terrorism, poverty, political repression and hunger plague many countries. The most recent wounds, inflicted in Paris, Syria and elsewhere, are still fresh. But life is improving in unprecedented ways. Over the past century or so, the typical American’s income has grown sixfold. Life expectancy increased 30 years ...

Daniel Yergin: US shale boom shaking up the global energy order thumbnail

Daniel Yergin: US shale boom shaking up the global energy order

TOKYO Oil prices remain stuck at low levels, unaffected by the waves of risk washing over the world amid mounting geopolitical tension. What is driving that trend, and how long will it last? The Nikkei Asian Review put these and other questions to Daniel Yergin, vice chairman of research company IHS and a world-renowned expert on oil prices. Why are oil prices so low? There are two continuing puzzles about the price collapse. First, the 50% fall in prices has not been the global economic stimulus that might have been expected. The second puzzle concerns geopolitics. The oil market is usually very sensitive to geopolitics. Geopolitical risk is high now: The Middle East is in crisis. Relations with Russia are tense and the standoff in Syria makes things even more dangerous. Meanwhile, tensions are rising in the South China Sea. Yet none of ...


Saudis surge oil output even as prices drop

Saudi Arabia has raced ahead of Russia to become the world's leading oil producer, Sputnik news agency has quoted a the Emirati news website Aliqtisadi as saying in a report on Wednesday. Although oil prices are at a multi-year low, Saudi Arabia has ramped up production, offering discounts to buyers as it aims to drive up its market share. Saudi Arabia previously said that it would use its position in OPEC to support high prices. In the first nine months of 2015, Saudi Arabia produced around 10.19 million barrels per day, compared to Russia's 10.12 million. Over the same nine-month period, global oil production grew by 1.8 percent, even as oil prices fell by over 15 percent over nine months and a total of 60 percent since they peaked in June 2014. Saudi Arabia's previous all-time production peak was in 2012, when Brent oil cost around $112 per barrel, compared to $46 today, Sputnik news agency reported. Oil prices retreated Wednesday as official data revealed another ...

A Surprising Look At Oil Consumption thumbnail

A Surprising Look At Oil Consumption

The EIA publishes oil consumption numbers for all major nations. However, they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless, a lot can be gleaned from just looking at those consumption numbers. If oil consumption numbers are growing year after year, then there is a good chance that the nation is growing economically. But if oil consumption numbers are continually declining year after year, then it is more than a little silly to say all is well, economically, with that nation. Or that is my opinion anyway. First, whose oil consumption is increasing year after year, and whose economy is booming? All charts below show consumption as total liquids in thousand barrels per day. Some charts are through 2014, while others are through 2013. Whatever the last year is on the ...


Russia Halts Natural Gas Supplies to Ukraine

Gazprom will resume supply when Ukraine pays for more fuel Ukraine said no need for Russian gas now given low consumption Russia halted natural gas supplies to Ukraine after its western neighbor said it wouldn’t buy more this year amid ample supply. Ukraine’s NAK Naftogaz Ukrainy received its final prepaid volumes of Russian gas on Wednesday, Alexey Miller, chief executive officer of Gazprom PJSC, said in a statement, warning that the halt could threaten supplies to the rest of Europe during freezing weather. The European Commission said transit isn’t a concern at the moment, while Ukraine said it will keep shipping fuel to Europe strictly in line with the transit contract. “During the past 18 months, we have demonstrated that we can ensure stable transmission of Russian gas regardless of whether we get it for Ukraine or not, both in the summer and the winter seasons,” ...

Home, Sweet Kleptocracy thumbnail

Home, Sweet Kleptocracy

A top government official with energy industry holdings huddles in secret with oil company executives to work out the details of a potentially lucrative “national energy policy.” Later, that same official steers billions of government dollars to his former oil-field services company. Well-paid elected representatives act with impunity, routinely trading government contracts and other favors for millions of dollars. Meanwhile, ordinary citizens live in fear of venal police forces that suck them dry by charging fees for services, throwing them in jail when they can’t pay arbitrary fines or selling their court “debts” to private companies. Sometimes the police just take people’s life savings leaving them with no recourse whatsoever. Sometimes they steal and deal drugs on the side. Meanwhile, the country’s infrastructure crumbles. Bridges collapse, or take a quarter-century to fix after a natural disaster, or (despite millions spent) ...

Business Saudi Aramco seeks discounts on drilling
State-run Saudi Aramco has asked oilfield service companies to extend discounts to next year ...
ITER nuclear fusion energy test a decade away thumbnail ITER nuclear fusion energy test a decade away
Humanity will wait 10 years for a major trial of a different form of ...
The Revision of China’s Energy and Coal Consumption Data thumbnail The Revision of China’s Energy and Coal Consumption Data
The New York Times has recently carried two important stories on China’s coal consumption, indicating that ...
Hedge Fund Short Positions And Oil Prices In 2015 thumbnail Hedge Fund Short Positions And Oil Prices In 2015
U.S. oil prices have cycled between $40 and $60 per barrel since the start ...

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#peakoil Oil prices have moved into ‘super contango’: It looks to be a volatile final few weeks for crude oil ... bit.ly/1TbyxVP

Soon #CHRISTIAN WOMEN will learn Y MEN are ignoring #USURY which is treason. PS #Muslim #Arabs understand the scam. Xx #PeakOil @csmonitor

#peakoil Meat needs to be on the climate negotiating table - Treehugger: TreehuggerMeat needs to be on the cli... tinyurl.com/qzzw7gg

#peakoil What to do: Refugee info session, curling, first time stories and The Tenors - Ottawa Citizen: What t... tinyurl.com/oydf5te

#peakoil Locavore or vegetarian? What's the best way to reduce climate impact of food? - Scroll.in: Scroll.inL... bit.ly/1Pfpx3W