U.S. oil & gas rig count falls for first week in seven -Baker Hughes
U.S. oil rigs fell 2 to 443 this week, while gas rigs rose 1 to 99. That was the first decline for oil rigs and the first increase in gas rigs since early September.
Elsewhere
Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 5 to 268 for week ending October 15. The frac count is up by 135 since the start of the year.
https://oilprice.com/Energy/Energy-Gene ... Weeks.html
It took nearly 38 months to add 3,300 DUCs, from June 2017 to July 2020, Freeman said. However, it took only 14 months, from July 2020 to August 2021, to return to the June 2017 total of 5,700.
...However, “drilling activity has severely lagged completion activity,” Freeman noted. For E&Ps, the “thought process is simple.” Completing DUCs requires a “fraction” of the capital spending required to sustain production compared to drilling and completing more wells. That in turn has allowed E&Ps to maintain their capital discipline, grow their free cash flow and improve investor distributions.
“This, however, begs the question about sustainability,” Freeman said. “How long can E&Ps rely overwhelmingly on DUCs as a low-cost alternative to drilling new wells? To date, The EIA DUC count has decreased 34% in just 14 months while month/month DUC decline rates have remained unchanged since May.”
https://www.naturalgasintel.com/lower-4 ... ble-delta/
Armageddon wrote:Does the US consume 20 MBPD of oil and only produce around 12mbpd?
AdamB wrote:I did think about it. Hence my response. Can you reference how many people are reverse mortaging their cars? Is that like borrowing against a car already paid off? And people are doing this...BY ACCIDENT?evil genius wrote: I worked with those people.
So...how did they not know that borrowing against their car was...borrowing against their car? Didn't they have to sign a paper or something, to allow at the least a lien to be initiated?
AirlinePilot wrote:Armageddon wrote:Does the US consume 20 MBPD of oil and only produce around 12mbpd?
From research I have done recently, US consumption of petroleum is about 18-19 mbpd and is growing slowly recently.
AirlinePilot wrote: I guess its not as simple as folks think, but big picture we still require imports to meet demand for finished products
here in the US.
HGLs and ethanol consumption have collectively grown from 2.6 million b/d in 2007 to 4.1 million b/d in 2019. The remaining portion of total petroleum and other liquids consumption—nearly all of which comes from petroleum refineries—has fallen from 18.0 million b/d in 2007 to 16.4 million b/d in 2019. In 2021, EIA forecasts that U.S. demand for principally refinery-produced products will average about 16.3 million b/d, similar to its 1997 level
Pops wrote:Depends on what "is" is, LOL
Pops wrote:Just saying "crude" glosses over what crude has become.
20 years ago refineries used oil an average API of 30º
Pops wrote:But all the new production is lighter The fracked shales produce light oil, and fracked wet gas lots of liquids that are even lighter.
AdamB wrote:evilgenius wrote:AdamB wrote:Polybius wrote:... a lot of the gig worker jobs in US actually pay net negative wages but in deperation the permanent and exponentially growing underclass of Americans are unwittingly reverse mortgaging away their own cars to pay themselves by essentially converting the accelerated depreciation of their vehicles assets into the illusion of an temporary income source....
Think about it, man. That is exactly what is happening. Just because you encounter this with disbelief doesn't mean it isn't happening.
I did think about it. Hence my response. Can you reference how many people are reverse mortaging their cars? Is that like borrowing against a car already paid off? And people are doing this...BY ACCIDENT?evil genius wrote: I worked with those people.
So...how did they not know that borrowing against their car was...borrowing against their car? Didn't they have to sign a paper or something, to allow at the least a lien to be initiated?
Bloomberg:
One type of crude from America’s most prolific shale patch is having its moment, riding on the coattails of the global winter fuels crunch that has caused massive price rallies.
West Texas Light, a relatively new grade in the Permian Basin, is seeing a demand surge in recent weeks as buyers snap it up partly for its rich content of propane, a heating fuel that has shot up in value.
https://www.bloomberg.com/news/articles ... f=fyhEsXfZ
Pops wrote:I've been looking for a breakdown of production by API to compare current with historic but can only find it back to 2015. As well, I don't find exports by API.
.
JuanP wrote:I read that some OPEC countries, particularly Nigeria and Angola, are unable to increase oil production to meet their shares of the new OPEC+ production agreement.
Should we create a thread called 'The 2021/2022 Global Energy Crisis'? There are oil, gas, coal, and electricity shortages all over the world right now, and they won't get better any time soon.
Armageddon wrote:JuanP wrote:I read that some OPEC countries, particularly Nigeria and Angola, are unable to increase oil production to meet their shares of the new OPEC+ production agreement.
Should we create a thread called 'The 2021/2022 Global Energy Crisis'? There are oil, gas, coal, and electricity shortages all over the world right now, and they won't get better any time soon.
The US supplied 80% of the worlds oil production increase the past 10 years with its shale. With that party ending, the energy cliff is upon us.
Outcast_Searcher wrote:Armageddon wrote:JuanP wrote:I read that some OPEC countries, particularly Nigeria and Angola, are unable to increase oil production to meet their shares of the new OPEC+ production agreement.
Should we create a thread called 'The 2021/2022 Global Energy Crisis'? There are oil, gas, coal, and electricity shortages all over the world right now, and they won't get better any time soon.
The US supplied 80% of the worlds oil production increase the past 10 years with its shale. With that party ending, the energy cliff is upon us.
Given your track record, I believe your predictions NOT AT ALL.
OTOH, when prices rise enough to spur investment in more fracking (bringing abandoned areas due to Covid-19 back online), things should be back to normal. Or OPEC / KSA starts massive over-production again, where prices come way down.
But as usual, you have constant short term doom to sell, despite being shown to be constantly wrong over time.
JuanP wrote:I read that some OPEC countries, particularly Nigeria and Angola, are unable to increase oil production to meet their shares of the new OPEC+ production agreement.
JuanP wrote:Should we create a thread called 'The 2021/2022 Global Energy Crisis'? There are oil, gas, coal, and electricity shortages all over the world right now, and they won't get better any time soon.
Armageddon wrote: With that party ending, the energy cliff is upon us.
Revi wrote:Your graph is all projection Adam B.
Revi wrote:What if I told you that the weather in the north is going to get warmer and warmer until the end of the year based on the way it's been warming up since January? The slight downward turn lately is just an anomaly.
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