Oil Rises From Three-Week Low on Forecasts U.S. Hiring Increased at Bloomberg.
The Eagle Ford rig count is 270, a good 50+ higher than the Bakken with more productive geology. Eagle Ford Shale
PXP Eagle Ford “second-quarter daily sales volumes averaged 25.7 thousand BOE per day net to PXP compared to second-quarter 2011 average daily sales volumes of 2.3 thousand BOE per day net to PXP.” Results
“Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proved reserves estimates in 1977.” And it’s only accelerated since. EIA
How high would oil prices be without the US horizontal drilling bonanza? Pemex Reports Production Declines again at E&P Magazine.
A large swatch of the developing world still uses expensive oil products for electricity generation. India sucks in diesel as poor monsoon triggers massive power shortage at Platts.
“For the first time, London is overtaking New York as the global hub for trading oil futures.” Financial Post