Energy

A summery of OPEC’s monthly May report, including:  “Non-OPEC global supply is expected to grow by 600,000 barrels/day this year, primarily due to increased production in the US.” Also, “The report also noted that the oil market has moved back into contango, a market state in which futures prices are higher than the current spot price.”  Pragmatic Capitalism

Broader highlights from EOG’s conference call,  including this on the Bakken:  “”The Bakken/Three Forks is our upside surprise to the quarter, and we’re considerably more optimistic about the next 10 years of this playthan we were a year ago.”…”Some of our technical people that are optimistic about the waterflood have a theory that the reason we’ve doubled the production in the older wells is that we’ve in fact done a mini waterflood with the frac. So that’s one theory anyway.” — this is one of the most interesting things to come out of this conference call.””  From Million Dollar Way

Price Waterhouse Coopers on the economic benefits of shale gas titled, Shale Gas: A renaissance in US manufacturing?  PWC

Eagle Ford economic impact:  CCBR via Mark Perry

Shale gas in China.  Reuters