Will the market weakness remain contained or is it the start of something deeper? Chess One wildly bullish cycles commentator is calling for a bottom: Toby Connor. Meanwhile, futures are strong this morning as Oil Rebounds After Five-Day Loss on U.S. Outlook, Japan at Bloomberg.
“U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.” Mark Perry In not understanding the difference between oil and natural gas liquids, even more excitement at the WSJ.
“The price oil sands producers receive fell to $48 a barrel below the international benchmark after a $4.50 or 21% widening to $25.00 of the spread between the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil – and US crude.” Mining
Oil and product storage charts: BMO.
Oil Refining’s Fortunes Rise from the NY Times.
Long term, the large mostly untapped opportunity for natural gas is the transportation market: “Iran, with the world’s second-largest natural gas reserves after Russia, in 2011 became the world leader in natural gas vehicles with some 2.9 million on the road, narrowly edging Pakistan, which is trailed by Argentina, Brazil and India, respectively. (The United States, which does not subsidize and promote the fuel like other countries do, ranks 16th.)” NY Times
“There are about 120,000 NGVs on U.S. roads today and more than 15.2 million worldwide.” NGV America