Oil & Gas

Oil Trades Below $90 a Barrel a Third Day on Supply Gain at Bloomberg.

US, Europe face distillates shortages heading into winter: BofA Merrill Lynch at Platts.  Also, gasoline stocks are at the low of their five year range, though crude inventory is quite high.

Pop quiz:  Is this bullish or bearish?  “China’s apparent oil demand* fell for the first time in three years in June, dropping 1.9% year on year…”  Platts

“North Dakota Department of Mineral Resources director Lynn Helms says as much as 40 percent of the state’s oil exports are being shipped by train” at Fuel FixHow Indian Farmers are Making Millions from the Fracking Boom at Oil Price.

“It is telling that even as near-term gas futures have risen sharply, prices further out haven’t. No sooner will we be through this scorching summer than gas bulls will be praying for a freezing winter.”  You’ll have to google the title at the WSJ.

“Total output from shale formations in the continental U.S. averaged 25.58 billion cubic feet a day in May, 24 percent higher than a year earlier…”  Fuel Fix  Search for liquids pushes US gas out put higher at Petroleum Economist.

“In spite of a significant drop in Barnett Shale rig activity as a result of the low price of natural gas, production has remained relatively stable…”  SNL