Crude Consumption and Production

Oil Advances to 3-Month High Before Europe Debt Meetings at Bloomberg.

Demand destruction stunner:  “Oil consumption in July 2012 was 18.062 barrels per day–matching July 1995 levels.”  John Hanger

With 2011 Permian oil production of 767,000 bpd and Bentek estimating current Permian oil production near 1.29 million bpd, it seems the predicted 60% increase to 1.82 million bpd by year end 2016 is quite light.  Reuters

Projected Utica shale growth a ‘game changer’ for Ohio, speakers say at Ohio.

The refinery trade defined:  “U.S. oil refiners are benefiting from infrastructure bottlenecks.”  Globe and Mail

At some point the U.S. might want to stopping lolly-gagging and approve the Keystone XL Pipeline:  Mining.  “…overall, the idea of adding the value in Canada, developing, upgrading, processing, refining, our own natural resources is a good one.”  Financial Post

I maintain US natural gas drillers would destroy LNG pricing in short order if given the chance (IAR).  A pragmatic look at The Reality of Exporting LNG at Haynesville Play.

I’m still catching up, so while this is a almost a week old, energy was actually the second best performing sector over the last month:  All Star Charts.

Owning the right stocks is vital.  Robust oil prices and still ATP Oil & Gas Files for Bankruptcy Protection in Texas at Bloomberg.

Update:  In the next day or two Independent Stock Analysis looks to become a subscription website.

Oil & Gas Catch-Up

Oil Rises as European Leaders Prep for Debt Talks at Bloomberg.

The last headline I expected to see upon returning from holidayU.S., U.K. to Call for Strategic Petroleum Reserve Release?  Iacono ResearchDennis Gartman: Tapping SPR Could Drive Oil to New Highs on CNBC.

IEA sees oil market as ‘sufficiently supplied’ in the Oil & Gas Journal.  “US oil demand in July contracted by 2.7% from a year earlier…” also in the OGJ.

Brent and WTI Crude Oil Prices on the Rise at Bespoke.  “Crude oil inventories dropped for the third week in a row last week…” Bespoke.

North Dakota crude oil production continues to rise at the EIA.

Oil sands producers could feel squeeze in crowded market at Financial Post.

The rig count was down last week:  Haynesville Play.

Crude Oil and NGL Surpluses at RBN Energy.

Exxon, Qatar Petroleum JV looks to export U.S. natural gas at Reuters.

“…we would expect natural gas prices will still need to remain range bound between $2.50 and $3.25/Mcf to balance the gas equation through November.”  Raymond James.  You can be sure these thoughts on fuel switching we be a part of my afternoon coal post.

Expensive Oil

Oil Declines in New York Amid Signs of Higher U.S. Supply at Bloomberg.

June oil production in North Dakota was higher by 20k b/d over May and 71% higher year over year (June 2011 was weather depressed) (Mark Perry).  When the revised Texas numbers come out we’ll see an bigger party down there:  Mark Perry.

Mixed results in the Utica and not much oil:  Ohio.

Offshore oil rigs drilling deeper than ever at Globe and Mail.  Yes, new oil production to offset natural declines is very expensive.

China’s oil demand ebbs and flows.  Right now it’s soft.  Reuters.

Animation on the basics of horizontal drilling and fracking:  Business Insider.

This afternoon’s coal post will have the natural gas commentary.  Tomorrow morning I leave for a much needed few days off.  Feel free to search Independent Stock Analysis using the search button in the upper right corner.  Signing up by email or FeedBurner are options too.