Oil is $1.25 higher as I type: Bloomberg.
Twenty four pages of goodness: “The total North American hydrocarbon resource base is more than four times greater than all the resources extant in the Middle East.” at National Journal with another hat tip to Million Dollar Way.
More short term, EIA cuts global oil demand forecast on slower economy at the Financial Post.
“Saudi Arabia is currently producing 10 million barrels a day” and “The Kingdom is showing little sign it plans to cut output” at the WSJ.
“(O)il production from the Permian has increased fairly steadily over the past few years, reaching the 1 million barrels per day (bbl/d) threshold in late 2011” from the EIA.
Northern Oil is another U.S. E&P, but the first Bakken guy, to report big Q2 production numbers: Northern Oil.
Natural Gas Year in Review: “Natural gas production grew by 7.9 percent in 2011 (vs consumption growth of 2.6%), with large gains in onshore production offsetting continuing declines in the Gulf of Mexico. Production grew despite a year over year decline in prices. Growth in the electric power and industrial sectors drove overall increases in total consumption. Strength in domestic supplies, as well as mild weather in the fourth quarter of the year, reduced the need for pipeline imports, while pipeline exports from the U.S. to Mexico increased substantially.” EIA
If natural gas prices ever recover, ISA thinks the depressed coal sector would be the big winner. This is something we’ll be looking at much more closely.
Off topic: Securitization of solar panels may sound like a great idea, yet too many things can go wrong and expect it to end badly: Bloomberg.