Oil Falls to Six-Week Low on China Slowdown, Supply Surge at Bloomberg.
Iran’s oil minister says crude exports rebounding at Fuel Fix.
“Existing technology and government policies can cut vehicles’ fuel needs in half by 2030, according to a report from the International Energy Agency released Wednesday.” (Fuel Fix) Western world oil demand may be in terminal decline, but not Asia (index mundi)!
Meanwhile, the Saudi’s used a record amount of expensive crude to generate electricity this summer (Reuters).
Oil rig count drops sharply in North Dakota: regulator at Reuters. Not quite: First, this is not new info. 1) 214 to 194 is not sharp. 2) Drilling days per rig continues to fall (efficiency gains) 3) The move to pad drilling is the driver in the rig decline. 4) The lower rig count will not quickly lead to a fall in production as asserted.
Interestiningly, after yesterday’s first look at the rails Norfolk Southern (NSC) chopped its outlook on coal. The group should get beat up today.