Crude Oil Set for First Monthly Advance in Three at Bloomberg.
“…KKR has committed to providing drilling carry equivalent to $25,000 per acre for the next 100 wells drilled on Comstock’s Eagle Ford shale acreage…” Penn Energy
“China’s state-controlled oil producers are targeting struggling energy companies and projects world-wide, opening up production that might not otherwise happen.” WSJ Also, “Saudi Arabia is on track to surpass its record oil output this year…” WSJ
“The report by Bentek Energy for the North Dakota Pipeline Authority estimated that current production of 536 million cubic feet of gas per day will balloon to 3.1 billion cubic feet per day by 2025.” Star Tribune Sounds like Bakken gas will displace U.S. Canadian imports, with Canadian gas heading to Asia through British Columbia as LNG. RBN Energy
“The glut of shale gas in the United States has been a double-edged sword for earnings this week, cutting into profit for producers such as Exxon Mobil and Chevron, but benefiting chemicals makers and power producers.” Reuters Additionally, I see the natural gas producers are continuing their ceiling test write-downs as they report results this morning.
“I think that the steady state equilibrium price for natural gas in the United States is probably somewhere between $4 and $4.50 an Mcf.” Jim Tisch on the Loews conference call. Invest accordingly.
The big money of environmentalism at CS Monitor.