Robert Boslego Archives - Page 8 of 34

World Oil Supply And Price Outlook, June 2020

Posted on June 12, 2020June 12, 2020 by Robert Boslego

The Energy Information Administration released its Short-Term Energy Outlook for June, and it shows that OECD oil inventories likely bottomed June 2018 at 2.802 billion barrels. It estimated stocks built by 94 million barrels in May to end at 3.358 billion, 442 million barrels higher than a year ago.

For 2020, OECD inventories are projected to build by 243 million barrels to 3.133 billion. For 2021 it forecasts that stocks will draw by 273 million barrels to end the year at 2.860 billion.

The EIA forecast was made after the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, June 2020" →

U.S. Crude Oil Production Peaked In November

Posted on June 3, 2020 by Robert Boslego

The Energy Information Administration reported that March crude oil production averaged 12.716 million barrels per day (mmbd), down 28,000 b/d from February. Reductions occurred in the Gulf of Mexico (41,000 b/d) North Dakota (19,000 b/d), and Colorado (13,000 b/d). Because of the oil price war and demand destruction, the collapse in oil prices likely undercut output in March, but the substantial drop in production started in April.

Texas production rose by 67,000 b/d to an all-time high of 5.422 mmbd.

The gains from last April were still 824,000 b/d. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply fell 490,000 b/d from a year ago. Continue reading "U.S. Crude Oil Production Peaked In November" →

U.S. Crude Inventories Continue To Climb

Posted on May 31, 2020May 30, 2020 by Robert Boslego

According to the Energy Information Administration, U.S. crude inventories (excluding SPR) built by 14.9 million barrels last week to 1.415 billion, whereas SPR stock built by 2.1 million. They stand 129 mmb above the rising, rolling 5-year average and about 129 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 356 mmb above that average.

Crude Production

Production averaged 11.400 mmbd last week, down 100,000 b/d from the prior week, and 11.600 mmbd over the past 4 weeks, off 4.9 % v. a year ago. In the year-to-date, crude production averaged 12.580 mmbd, up 4.2 % v. last year, about 500,000 barrels per day higher than a year ago. Continue reading "U.S. Crude Inventories Continue To Climb" →

World Oil Supply And Price Outlook, May 2020

Posted on May 13, 2020 by Robert Boslego

The Energy Information Administration released its Short-Term Energy Outlook for May, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.802 billion barrels. It estimated stocks built by 267 million barrels in April to end at 3.352 billion, 488 million barrels higher than a year ago.

The EIA estimated global oil production at 99.15 million barrels per day (mmbd) for April, compared to global oil consumption of 76.34 mmbd. That implies an oversupply of 22.81 mmbd or 684 million barrels for the month. A figure never experienced in history.

For 2020, OECD inventories are projected to build by 347 million barrels to 3.351 billion. For 2021 it forecasts that stocks will draw by 227 million barrels to end the year at 3.007 billion.

The EIA forecast was made to incorporate the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, May 2020" →

U.S. Crude Oil Production Peaked In February

Posted on May 5, 2020May 4, 2020 by Robert Boslego

The Energy Information Administration reported that February crude oil production averaged 12.833 million barrels per day (mmbd), up,000 b/d from November. Reductions occurred in the Gulf of Mexico (87,000 b/d). Because of the oil price war and demand destruction, the collapse in oil prices likely undercut output in March, making February the peak in U.S. production.

Output rise in the Gulf of Mexico (41,000 b/d), New Mexico (37,000 b/d), North Dakota (27,000 b/d), and Oklahoma (27,000 b/d). Texas production fell by 5,000 b/d from its January all-time high.

The gains from last March have amounted 1.164 mmb/d. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply fell 390,000 b/d from a year ago. Continue reading "U.S. Crude Oil Production Peaked In February" →

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