How they ever let them involved in refining is out of their mind..They are doing just what they set out to do, destroy our Oil and Gas industry..
Want to bet Congress does nothing.. See what happens when you let the Saudis into our back yard. This is an outrage .. They must be stopped ..
There's a very good chance we are in the early stages of a cup and handle formation. To 7/7.50 area . Probably a dip to form the handle then onward to 8.50 to 10.00.. Should all take place within 2 months..
There's a lot of info that will help you. Starting with their 2nd quarter production and hedges and why they came in at .09.( CHK had better hedging and a much higher percentage.) Going onto their hedges next year which was a shock to me. They also made a statement that they wanted to leave the upside open for higher prices. You will find many graphs on production curves which I found interesting and the fact that they will be increasing drilling activity by using only the money they have in cash and will not use their line of credit. You will also find another graph on US production and usage/demand for Gas and it seems every time production goes down probably from over-supply demand increases. Looks like demand is about to go parabolic. The problem with the chart is that over time supply and demand have less of a distance between them and one can only speculate as to what happens when that line gets crossed. If it ever does.
The number of dormant crude and natural gas wells in the U.S. stopped growing in the first quarter -- and may all but disappear in the nation’s biggest oil field should prices hold steady.
As of April 1, there were 4,230 wells left idle after being drilled, a figure little changed from January, according to an analysis by Bloomberg Intelligence. While some explorers have continued to grow their fracklog of drilled but not yet hydraulically fractured wells, others began tapping them in February as oil prices rose, the report showed.
Crude in the $40- to $50-a-barrel range may wipe out most of the fracklog in Texas’s Permian Basin and as much as 70 percent of the inventory in its Eagle Ford play by the end of 2017, according to Bloomberg Intelligence analyst Andrew Cosgrove. While bringing them online is the cheapest way of taking advantage of higher prices, the wave of new supply also threatens to kill the fragile recovery that oil and gas markets have seen so far this year.
“We think that by the end of the third quarter, beginning of the fourth quarter, the bullish catalyst of falling U.S. production will be all but gone,” Cosgrove said in an interview Thursday. “You’ll start to see U.S. production flat lining.”
They sure are making it hard to post and reply..Frustrating.. I see the perfect storm ahead... Depletion rates accelerating ..Hot summer ..Exporting due to rise significantly .. More electric plants being commissioned weekly. The only thing that's lacking is more usage in the auto industry. Once they get that pipeline into NE built you can kiss the importing from Trinidad goodbye which right now matches the exporting that's being done.
Still early but if the Ice keeps melting like it did then especially over Alaska storms will migrate over the open waters and plow down into the upper midwest and drag the polar vortex down with it. Still needs to melt a lot more but it has a good start.
Seems SWN didn't have decent hedges. 2nd quarter 29% hedged at 2.44. Looking at that number CHK should have a better outcome with at most single digit loss to a dbl digit profit.
GW do you know without looking what they were hedged for going into earnings.? 2016 hedges..
Gets you frustrated ..Seems They all upgrade one day to hear bad news the next. Then they post bad news and the stocks runs. You can't trust the paid for Media these days. The charts are very trustworthy though especially when they repeat.
scuse my typos... Missed a lot of 's and can't instead of Can. I am sure you guys read typo and know..
He said the chart mirrored 2008/2009's chart. Then he went off base by saying it looks like it may dip to 41.00. In 2008/2009 after resting it continued up. He did mention that but he thinks it will dip, Now why would he bring up that it mirrored the movement in 2008/2009 if he didn't think it would continue to do so which is what I saw. I think it will still mirror the chart and push for 60.00 and beyond. There are too many rigs that were Idle and depletion's are inevitable. China may have good news for a change and there is always the chance of unrest around the world which seems to show up at regular intervals. Then you think ahead with Nat Gas and the hot weather. Sabine Pass is expanding and Cove Point will be ready to go in early 2017. The only gas plays that haven't dropped in production in the Utica and that about to change according to the EIA. What's been lacking in News is the Nat Gas Depletion which in my opinion should be a lot bigger and will surface with a vengeance. You can Idle that many rigs and keep production up for anything over 6 months. It has to show up and it's way over due.
The latest American Petroleum Institute (API) weekly inventory data recorded a draw of 2.3mn barrels, which was close to the expected draw of around 2.0mn barrels and following the unexpected build of 2.2mn barrels reported last week. The further build in gasoline stocks will maintain market concerns over product over-supply and hamper underlying crude prices.
Cushing stocks fell by 74,000 barrels, which was relatively close to Monday’s Genscape estimate that inventories at the Cushing facility increased marginally in the latest week.
There was a further build of gasoline stocks of 0.8mn following the build of 1.5mn last week, which will maintain fears surrounding gasoline over-supply although distillates inventories fell by 0.5mn barrels, which will ease overall product fears slightly.
Oil briefly moved higher on early US trading on Tuesday, but spot prices failed to hold above $45.0 p/b and retreated back towards $44.50 later in the US session. Prices were undermined by persistent over-supply fears and unease surrounding global growth trends as the IMF cut its global growth forecasts. A suspension of some Libyan crude exports helped cushion sentiment to some extent.
There were fresh expectations that US crude production would fall as the Energy Information Administration (EIA) forecast this week that production in seven key US shale regions would continue to decline in August.
There have, however, been further concerns surrounding oversupply in refined products with a notable focus on gasoline with prices unable to make headway despite strong seasonal demand.
From around $44.60 ahead of the data, WTI dipped lower to below $44.50 immediately after the data, but then recovered ground in choppy conditions with slight net losses. The EIA data on Wednesday will be watched closely with another draw expected of around 2.2mn barrels, which would be the ninth consecutive week of declines after last week’s 2.5mn draw.
Seems to have formed a base after a run and dip and is ready to do a 2nd leg up which is normally the biggest up tick.