It will be interesting to see if they overshoot the EIA inventory increase as they did last week by almost a factor of 2.
The 'Weekly Statistical Bullentin' is published weekly every Tuesday afternoon (published Wednesday afternoon in the event of a Monday holiday).
U.S. crude oil refinery inputs averaged about 15.6 million barrels per day during the
week ending February 6, 2015, 20,000 barrels per day more than the previous week’s
U.S. crude oil imports averaged 7.3 million barrels per day last week, down by 101,000
barrels per day from the previous week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 4.9 million barrels from the previous week. At 417.9 million
barrels, U.S. crude oil inventories are at the highest level for this time of year in at least
the last 80 years
Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development (OECD) may approach a record 2.83 billion barrels by mid-2015, said the IEA, advisor on energy policy to a group of Western nations.
"The IEA report is a good reminder that there's still a lot of supply to come and it doesn't give much hope for the bulls who say we've hit bottom and are now on the way up."
While the supply-demand balance in oil was expected to tighten by end-2015, the IEA cautioned that "downward market pressures may not have run their course just yet."
The IEA also predicted that demand for oil from the Organization of the Petroleum Exporting Countries (OPEC) will hold at 29.4 million barrels per day (bpd) this year, and said U.S. shale oil output growth will pause before regaining momentum.
' USO tracks near month crude oil futures, swapping out contracts within two weeks of expiration for the next month contract. '
No USO doesn't do 12 month out contract rolls. Just wanted to give an annualized figure for the roll cost as some might think a 1.5% month over month roll cost might not sound so bad.
Due to the fact that successive monthly WTI contracts are each more expensive than their predecessor (in contango) there is a cost to rolling front month contracts forward as USO does. The roll cost for March to April is 1.5% The roll cost from March 2015 to March 2016 is 17.9 (62.34 - 52.86)/52.86 = .1793. This WTI contango reflects higher storage costs as storage nears capacity.
Inventories are at an 80-year high standing at 413 million barrels and the production rate just went up this week to 288,000 barrels per day more than the previous week’s average. I don't see the case for going long on WTI at this time.
Boehner invites Netanyahu to meddle in U.S. foreign policy in an effort to undermine nuclear talks underway with Iran. But that doesn't concern you because your loyalties are aligned with the zionist regime in Israel.
as of late 2013, CCS had never been successfully implemented on a commercial scale due to a number of environmental and health problems caused at test sites. In Australia in 2014 the Government filed charges over alleged serious environmental harm stemming from Linc Energy's pilot Underground Coal Gasification plant near Chinchilla in the Queensland’s foodbowl of the Darling Downs.
Meanwhile, as an article in the Bulletin of Atomic Sciences pointed out in March 2010, UCG could result in massive carbon emissions. “If an additional 4 trillion tonnes [of coal] were extracted without the use of carbon capture or other mitigation technologies atmospheric carbon-dioxide levels could quadruple,” the article says, “resulting in a global mean temperature increase of between 5 and 10 degrees Celsius.”
Ground water contamination is also a byproduct of this method.
Some questions: Who in their right mind would pay $6 for a share of a company who's undiluted shares trade at $2.60? That's a 230% premium. Do you realize any secondary offering would dilute equity share of each currently existing share thus reducing the price per share as a function of the size (number of new shares) of the offering?
Up 7.3% on 2x volume. Delta reported a $712 million loss after taking $1.4 billion in special charges, mostly hedging losses.
Can that 18% warning be all there is to this drop?
This is how Icahn makes a living. Trumpeting what he just bought and profiting off those chasing after him.
But earnings expectations for 2015 have been slashed by 56%. So the drop though sharp seems in line with the drop in earning expectations. I don't see a rebound in the production of oil from tar sands until the oil price war is over. The pain for high margin oil production is just getting underway.