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The U.S. oil boom is moving to a level not seen in 45 years




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MYRAP. SAEFONG

MARKETS/COMMODITIES REPORTER


​

SAN FRANCISCO (MarketWatch) — U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy.
If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies.
The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970.
Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information Administration, also going back to the 1970s.
The staggering pace of production from shale drilling and hydraulic fracturing have been blamed for the 46% drop in crude prices CLK5, +3.74% last year. But reaching so-called peak production may translate into a return to higher oil prices as supplies begin to thin.

http://www.marketwatch.com/story/th...ng-to-a-level-not-seen-in-45-years-2015-04-03


 
[TABLE="class: tablewrapper"]
[TR]
[TD="class: econo-reportname, colspan: 2"]EIA Petroleum Status Report
[/TD]
[/TR]
[TR]
[TD="colspan: 2"]

Economic Calendar - Bloomberg [TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		Prior
Actual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 4/15/2015 10:30:00 AM For wk4/10, 2015
[/TD]

[TD="class: actual_consensus_box_numbers"]10.9 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] 1.3 M barrels
[/TD]

[TD="class: actual_consensus_box_numbers"]0.8 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] -2.1 M barrels
[/TD]

[TD="class: actual_consensus_box_numbers"]-0.3 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] 2.0 M barrels
[/TD]
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]
 
For almost the whole month of March gas hovered around $2.29. Then just before Easter gas was dropping as low as $2.15. The Monday after Easter gas jumped to $2.49. It has slowly dropped to near $2.29 again. What a joke.
 
Oil has been surging hard lately. Gas for under $3 might not last long, eh?

On the bright side I bought some PES lately and that stock's been exploding. No complaints here. I guess that play is sorta hedging against gas going up :)
 
nasa1974 said:
For almost the whole month of March gas hovered around $2.29. Then just before Easter gas was dropping as low as $2.15. The Monday after Easter gas jumped to $2.49. It has slowly dropped to near $2.29 again. What a joke.
Click to expand...


It was $2.49 to $2.59 on the way home yesterday. ;swear
 
Filled up at $2.65 the other day, and then went right down the road and saw $2.59. Oh well...

Downloaded the "Gas Buddy" app on my phone to tell me about the areas cheapest gas stations to fill up at. Give it a try, it's helped me out a lot. Just not this week when I was in a hurry and low on gas. :/
 
Here is a question for you Nnuut:

What would you expect oil prices to do, if the nuke deal with Iran is done, and all the existing sanctions on Iran are lifted?

What will be the affect on oil prices if Iran can suddenly sell as much oil on the open market as it wants, and western oil companies can come in and start drilling in Iran?
http://www.eia.gov/countries/country-data.cfm?fips=ir


I'm curious - what do you think of that?
 
James48843 said:
Here is a question for you Nnuut:

What would you expect oil prices to do, if the nuke deal with Iran is done, and all the existing sanctions on Iran are lifted?

What will be the affect on oil prices if Iran can suddenly sell as much oil on the open market as it wants, and western oil companies can come in and start drilling in Iran?
U.S. Energy Information Administration (EIA)


I'm curious - what do you think of that?
Click to expand...

I'm not smart enough to answer that question, why don't you give it a try?:cool:
 
I feel bad for those people who went out and bought gas guzzling SUV's thinking this crash in oil prices was permanent.

If the oil industry knows they can charge $120/barrel and people will still buy, there's no reason to believe it won't go back there.
 
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