Comments not related to oil and natural gas production in this thread please.
EIA’s Electric Power Monthly – April 2020 Edition with data for February 2020
A Guest Post by Islandboy
The EIA released the latest edition of their Electric Power Monthly on April 24th, with data for February 2020. The table above shows the percentage contribution of the main fuel sources to two decimal places for the last two months and the year 2020 to date. Read More
Is November 2019 the New US Peak Oil Date?
A post by Ovi at peakoilbarrel.
Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately the EIA also has some forward looking reports that make use of more current data to provide projections for a few months out. Also the EIA has a guesstimate for weekly oil output which certainly provides an indication of the direction of production over the next month. Also there are reports on rig counts that indicate activity in oil basins and provide clues on where oil output is going. Down, Down, Down.
Read MoreNon-OPEC Oil Production Punches New High
A post by Ovi at peakoilbarrel
As I wrote in my previous post, preparing these last two has been a surrealistic exercise. The oil market environment for this post has been even more surrealistic than the previous one and the associated futures contract prices have been extremely volatile this week. The May WTI front month contract went negative on April 20 for the first time ever and closed at negative $37.63/bbl while the June contract closed at $20.43. Today’s settled price, April 24, for the June contract is $16.94.
On April 7th, OPEC + finalized a record oil production cut of 9.7 Mb/d after days of discussion. The 9.7 million bpd cut will begin on May 1 and will extend through the end of June. The cuts will then taper to 7.7 million bpd from July through the end of 2020, and 5.8 million bpd from January 2021 through April 2022. The 23-nation group will meet again on June 10 to determine if further action is needed.
The lone hold out to the deal was Mexico which was expected to cut 400 kb/d but would only agree to 100 kb/d. This was a real Mexican standoff and Mexico won because they had hedged their oil output and the more the price dropped, the more they made on their hedges. According to this report, they hedged their oil at $49/bbl in January. It was unclear how many barrels were hedged or how much was spent.
Read MoreOpen Thread Non-Petroleum, April 24, 2020
Comments not directly related to oil and natural gas production should be in this thread. Thank you.