Awl Bidness

[thør]

Supposed to be a fat hog.

 

[thør]

Umiat isn't dead.

The guy who runs the lodge out there just pumps sweet crude out of one of the old wells to run his generator and vehicles.

 

[trysail]

For those who don't believe there's a relationship between the cost of crude and the pump price of gasoline and for those who believe there's no competition in the industry:



https://fred.stlouisfed.org/graph/fredgraph.png?g=eTiz




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[trysail]

https://farm5.staticflickr.com/4400/36409129133_66b6f9e583_z.jpg

World coal consumption (1990-2040)
by U.S. Energy Information Administration, on Flickr



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World petroleum and other liquids consumption (1990-2040)
by U.S. Energy Information Administration, on Flickr



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World natural gas consumption (1990-2040)
by U.S. Energy Information Administration, on Flickr



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[trysail]

In EIA’s latest update of state gasoline and diesel fuel taxes data, the simple average of taxes and fees on gasoline levied by the states and the District of Columbia in effect as of July 1, 2017, was 27.9 cents per gallon (¢/gal), up 4.5% from the same time last year. These taxes and fees range from a low of 8.95 ¢/gal in Alaska to a high of 59.3 ¢/gal in Pennsylvania. Gasoline buyers in the United States pay these taxes at the pump in addition to the federal tax of 18.4 ¢/gal, which has remained unchanged since 1993...

-U.S. Energy Information Administration​

https://farm5.staticflickr.com/4475/37441527942_6c8817666f_z.jpg

State taxes and fees on gasoline (as of July 1 2017)
by U.S. Energy Information Administration

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[trysail]

https://farm5.staticflickr.com/4474/36824952054_03487e1a31_z.jpg

U.S. average annual gasoline price and Average annual household gasoline consumption (1980-2016)
by U.S. Energy Information Administration


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[thør]

Gazprom's future?

 

[trysail]

Gazprom's future?

A gargantuan unbooked reserve is an asset.

"Hidden assets are valuable only so long as they remain hidden."​

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[thør]

The Italians are having issues in the Barents.

 

[thør]

Buy American!

 

[trysail]

Buy American!

Radio Canada International
Maison de Radio-Canada
1400, boul. René-Lévesque East,
Room B-52-94
Montréal, Québec,
Canada H2L 2M2





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[thør]

«We can inform you, Vladimir Vladimirovich, that we, based on preliminary analysis, are about to open a very serious field», Sechin said as he handed the President the core sample.

 

[trysail]

«We can inform you, Vladimir Vladimirovich, that we, based on preliminary analysis, are about to open a very serious field», Sechin said as he handed the President the core sample.

I can't help but wonder if this acreage was included in the now defunct XOM-ROSN joint exploration venture.

As you know, it's one of the last largely unexplored regions in the world. It would be good for everybody if it turns out to be highly petroliferous.


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[trysail]

Since the East Coast refineries (mainly Philadelphia and New Jersey) are configured to use foreign petroleum as their primary feedstock, when the Brent crude price rises above the West Texas Intermediate price, the East Coast refineries are massively disadvantaged.

That last happened in 2011-14 and resulted in severe losses and the shuttering of East Coast refinery capacity.

The opening of the Keystone XL and Dakota Access pipelines were partially responsible for enabling the diversion of some Canadian crude petroleum to the East Coast thereby reducing the unusual price discrepancy between WTI and Brent crude.




https://farm5.staticflickr.com/4504/37377982594_2ff6119c56_o.png

Monthly Brent-WTI crude oil spot price spread (Jan 2010 - Sep 2017)
by U.S. Energy Information Administration on Flickr


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U.S. East Coast refinery crude oil sources (Jan 2011 - Aug 2017)
by U.S. Energy Information Administration on Flickr



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[trysail]

In 2003, natural gas hit $19.38/mmBtu.
In 2005, it hit $15.38/mmBtu.
In 2008, natural gas hit a high of $13.69/mmBtu.


Do you really think it's going to stay at ~$3.00/mmBtu forever ?


https://wattsupwiththat.files.wordpress.com/2017/11/chart-10.png


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[trysail]

A lot of people will be poring over this reserve study. When complete and released, it will provide definitive answers to the questions raised by Matt Simmons' 2005 best-seller Twilight In The Desert.





Aramco Oil Reserves Audit Two Thirds Complete, May Not Be Finished in 2017: Sources

...For nearly 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves of 261 billion barrels, according to BP’s statistical review.

Dallas-based DeGolyer and MacNaughton, and Gaffney, Cline and Associates, part of Baker Hughes BHI.N, are involved in the auditing, sources have said. Baker Hughes declined to comment on the progress of the work, while DeGolyer did not respond to a request for comment.

Asked to comment, Aramco said: “We do not comment on rumors and speculation. Investors will receive relevant information in due course in connection with the IPO.”...​

more..

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[thør]

The Saudi's have a new partner in the energy biz.

 

[trysail]

https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i.9t482f9ynQ/v2/-1x-1.png

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[thør]

ENI spuds the first offshore exploration well in the US Arctic since Shell in 2015!

Wait for it.......

It's not a from a drill ship locked in the ice......

Or anything fun like that.

It's from an island, anthropologic in origin, but still a fucking island.

 

[thør]

Russian legislators ban foreign shipments of oil, natural gas and coal along Northern Sea Route

Except for Novotek.....

 

[trysail]

ENI spuds the first offshore exploration well in the US Arctic since Shell in 2015!

Wait for it.......

It's not a from a drill ship locked in the ice......

Or anything fun like that.

It's from an island, anthropologic in origin, but still a fucking island.

I'll be hornswoggled. I didn't know ENI was active in the state.

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[thør]

I'll be hornswoggled. I didn't know ENI was active in the state.

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Two fields.

 

[trysail]

Who ever woulda thunk it?

If you'd predicted this fifteen years ago, they'd have thrown you in the loony bin.



https://farm5.staticflickr.com/4549/39019180732_16402a23cb_z.jpg
Top ten global producers of petroleum and other liquids (Jan 2017 - Aug 2017)
by U.S. Energy Information Administration, on Flickr


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[thør]

Mackenzie gas line in the crapper.

 

[trysail]

https://farm5.staticflickr.com/4637/24610811517_e2fc2f1ec0_o.png

Global production and consumption of crude oil and other liquids (2012-17)
by U.S. Energy Information Administration




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