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The CL Crude-analysis Thread
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The CL Crude-analysis Thread

  #1601 (permalink)
Market Wizard
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Don't need to post this every week but according to oil driller Baker Hughes, the number of US oil rigs in use fell by 4 last week to 328. This is the seventh straight week of declining rigs and lowest oil rig total since October 2009. Combined oil and gas rigs fell by 5 this week to 415, a new record low since this series began in 1947.

Baker Hughes rig count, May 6 - Business Insider

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  #1602 (permalink)
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SMCJB View Post
Don't need to post this every week but according to oil driller Baker Hughes, the number of US oil rigs in use fell by 4 last week to 328. This is the seventh straight week of declining rigs and lowest oil rig total since October 2009. Combined oil and gas rigs fell by 5 this week to 415, a new record low since this series began in 1947.

Baker Hughes rig count, May 6 - Business Insider

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This is an amazing graph. In 1.5 years we have lost 80% of our rigs.

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  #1603 (permalink)
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Staggering chart...

Inside Energy :- U.S. Coal Production Has Fallen Off A Cliff | Inside Energy

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  #1604 (permalink)
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@SMCJB

Yes sir - we live in Louisville and take weekend rides to WVa, eastern KY several times a year - good deals can be had on the coal bucket of your choice.

Moreover, we have some of the cheapest nat gas and electricity in the country - since 2014 our utility bill has gone up 30%

The very sad part is the jackass in charge to this day has no viable alternative energy source

Adding humor to this is the green push for electric cars etc. Ok richard whistle, how do you propose charging that vehicle #STUPIDPEOPLE

Cheers, ride safe and keep the rubber side down

-William

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  #1605 (permalink)
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WilleeMac View Post
Moreover, we have some of the cheapest nat gas and electricity in the country - since 2014 our utility bill has gone up 30%

That sucks. I just checked. The 1 year electric contract I signed in May'13 was 6.1c/kwh for energy. The 1 year electric contract I signed in May'14 was 7.4c/kwh for energy. The 2 year electric contract I signed in May'15 was 5.9c/kwh. If I wanted to renew to today 1 year contracts are 5.8c and 2 year contracts 5.9c. (all same provider). So depending on your reference point my electricity is down approximately 5% (vs'13) or 20% (vs'14). Add into that programmable thermostats and my electric bills are down significantly.

But when you consider that Henry Hub averaged $3.73 in 2013 and $4.37 in 2014, while the current 12 month strip is only about $2.67, I agree that at first glance you would expect it to be significantly lower than it is.

WilleeMac View Post
The very sad part is the jackass in charge to this day has no viable alternative energy source

Is your implication that the other party would have 'invented' a different alternative energy solution or are you just expressing your politics?

WilleeMac View Post
Adding humor to this is the green push for electric cars etc. Ok richard whistle, how do you propose charging that vehicle #STUPIDPEOPLE

The ethanol mandate is ludicrous. The green/electric cars push in the US comes down to two things cheaper & cleaner. Electric cars are both significantly cheaper than gas cars, even with the new lower oil prices and cleaner given both the increased efficiency and the cleanliness of NG generation vs a combustion engines.

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  #1606 (permalink)
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Getting a little off topic here, but relates heavily to the coal chart posted yesterday and @WilleeMac's points regarding the inefficiencies of the electric markets. The following is an article about Dynergy's decision to close 3 coal fired power plants in IL and the ripple effect it has on the local community. It also discuss's a little how the deregulated electricity & capacity markets have made these plants uneconomical.

Counting the costs: The ripple effects of power unit shutdowns | EnergyBiz

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  #1607 (permalink)
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http://www.mifc.com/index.php?ch=ch_contents_banking_takaful&pg=pg_banking_takaful&ac=12362&tpl=th006_print

Maybe I'm reading this wrong but it seems like suppressed oil is a bigger problem to the Saudis as they lead on. How are they going to pay for the Vision 2030 program (authored by the new minister) if no one will lend to them in 5 years. Ironically, it seems they need oil $60+ to cover the deficit and to be able to pay for this bullshit program.

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  #1608 (permalink)
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Rigs down another 10

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  #1609 (permalink)
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Is it just me that thinks crude moving strange this weak? three days in a row the range has been less than 100 ticks

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  #1610 (permalink)
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Oil-Services Companies FMC Technologies and Technip to Merge

13 billion deal

http://www.nytimes.com/2016/05/20/business/dealbook/fmc-technologies-technip-mer...sbusiness&smtyp=cur&_r=0

-William

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