Baker Hughes (ticker: BHI) released its weekly rig count tally on Thursday, July 2 – one day earlier than normal in consideration of the July 4th Independence Day holiday. The United States added three rigs to its fleet in the latest report and now has 862 total. A total of 12 oil-focused rigs joined the fleet, breaking a 29-week decline
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the Energy Information Administration (EIA). Medium-grade crude imports fell to 0.8 MMBOPD in Q1’15 from 1.5 MMBOPD the year before. Almost
Demand to edge up as some production goes offline in 2015 The International Energy Agency (IEA) released its monthly Oil Market Report (OMR) for the month of June today, projecting stronger than anticipated global demand growth through 2015. Global demand is expected to grow at 1.7 MMBOPD for the first quarter of 2015 and 1.4 MMBOPD for the rest of
OPEC expects basket price to fall for third straight week The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached
CRUDE OIL INVENTORY/’000 bbls (Week Ended 3/6/15) Current: 448,886 Actual Build/(Withdrawal): 4,512 Economist Average Estimate: 4,595 Previous: 444,374 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~18.6 Mmbpd decreased ~5.3% w/w, and the four-week moving average decreased ~70 bps to ~3.9% higher y/y. Gasoline demand
CRUDE OIL INVENTORY/’000 bbls (Week Ended 2/27/15) Current: 444,374 Actual Build/(Withdrawal): 10,303 Economist Average Estimate: 3,888 Previous: 434,071 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~19.7 Mmbpd decreased ~0.6% w/w, though the four-week moving average increased ~120 bps to ~4.6% higher y/y. Gasoline
CRUDE OIL INVENTORY/’000 bbls (Week Ended 2/13/15) Current: 425,644 Actual Build/(Withdrawal): 7,716 Economist Average Estimate: 3,050 Previous: 417,928 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or
CRUDE OIL INVENTORY/’000 bbls (Week Ended 2/6/15) Current: 417,928 Actual Build/(Withdrawal): 4,868 Economist Average Estimate: 3,613 Previous: 413,060 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY BMO Capital Markets We believe this week’s data is negative for crude prices given the crude build once again exceeded expectations and pushed
CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/30/15) Current: 413,060 Actual Build/(Withdrawal): 6,333 Economist Average Estimate: 3,940 Previous: 406,727 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~18.6 Mmbpd decreased ~9.1% w/w, and the four-week moving average decreased ~90 bps to ~3.8% higher y/y.
“The oil supply is here and the demand will always be there.” – Jason Vedadi Dropping oil prices may have put the brakes on a lot of E&Ps’ capital spending plans for 2015, but that’s not slowing down Jason Vedadi and his fellow real estate developers in the Williston basin. “We see this as a long term play. The oil supply
CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/23/15) Current: 406,727 Actual Build/(Withdrawal): 8,874 Economist Average Estimate: 4,000 Previous: 397,853 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY Raymond James Equity Research This week’s petroleum inventories update was modestly bullish relative to consensus. “Big Three” petroleum inventories (crude, gasoline, distillates) rose
CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/16/15) Current: 397,853 Actual Build/(Withdrawal): 10,071 Economist Average Estimate: 2,670 Previous: 387,782 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Thesis (as of January 13, 2015) We expect Brent/NYMEX $62.50/$57.50 oil prices this year and $85/$80 next year. In our view, the negative
