U.S. Net Petroleum Exports Hit Highest Ever In February

Oilprice ^ | 3/6 | Tsvetana Paraskova

[nickcarraway]

The United States was a net exporter of crude oil and petroleum products last month, with the four-week average net imports at a negative 907,000 barrels per day (bpd) in the last week of February, the lowest ‘imports’ level in EIA data dating back to 1973, according to EIA’s weekly data on net imports of crude oil and petroleum products.

Since the start of 2020, the U.S. was a net exporter of crude and petroleum products in each of the weeks in January and February, EIA data shows.

The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973, the U.S. Energy Information Administration (EIA) said at the end of last year.

In September 2019, the U.S. exported 89,000 bpd more crude oil and petroleum products than it imported, due to surging U.S. crude oil production and the lifting of export restrictions in 2015, and to continuously growing oil products output and exports, the EIA said in December 2019.

On an annual basis, the United States will become a net oil and oil product exporter this year, thanks to continued growth in production combined with slacker domestic demand,ed.

[nickcarraway]

Is it really important for the purpose of the topic?

I think what he's trying to say is that you come off in most conversations like a Russian supremacist.

[NorseViking]

That’s some very interesting reading of supremacism.
Following the same logic Clint Eastwood has to be a ‘white supremacist’.

[nickcarraway]

I don't think he is, but you could probably find some college students who think that.

Okay, just answer me this: Who won the Battle of Kalka River?

[Osage Orange]

I highly doubt it’s going to zero.....

[Osage Orange]

Where do you live?

Norway?

[Disestablishmentarian]

You think U.S. exports are going to fall zero because Russia and Saudi Arabia are in a tiff?

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Oil is trading right now at $29 per barrel.

This is a disaster for the whole shale industry if it continues very long.

There will be notable bankruptcies very soon, such as Chesapeake Energy Corp. (CHK), circling the drain.

It's a shame to have the U.S. energy sector wrecked this way, possibly taking the wonderful economy with it as well as giving RATs an opening for 2020.

POTUS needs to get on the phone with his buddies, Putin and Mohammad bin Salman, and tell them to get their $h*t together.

I'm pretty sure the whole Russian economy is toast at these prices, so maybe they'll see it the Saudis' way.

[NorseViking]

“” “” I don’t think he is, but you could probably find some college students who think that.”” “”

That’s my point. You shouldn’t be like them.

“” “” Okay, just answer me this: Who won the Battle of Kalka River?”” “”

Jabe and Shabtai. How is it related?

[nickcarraway]

It's a shame to have the U.S. energy sector wrecked this way,

Oil always has been and always will be volatile. There's always going to be a crash at some point. POTUS needs to get on the phone with his buddies, Putin and Mohammad bin Salman, and tell them to get their $h*t together.

Well, shale going down the tubes is a plus for them, but they have their own pain points.

[nickcarraway]

I’m not like them. I don’t think Eastwood is like that.

[NorseViking]

“” “” This is a disaster for the whole shale industry if it continues very long.”” “”

Saudi wells are profitable at $10. Colorado is running on empty at $57.

[nickcarraway]

Chesapeake Energy Corp. has serious problems that have nothing to do with oil prices.

[NorseViking]

Agree on both points.

[Disestablishmentarian]

There's always going to be a crash at some point.

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So ... are we talking existential threat, or existentialist threat? :)

[nickcarraway]

Saudi wells are profitable at $10.

First of all the whole well wouldn't be profitable at $10, you mean a barrel would be. It costs them $10/b to get it out of the ground, but after all their commitments it's probably not profitable until it's over $80/b.

[Disestablishmentarian]

Chesapeake Energy Corp. has serious problems that have nothing to do with oil prices.

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They've got a lot of debt that is heavily leveraged to oil and gas prices. I just read their 10K. It spells it out pretty clearly.

Granted they were not doing so great at $50.

[NorseViking]

The government needs some fitness and it won’t need 80 per barrel. Maybe they’d scale down the invasion of Yemen or cut ISIS funding. A little sequestration of a Western politicians’ bribery program, no golden toilets and voila, they are okay with 30 per barrel.

[Monty22002]

Uber costs.

[nickcarraway]

LOL

It's a lot more complicated than that. Russia can scales things down. Not the Saudis. There are certain dividends they pay to all the thousands of princes every month. If that envelope is light, they will be angry. There could even be a coup. Especially after the IPO. There are a lot of tough commitments there.

And if you think Saudia Arabia is funding ISIS you are a fool. It's very much not in their interest. Now some individual Saudis could be. If they could do it on the down low.

[NorseViking]

Okay, I have something to base my opinion on and you might have something for yours too. Won’t argue.

[nickcarraway]

Having ISIS around threatens Saudi security. The last thing the government of Saudi Arabia wants is their people to get the idea that they need some kind of caliphate, instead of the current secular (i.e. not a caliph) leaders.