Posted on 09/15/2019 8:22:42 AM PDT by SaxxonWoods
IT does. I trade oil futures (among other things). It will be interesting to watch the price movement when the market opens.
All I know is if you haven't filled up - you better do it now.
I have already read a post on one of the pages I follow (stock pages) of a guy who was holding Oil futures SHORT over the weekend. He's TOAST seeing how he will be down INSTANTLY about 10 grand.
“Do I really have to quote it for you?”
Yes, and present us with the math while you’re at it.
“Since the efficiency of refinement rarely exceeds 80% (leaving tar/asphalt the actual crude consumed is likely higher than 20.5 million bbl per day.”
FROM YOUR LINK! (you have it backwards)
refinery processing gain—1.14 mmb/d
Processing gain: The volumetric amount by which total output is greater than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a lower specific gravity than the crude oil processed.
Cracking leads to greater volume? Sounds right.
Malarkey. None of those things is made from oil. The feedstock of choice for those products is natural gas, the price of which is dropping. I worked for a big chunk of my career for one of the the biggest petrochemical companies in the US, and every product that went into a rail car, from chlorine, to caustic, to ethylene oxide, to ethylene glycol, to polyethylene and on and on was made from natgas.
Waging war halfway around the world over "oil prices" while we allow that sh!t to go on right here in the U.S. is an outrageous display of hypocrisy.
A country that does this sort of thing deserves everything it gets.
And this idea that millions of people would die over a minor oil disruption is silly.
“Yes, and present us with the math while you’re at it.”
From your favorite website you can see that our net petroleum balance is -2.34 bbls/day.
How much petroleum does the United States import and export?
In 2018, the United States imported about 9.93 million barrels per day (MMb/d) of petroleum from about 86 countries. Petroleum includes crude oil, hydrocarbon gas liquids, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. Crude oil accounted for about 78% of U.S. gross petroleum imports in 2018, and non-crude oil petroleum accounted for about 22% of gross petroleum imports.
In 2018, the United States exported about 7.59 MMb/d of petroleum to 190 countries and 4 U.S. territories, of which about 26% was crude oil and 74% was non-crude oil petroleum. The resulting net imports (imports minus exports) of petroleum were about 2.34 MMb/d.
The top five source countries of U.S. petroleum imports in 2018 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq.
Top sources and amounts of U.S. petroleum imports (percent share of total), respective exports, and net imports, 2018
million barrels per day
Import sources
Gross imports
Exports
Net imports
Total, all countries
9.93
7.59
2.34
Most every other country is flowing at maximum capacity.
We still import oil. Mostly from Canada, Mexico, Venezuela, and Russia.
BY FAR the net deficit in US oil production/oil consumption is made up by North American producers.
But the Saudis make up about 11% of world production. Take that off the air and world prices will go to $200/bbl.
The rest of the Arab Gulf States make up another 9%, even without Iran who makes up (in peak times) about 2.5%.
If the Gulf shuts down, the deficit will be 20-25% of the world’s supply.
I agree.
The US Govt. and us taxpayers aren't in the oil business. Oil is owned by worldwide private companies many of which have no American connections except getting their gas and oil supplies from the geographical USA.
They will set the price. -Tom
“Would you care to cite contrary data?”
From your favorite source.
https://www.worldoil.com/news/2019/7/31/eia-us-crude-oil-production-continues-to-set-records
Well, we just don’t know.
It seems the Houthi’s are involved becquse they confessed to the attack by their drones. Some including our secretary of state who likely knows exactly what hppened seem to believe otherwise.
But regardless of what actually happened, the Houthi confession is prima fascia evidence of involvement
.28 x 7.59 = 1.9+ mil bbl
.78 x 9.93 = ~7.75 mil bbl
For only a net CRUDE deficit of ~5.5mil bbl/day. Very close to the production taken off line yesterday.
Or they could be false flag attacks to keep the price up...and shale production profitable.
That keeps the economy ticking. It also covers for cost increases to China—and that drives their economy deeper into the crap.
I have a dark mind.
Not true. We still import almost 10 million barrels per day.
https://www.eia.gov/tools/faqs/faq.php?id=727&t=6
“Watch Monday’s oil market prices.
It’s the only opinion that counts.”
Ding ding ding... We have a winner.
But look on Tuesday and Wednesday too...
“.28 x 7.59 = 1.9+ mil bbl”
Your favorite EIA website shows us exporting 3.5 mill bbl/day.
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