We all remember the good ole days when Republicans didn't tote water for an incompetent democratic president* as he turned the greatest nation on the planet into a third-world socialist shithole.
The U.S. exploration and production (E&P) sector is increasing its capital spending in 2022 for the first time in four years, while Canada is set to remain near multi-decades lows, according to Evercore ISI.
www.naturalgasintel.com
"for the first time in four years,"... Very good point. And much of it we know was pandemic related and much more recently Biden caused.The U.S. exploration and production (E&P) sector is increasing its capital spending in 2022 for the first time in four years, while Canada is set to remain near multi-decades lows, according to Evercore ISI.
U.S. E&P spend is forecast to increase overall by 23.5% y/y, led by the privates, which are seen boosting their capex by 42%. U.S.-based independents are likely to raise their spending too, by about 26.5% in 2022.
U.S. E&Ps Poised to Lead Global Spending in 2022, with 23%-Plus Hike in Capex
U.S. E&Ps are set to lead global spending in 2022 with a 23% increase in capital expenditure, according to Evercore ISI. Learn more about the growth projections and challenges facing the exploration and production sector in this informative content.
Huh? As usual your post makes no sense. The pandemic only started two years ago. And now are you saying Biden is causing the increase in drilling?
If Biden caused the lower investment in 2021, the same lower investment trend we saw under Trump in previous years, why are they planning on increasing investment so much in 2022?
Sunburnt literally just told you yesterday that you were wrong and I was correct about the Keystone pipeline. As fun as it to constantly prove your misinformation wrong with simple links to actual data, you really need to stop embarrassing yourself and stay out of the economic discussions. Stick to the covid and social issue threads with the other nutcases.
What do you expect from someone that thinks Brandon is a good President? This proves beyond ANY doubt what you are dealing with. There are NO facts ANYONE can bring to a discussion that proves Brandon is doing anything but a VERY poor job
You cannot understand how oil is priced making a statement like this. Gas and oil prices react VERY quickly to changes...good or bad. They reacted the day after Biden was sworn in. When you declare war on fossil fuels, please tell us how you think the futures market would react! LOL
You obviously have no idea how oil is priced. It is priced on short-term supply and demand, and absolutely nothing else. Oil is too expensive to store, so it does not trade on future expectations of price, only at the expected clearing price that matches current supply with demand. This is exactly why it traded at -$37.63 in April 2020, no one wanted to take delivery of it since there was no demand, despite every person on the planet knowing that prices would quickly recover.
Did prices increase right after Trump was elected? They went from about $50 in Jan 2017 to about $75 in April 2018. Did Trump have a war on oil?Did the prices change the day after the election? Yes or no?
Were those changes just part of the regular ebb and flow?
If not, how did that happen if what you just said was true?
Also, this initial position didn't help.
Biden policy means higher oil prices: Goldman
The Biden administration's policies push demand and reduce supply somewhat — which will likely cause oil prices to rise.finance.yahoo.com
Did the prices change the day after the election? Yes or no?
Were those changes just part of the regular ebb and flow?
If not, how did that happen if what you just said was true?
Also, this initial position didn't help.
Biden policy means higher oil prices: Goldman
The Biden administration's policies push demand and reduce supply somewhat — which will likely cause oil prices to rise.
Gas prices just naturally doubled when the dem president* took office?Did the prices change the day after the election? Yes or no?
Were those changes just part of the regular ebb and flow?
If not, how did that happen if what you just said was true?
Also, this initial position didn't help.
Biden policy means higher oil prices: Goldman
The Biden administration's policies push demand and reduce supply somewhat — which will likely cause oil prices to rise.
I realize that TODAY, America is producing 1 MILLION barrels LESS every day, than it was last year. How does that effect prices?
Not true. We are actually producing more than a year ago. Get your facts straight.
Gas averaged $2.47 under Trump. Do you really want to debate this? You cannot win. Libs do things for ONE reason only. To get, and stay in power. PERIOD. They NEVER do anything because it is the law, or even more...because it helps someone else. Black voters can attest to this
Being in the business, I check it every day.
The averages don't mean anything. Could be coincidence. Could be a number of different things which have nothing to do with who is president. Could be we were in a recession when worldwide demand dropped thru the floor. Correlation doesn't equal causation. Every statistician knows this.
Your first paragraph is mostly correct. However, when the market is in a contango position, futures prices are actually higher than the current front-month price, thereby creating incentives to store oil instead of selling it. Oil traders with big balls and deep pockets will even try to engage in arbitrage by chartering oil tankers for floating storage. This is generally indicative of a falling demand / oversupplied market, which is not where we are today.
www.wsj.com
Sorry, I don’t recall every days price movement. I doubt it had much of a change. I do recall the stock market went up. And has continued its ascent.
I have no idea what it did on that one day, but since oil moved higher pretty consistently after April 2020, odds are it increased after election day, just like most days in late 2020.
A well balanced and astute commentary. Highly unusual for a Trumper.Your first paragraph is mostly correct. However, when the market is in a contango position, futures prices are actually higher than the current front-month price, thereby creating incentives to store oil instead of selling it. Oil traders with big balls and deep pockets will even try to engage in arbitrage by chartering oil tankers for floating storage. This is generally indicative of a falling demand / oversupplied market, which is not where we are today.
Here's an interesting article that was recently published in the WSJ that sheds light on the reluctance of domestic oil producers to quickly ramp up production.
Oil Frackers Brace for End of the U.S. Shale Boom
Companies have tapped many of their best wells. The limited inventory leaves the industry with little choice but to hold back growth, even amid the highest oil prices in years.
Overall, I'll simply say that the Biden administration is no friend to the oil and gas industry, but is not the primary culprit to blame for current high oil prices. Frankly, there's plenty of other things they can be blamed for that justify not re-electing this clown show for another term.
That's all true. But like you said, oil futures are in backwardation right now, so futures prices are lower the farther you go out, creating an opportunity for everyone in this thread that knows for certain that Bidens war on oil will keep pushing prices up, despite the market thinking otherwise. Buy up those long dated futures while you can! https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.quotes.htmlYour first paragraph is mostly correct. However, when the market is in a contango position, futures prices are actually higher than the current front-month price, thereby creating incentives to store oil instead of selling it. Oil traders with big balls and deep pockets will even try to engage in arbitrage by chartering oil tankers for floating storage. This is generally indicative of a falling demand / oversupplied market, which is not where we are today.
Here's an interesting article that was recently published in the WSJ that sheds light on the reluctance of domestic oil producers to quickly ramp up production.
Oil Frackers Brace for End of the U.S. Shale Boom
Companies have tapped many of their best wells. The limited inventory leaves the industry with little choice but to hold back growth, even amid the highest oil prices in years.
Overall, I'll simply say that the Biden administration is no friend to the oil and gas industry, but is not the primary culprit to blame for current high oil prices. Frankly, there's plenty of other things they can be blamed for that justify not re-electing this clown show for another term.
countryeconomy.com
Exactly my thoughts. I've said several times he could definitely do some things that could hurt production in the future, he just hasn't done anything that's affected production and prices in the last year.
Then dropped the next two days. LOL. As we’ve been saying, the election was of no importance. It is more based on inventories and demand expectations.I answered my own question. It went up $1.51/bbl from 11/03/20 to 11/04/20.
Not a major jump. I thought I recalled a more significant move. I guess I'm the O&G expert on the board now.
***Sorry, should have added link.
Crude Oil Brent US Dollars per Barrel November 2020
In November of 2020, price of Brent crude was $42.69 per barrel, while the price was $40.19 dollars per barrel in October of 2020. Over last twelve months the price has fallen 32.46%.
