An explosive move to new all-time highs in production in the mighty Permian. Go MOJO. Texas forever.
Oil
Oil
Wednesday, March 12, 2025
US crude production makes new highs, as prices fall. It's more complex than drill baby drill -- otherwise, the energy sector wouldn't be sharply outperforming the broader market this year (it's up year-to-date, believe it or not).
Oil
Wednesday, February 12, 2025
US crude production dips slightly in an unusually cold January. But the first forecast of the new Trump Department of Energy under new secretary Chris Wright upgrades production estimates for the next two years. Drill, baby, drill.
Oil
Wednesday, January 15, 2025
The final forecast of the Biden administration Department of Energy is a mere 2.4% growth in crude production through the end of 2026. We'll take the over on that with Chris Wright at the DOE helm.
Oil
Friday, December 13, 2024
A new all-time high for American crude production, with the mighty Permian of West Texas making up just less than half. And that's with the shackles of four years of restrictive regulation. Imagine what we can do when the handcuffs come off.
Oil
Friday, November 15, 2024
OECD oil stocks have gradually revived from record lows. Based on historical norms, the formerly lower stocks used to point to an oil price as high as $112. But now that target is down to $99. Still well above today's spot price -- but directionally we can see what's happening. Oil just isn't as scarce as it was.
Oil
Wednesday, October 9, 2024
US shale production rises slightly, but off-shore production falls more -- so we back off all-time highs, overall. The DOE has sharply downgraded its year-ahead production forecast. But the proximate factor that has been validating our bottom-call is the rising tension between Israel and Iran.
Oil
Tuesday, September 10, 2024
US production breaks through to new all-time highs, led by the mighty Permian play. Global consumption falls, especially in China. No wonder oil prices are lower today -- back to where they were at the beginning of the year, leaving the American consumer in mere pain as opposed to agony.
Oil
Wednesday, August 7, 2024
Crude production is flat in the Permian, but rises in the Bakken and the Eagle Ford. US inventories grow as the Biden administration gradually begins to replenish the decimated Strategic Petroleum Reserve.
Oil
Monday, May 13, 2024
A slight retreat in April, but still basically all-time high US production. At the same time, the real US economy is 8.7% larger than it was before the pandemic, but using 3.3% less oil.