Tag: oil price

Hard men needed for bitter cold

Now Hiring: Project Greenland. “Stampede Drilling Inc. is headed north for Project Greenland, part of a major Arctic drilling campaign, and we’re looking for a tough, experienced crew ready to take on the cold and get the job done right.”

If this makes you think of Sir Ernest Shackleton’s famous ad, I’m with you. That one said, “Men wanted for hazardous journey. Low wages, bitter cold, long hours of complete darkness. Safe return doubtful. Honour and recognition in event of success.”

*Note – due to a glitch, this is a republished post.

Oil Production Vital Statistics February 2018

Last month I wrote this on the price of oil:

A correction is now overdue and I suspect we see $65 before a significant move above $70. The only bearish signal is US+Canada production growth.

The Brent front month corrected to ~$63 and now stands on $64.37. Art Berman has an interesting article Oil Price Crossroad recognising that we are now in the territory of market indecision. The IEA OMR is confusing saying both “rebounding US production underpinned non-OPEC output growth” and “Non-OPEC output dropped by 175 kb/d in January” (I think the former is YoY and the latter MoM). Below the fold I simply try to look at the bare facts.
Oil Production Vital Statistics February 2018

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