We added 37 new members during the 2nd quarter. It is by far the best quarter we've had in over two years.
During the pandemic we lost almost half of the EGP membership, primarily because we stopped having luncheons in Houston and Dallas. Plus, 2020 was the worst year ever for oil & gas stocks.
Despite the Sweet 16 gaining over 132% in 2021, we only had a slight increase in EPG membership last year.
We are starting to have company sponsored luncheons in Houston again and there has been steady interest by the small-caps in hosting our webinars.
Most of our new members are referred by existing members, so we really appreciate your support.
We appreciate your support!
We appreciate your support!
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
-
marc.wolin@yahoo.com
- Posts: 56
- Joined: Fri Jan 15, 2016 4:10 pm
Re: We appreciate your support!
Are we experiencing demand destruction? How is demand going down? Is China still locked up? It seems like Summer 3rd qtr
would increase demand. Russia is still finding ways around the sanctions with India and China. Biden does not seem like he will be reasonable on oil and gas. Where are the getting relief on demand that would cause the price to be lowered?
would increase demand. Russia is still finding ways around the sanctions with India and China. Biden does not seem like he will be reasonable on oil and gas. Where are the getting relief on demand that would cause the price to be lowered?
Re: We appreciate your support!
Note from OilIntel.com on Friday, July 1st, 2022 at 12:12 pm
As uncertainty builds around the supply capacity of OPEC+ and oil demand rages on despite expectations of demand destruction, bullish sentiment is building in oil markets. Now, to add to that bullish sentiment, another form of supply disruption is springing up around the world: strikes. Operations at France’s Fos Refinery were halted by strikes and Norway’s offshore production was heavily impacted by them as well. It seems the oil market is under siege from all sides, from fundamental tightness to underinvestment, disruptions related to the war in Ukraine, and now strikes.
OPEC+ Summit Fails to Impress. OPEC+ agreed to maintain a 648,000 b/d increase in its production target for August, keeping its commitment unchanged despite increasing evidence that spare capacity within the oil group has thinned to its lowest level in years. < Actual OPEC+ production has been lower than their official quotas for 8 straight months.
--------------------------------
Marc: To answer your question, it is just the FEAR of demand destruction that is keeping a lid on oil prices. So far, physical demand exceeds physical supply. Obviously, there will be some demand impact from higher gasoline prices and higher airline prices, but I personally think it is over-blown. It is now also obvious that OPEC+ is out of spare capacity. The U.S. and other OECD countries are draining their Strategic Petroleum Reserves and OECD Petroleum Inventories keep going down. It is "FEAR of the Fed" and non-stop talk of a recession that keeps a lot of oil Day Traders on the sidelines. Remember it is the trading of "Paper Oil" (futures contracts) that sets the oil price you see each day.
As uncertainty builds around the supply capacity of OPEC+ and oil demand rages on despite expectations of demand destruction, bullish sentiment is building in oil markets. Now, to add to that bullish sentiment, another form of supply disruption is springing up around the world: strikes. Operations at France’s Fos Refinery were halted by strikes and Norway’s offshore production was heavily impacted by them as well. It seems the oil market is under siege from all sides, from fundamental tightness to underinvestment, disruptions related to the war in Ukraine, and now strikes.
OPEC+ Summit Fails to Impress. OPEC+ agreed to maintain a 648,000 b/d increase in its production target for August, keeping its commitment unchanged despite increasing evidence that spare capacity within the oil group has thinned to its lowest level in years. < Actual OPEC+ production has been lower than their official quotas for 8 straight months.
--------------------------------
Marc: To answer your question, it is just the FEAR of demand destruction that is keeping a lid on oil prices. So far, physical demand exceeds physical supply. Obviously, there will be some demand impact from higher gasoline prices and higher airline prices, but I personally think it is over-blown. It is now also obvious that OPEC+ is out of spare capacity. The U.S. and other OECD countries are draining their Strategic Petroleum Reserves and OECD Petroleum Inventories keep going down. It is "FEAR of the Fed" and non-stop talk of a recession that keeps a lot of oil Day Traders on the sidelines. Remember it is the trading of "Paper Oil" (futures contracts) that sets the oil price you see each day.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group