Oil Prices

[dan_s]

Some interesting comments in this article.

http://seekingalpha.com/article/2994376 ... -yet?ifp=0

You should all be aware by now that demand for oil increases about 1.5 million barrels per day from Q2 to Q3 each year. We are just a few weeks away from increasing demand for oil as major maintenance season at refineries is coming to an end. See: https://www.iea.org/oilmarketreport/omrpublic/

[dan_s]

United States oil production and its diminishing storage capacity may lead to another drop in oil prices, according the International Energy Agency’s (IEA) Oil Market Report for March 2015. The Agency revised its oil demand outlook upward, but the increase was offset by a similar revision on the production side.

U.S. production is expected to average 12.56 MMBOEPD in 2015, up from February’s estimate of 12.41 MMBOEPD (see NOTE below), for a total year-over-year increase of 0.75 MMBOEPD. Global demand was revised upward by to about 1 MMBOEPD, an increase of 0.13 MMBOEPD and is expected to average 93.5 MMBOEPD total in 2015.

NOTE: This includes NGL's. U.S. production of crude oil ("black oil") is around 9.4 million bbls per day. The U.S. consumes about 19 million bbls per day of refined products, so we are still a net importer. The U.S. imports 6.5 - 7.5 million bbls per day.

Read: http://www.oilandgas360.com/iea-u-s-oil ... 6-26401157