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Home > Energy Week > Episode 60 - Gas prices | Pemex | Venezuela | Dean Foreman with API
Podcast: Energy Week
Episode:

Episode 60 - Gas prices | Pemex | Venezuela | Dean Foreman with API
Category: Government & Organizations
Duration: 00:52:11
Publish Date: 2019-03-12 08:24:56
Description: Leave us a review: iTunes - https://itunes.apple.com/us/podcast/energy-week/id1300031596?mt=2 Stitcher - https://www.stitcher.com/podcast/global-energy-leaders/energy-week API Monthly Statistical Report - https://www.api.org/products-and-services/statistics/api-monthly-statistical-report Notes and articles: Gasoline prices on the rise: https://business.gasbuddy.com/gas-price-rise-hits-four-straight-weeks/ Gasoline prices heading up - but not close enough to the psychological line at which people stop buying or grumble about it. Pemex https://wolfstreet.com/2019/03/10/time-running-out-for-worlds-most-indebted-oil-company-pemex/ Pemex in big trouble, downgraded by Moody’s and Fitch recently to BBB-. Mexican President wants to inject $3.8 billion into the company but can it really saved? Is it worth saving? Want to build a new refinery - will cost $8 billion, but hope to reduce Mexico’s gasoline dependence on U.S. Explaining Venezuela's blackouts: https://www.caracaschronicles.com/2019/03/10/nationwide-blackout-in-venezuela-faq/ How Venezuela ended up with such a massive blackout and what they can do to fix it. They rely mostly on hydroelectric power for electricity, even if they could produce oil, they don’t have oil fired power plants to burn it for electricity. API Monthly Statistical Report U.S. production eclipsed 12 million bpd in crude oil production in February DESPITE pullback in drilling activity over last month. Questions over demand - responsiveness to lower prices, but perhaps the fall in global oil prices has helped keep demand from falling too much. There is some softness in demand, but it is seasonal. Year over year increase in distillate demand is very strong. Freight trucking and shipping very strong in the U.S. Jet fuel also very strong for February. Very strong domestic signs. Internationally, demand kept up. EIA shows $60 a barrel throughout 2019. Don’t see a big responsiveness to Saudi production cut. Productivity rising in the U.S. and there is more room even for more U.S. production gains. U.S. exports of crude oil and products hit the 8 million barrel per day mark - but can the U.S. really rival Saudi Arabia? Overall market share picture is difficult to balance as U.S. production continues to grow. Mixed signals from economic indicators continue - industrial growth slowing in U.S. and weakness in China continues. Jet fuel domestic demand - 1.6 million barrels per day but gasoline is 9 million barrels per day. It’s not killing it, but its showing solid growth. When you take gasoline, jet fuel AND distillates together, demand growth is strong. Ellen on the NOPEC bill: https://thehill.com/opinion/energy-environment/433261-american-energy-could-be-collateral-damage-in-attempt-to-punish Ellen on Bloomberg Radio: https://www.bloomberg.com/news/audio/2019-03-08/oil-in-holding-pattern-as-venezuela-iran-oil-looms-radio Ryan on Texas Oil and Gas Podcast and NEW!!! Show. Check it out.
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