Search

Home > Energy Week > Episode 77 - Saudi Aramco's IPO | WTI Prices | Iran Sneaks Oil to Syria | Dean Foreman
Podcast: Energy Week
Episode:

Episode 77 - Saudi Aramco's IPO | WTI Prices | Iran Sneaks Oil to Syria | Dean Foreman
Category: Government & Organizations
Duration: 00:49:08
Publish Date: 2019-08-13 02:05:02
Description: Big News - Oil and Gas CRUISE coming in 2020. Thoughts on Saudi Aramco Investor Relations call - Why hold this call? What did they really even disclose? Issue with dividends (see Ellen’s piece in Forbes https://www.forbes.com/sites/ellenrwald/2019/08/12/saudi-aramco-investor-relations-call-reveals-massive-profits-but-fails-to-address-key-ipo-concerns/) Saudi Aramco Has to Answer Three Tough Questions https://www.bloomberg.com/opinion/articles/2019-08-09/saudi-aramco-ipo-here-are-three-burning-questions Oil jumps more than 3% on European stockdraw despite demand slowdown forecast https://www.cnbc.com/2019/08/09/oil-markets-opec-us-china-trade-in-focus.html Web of Lebanese companies may be shipping Iranian oil to Syria https://amp.thenational.ae/world/mena/web-of-lebanese-companies-may-be-shipping-iranian-oil-to-syria-1.897168 API Monthly Statistical Report Review with Dr. Dean Foreman - petroleum demand for July 2019 is the highest since 2005. 14 year high. mixture of bright spots and weak spots. Relatively strong picture on balance. - Trucking: repression and weakness on industrial side - Jet fuel demand: people in North America still want to travel by jet. Not growing as fast as it was but its still growing. Solid growth, record demand for the month. Strong consumer activity. Historically there is seasonal variability in jet fuel demand but this year its been a straight line - no seasonal variability - API D-E-I (Distillate Economic Indicator) signaling continued economic slowing. Reading for July is 0. On a three month average still indicating contraction. Macro picture plays into this. U.S. economy continued to grow but diesel demand - U.S. crude oil production is 12.0 million bpd year-to-date. U.S. is basically filling in all of the oil demand growth. Really strong production growth in absolute terms. Not offsetting all of OPEC’s production cuts, but a lot of those cuts. - US lost 800,000 bpd of exports in July. But year on year we’re still up. Trend is very solid. - Supply growth is outpacing the demand growth. - Producers in the Permian, especially, are pulling rigs off. They might not put those rigs back H1 2020. There are the DUCs, but production should ease up a little bit. Will that be reflected in production numbers in Q4? EIA’s view is pace of growth will slow but production will still grow in 13 mbpd. Should start to see rig pullback in a few months in data. DUCs can be brought to market, and EIA is showing that number of DUCs is coming down. DUC numbers from EIA may be over-estimated.
Total Play: 0