Tweets Of the Week

The chart is from Rystad, the comments from Christine Guerrero, somebody always worth keeping up with. Permian tight oil has got no where to go but down.

Many believe growth will resume the second half of 2024 when several signficant gas pipelines come on line and gas takeaway from the Permian improves. I don't think that. It won't be takeaway that helps, it can only be prices going way up that will help. More gas on the market is just going to drive the price further down.

If oil production IS going up 2H24 rigs need to be coming out of the barn and back to work now. Lag time, or the time from spud to first published production by a State, is 6-8 months. In Texas, anyway.

The rig count has not improved as of last week and drilling permit applications are down in District 08.

Here's another chart, this one from Art Berman, all the US "oil" production increases in 2023 the Energy Inaccuracy Agency documented so confusingly... really wasn't oil afterall.