Oil markets took a bullish turn this week amid growing geopolitical tensions and a tightening oil market.
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– China and India will account for much of the growth in energy consumption for the next few decades, but the EIA says that energy consumption will also rise sharply in other parts of non-OECD Asia.
– Southeast Asia in particular will see a sharp increase in consumption, with Indonesia, Thailand and Malaysia standing out.
– Energy consumption expands across multiple sectors. Industrial consumption in non-OECD Asia (excluding China and India) will rise by 60 percent between 2015 and 2040; passenger travel will more than triple; and freight transit will increase sharply.
Market Movers
– Chevron (NYSE: CVX) said it would invest $4 billion in the Permian Basin in 2018, and the oil major has plans to ramp up production from the shale basin to over 400,000 bpd over the next few years.
– Continental Resources’ (NYSE: CLR) Harold Hamm has said the EIA is overestimating U.S. shale production, arguing that the industry will only grow production by about 500,000 bpd this year instead of the 1 mb/d that the government agency forecasts. Hamm says the EIA is distorting global oil prices from the projections.
– The U.S. International Trade Commission ruled that U.S. solar panel manufacturers are harmed by cheap imports, which could be the basis for President Trump issuing tariffs on imported panels. The tariffs would severely impact the U.S. solar industry, damaging most solar installers, as well as Chinese producers. First Solar (NYSE: FSLR) saw its share price jump on the news, as it is viewed as one of the lowest cost U.S. producers, and could benefit from reduced competition.
Tuesday September 26, 2017
Brent oil prices jumped on Monday to new two-year highs at nearly $58 per barrel, stemming in part from the tightening oil market, but also more immediately from the Kurdish independence vote that sparked a backlash from its neighbors.
Kurdish referendum roils Middle East. Kurdistan voted for independence in a highly-anticipated referendum on Monday, a move that has led to a spike in tensions with Baghdad and its neighbors. Oil prices hit 8-month highs on the same day. Turkey threatened to cut off the pipeline that carries Kurdish oil through its territories to the port in Ceyhan. Baghdad called for an international boycott on Kurdish oil in response to the vote, which it says is illegal. “If this boycott call proves successful, a good 500,000 fewer barrels of crude oil per day would reach the market,” Commerzbank said in a note.
Oil back to bull market. Brent crude is getting closer to the all-important (at least psychologically) threshold of $60 per barrel, and oil prices are back in bull market territory. They slipped a bit at the start of trading on Tuesday, but crude markets are demonstrating some of the strongest momentum in years.
Hedge funds bullish on oil, but could be stretched. Hedge funds have ratcheted up bullish bets on crude futures over the past month, pinning their optimism on declining inventories, strong demand, and restraint from OPEC. However, Reuters says that investors could be once again overplaying their hand, with the positioning of hedge funds and other money managers looking overstretched. That raises the odds of a sudden, and potentially sharp, correction back down for oil prices.
Lawsuits pile up from Harvey. The major fuel disruptions in Texas after Hurricane Harvey is expected to lead to a wave of force majeure declarations, which could result in lots of legal haggling over who is at fault for disrupted fuel flows. As refineries come back online and restore production, “customers may insist on reviewing contractual terms with their energy industry suppliers for the product they did not receive while plants were shuttered,” Reuters reported.
China to reduce oil exports to North Korea. China said that it would reduce oil exports to North Korea, capping exports at 2 million barrels a year, while completely cutting of natural gas flows. The move comes in response to North Korea’s belligerence, but was also clearly made in an effort to calm the saber-rattling from Washington.
Permian to face growing pains. A new report from Wood Mackenzie predicts that the Permian Basin, the hottest shale play on the planet, will bump up against some constraints as the field has become too crowded. The supply of labor, equipment and drilling services has become strained, leading to cost inflation and delays. The EIA’s baseline assumption is that Permian production will rise from the current 2.6 million barrels per day up to 5 mb/d by 2025. But Wood Mackenzie argues that the basin will peak at 3.5 mb/d by 2021 without significant advancements in technology.
Permian has 60 to 70 billion barrels left. While WoodMac sees trouble ahead for the Permian, a separate study from IHS Markit estimates a massive volume of oil still remains in the Permian, and that the best days for the shale basin are ahead. The IHS study says that the Permian still has a gargantuan 60 to 70 billion barrels of technically recoverable oil reserves.
BP: OPEC needs to extend cuts. A top BP executive said that OPEC will need to prolong its production cuts if the market is to rebalance. “Rebalancing is already on the way,” Janet Kong, Eastern Hemisphere Chief Executive Officer of integrated supply and trading at BP, told Bloomberg. But the group needs “definitely to cut beyond the first quarter” if inventories are to come back to average levels, she added. She argued that a return to $60 is possible next year, but only if OPEC extends the cuts.
U.S. oil exports to surge through 2022. U.S. crude exports will grow to a 5 percent market share by 2022, aided by a desire for low-sulfur crude from global refineries. An executive of Enterprise Partners LP told Reuters that he expects U.S. oil exports to jump from around 1 mb/d for much of this year to about 4 mb/d by 2022. Meanwhile, in the short-term, the differential between Brent and WTI has widened to its largest extent in two years at about $6.50 per barrel, a level that has many analysts predicting a coming surge in U.S. crude exports.
Iran: OPEC deal needs to include Libya and Nigeria. Iran’s oil minister Bijan Zanganeh said that compliance with the OPEC deal thus far “has been acceptable overall,” but he said that “some changes are needed,” according to SHANA, the Iranian oil ministry’s news agency. “Firstly, all members should commit 100 percent to the production cut agreement and secondly, the production level of Nigeria and Libya should be brought into consideration,” he said. For now, Nigeria and Libya are not included in the agreement, but there has been a growing chorus to limit their output.
California considers ban of internal combustion engine. Inspired by the proposed phase out of gasoline and diesel powered vehicles in China, California regulators are looking at similar action. The legal mechanism is tricky, since the state would have to avoid using powers that could be overruled by the federal government. But if California follows through on a planned phase out – still an uncertain outcome – it would send shockwaves through the global auto market.
Gas shortages in Australia threaten exports. The Australian Prime Minister warned that natural gas exports might have to be restricted if the major exporters – including Royal Dutch Shell (NYSE: RDS.A), ConocoPhillips (NYSE: COP) and Santos – fail to ratchet up supply to satisfy domestic demand. Australia’s energy market operator estimates that the country faces a gas supply shortfall of about 17 percent of market demand next year. The gap is much worse than previously expected.
Revi on Wed, 27th Sep 2017 12:15 pm
Good luck with that…
Mick on Wed, 27th Sep 2017 2:24 pm
These guys should checkout the hills group etp model
Oil will never get to $60 mabey at best close if n.k and u.s decide to nuke each other .
Hello on Wed, 27th Sep 2017 2:29 pm
>>>>>> Oil will never get to $60
Hahahahaha. You menat this a a joke, right?
Bill the shill Hill? That guy still in the peddling business?
Davy on Wed, 27th Sep 2017 2:48 pm
I do feel the economic dimension of peak oil dynamics does have relevance. Oil is getting more expensive and this is causing economic and systematic inertial drag. This is happening at a time when we need more potent energy and more of it.
marmico on Wed, 27th Sep 2017 3:33 pm
>>>>>>>Oil will never get to $60.
Tapis (Malaysia) cracked $60 today.
https://oilprice.com//freewidgets/get_oilprices_chart/4173
Davy on Wed, 27th Sep 2017 3:36 pm
marmico, brother where have you been. I missed you. LOL
Mick on Wed, 27th Sep 2017 4:28 pm
Here we go as soon as someone mentions etp model out come the trolls kicking and screaming . Bozo Bunsen burner is just plain wrong I tells ya
Boat on Wed, 27th Sep 2017 4:59 pm
davy,
Look at the price of nat gas and renewables historically. They are currently taking market share from coal and nuclear in many parts of the world. Energy as a whole is much cheaper currently. For nat gas, fracking dropped the price.
Davy on Wed, 27th Sep 2017 5:17 pm
Price? Is that all you got to analyze with?
Anonymouse1 on Wed, 27th Sep 2017 6:05 pm
Exceptionalist…..
‘Mamrico’, has been posting with some of his other, numerous sock-puppets all this time, dumbass.
Davy on Wed, 27th Sep 2017 6:21 pm
Mouse, give me some examples and we will see who is stupid. Guess, I bitch slapped you good the other day. You sound angry. LoL!
Anonymouse1 on Wed, 27th Sep 2017 7:45 pm
You feeling ok there exceptionlist? Maybe a touch of swamp fever perhaps? I hear those can cause vivid delusions. You should very familiar with delusions by now. The kind where the sufferer can’t tell where the delusional fantasies begin, or end even.
Mick on Wed, 27th Sep 2017 7:49 pm
Btw marm short uses wti prices which is around $51 not tapis
Davy on Wed, 27th Sep 2017 7:55 pm
Dumbass, let’s have the marmico sock puppets. Show your stuff slut
marmico on Wed, 27th Sep 2017 7:57 pm
Bedford W. Hill, the ETP Bozo, is a fookenstoopidretard. Only a moron would state that WTI will be $1.68 a barrel in 2021.
Mick on Wed, 27th Sep 2017 8:05 pm
We shall see its not that far away. But I remember a time not too long ago when news of war or natural disasters around oil fields would of sent oil prices up $20′ or more , now it just goes up a few bucks for a week then goes back down again. Wouldn’t have something to do with the oil now is just not worth as much as it use
makati1 on Wed, 27th Sep 2017 9:06 pm
Mick, that and that Western consumers are broke and cannot afford higher priced oil?
Bloomer on Wed, 27th Sep 2017 11:52 pm
Cheap oil is the cure for cheap. Not a lot of new projects coming on stream in the last few years. A 90 millions barrels a day habit is hard to sustain. Gotta drill baby drill to keep er going.
deadlykillerbeaz on Thu, 28th Sep 2017 1:43 am
Those consumers are broke because they spend 1/12th of the day driving hither and yon like crazy fools.
Oil needs to rise to 168 USD per barrel.
16 eight ounce cups per gallon, 25 cents per cup, $4.00 per gallon.
42×4=168 dollars per barrel.
It will solve a lot of problems, oil consumption will drop, oil will be conserved, a power down will happen. A lot of driving will cease with five dollar gas at the pump.
Fortunately, I will be a beneficiary of sky high oil prices, be to my advantage, so I am biased towards higher oil prices.
The oil will still flow at the current volumes from the fields, oil stocks will increase in price and value.
Regardless, oil needs to be at least two times more than the current price.
No need to have oil priced so low, it hurts more than helps.
J. H. Wyoming on Thu, 28th Sep 2017 1:56 am
$168 a barrel wouldn’t last longer than a literal flash in the pan, but what is going to occur is oil price will rise due to a long period of declining investment in exploration, but consumer affordability will determine just how high it can go, before recession settles in and price balances out once again, unfortunately too low to substantiate much exploration. That’s a conundrum squeeze because where we go from there is down, baby, down.
J. H. Wyoming on Thu, 28th Sep 2017 2:24 am
https://srsroccoreport.com/wp-content/uploads/2016/11/Hills-Group-ETP-Oil-Price-Chart.png
That’s a link to the Hills Group ETP model. As you can see, the descending black line on the right is the Max. Consumer Price. For 2020 that price looks like its $10 dollars. For 2019 about $25, for 2018 its 42, for 2017 its $55. Since we are about 3/4 of the way to 2018 the ETP model the max. consumer price should be no higher than $45 dollars.
But Brent oil is currently close to $60, so the ETP model is already $15 dollars too low. Once we are into 2018 oil price will most likely be north of $70 a barrel and the ETP model will be $25 too low.
At what oil price inaccuracy does the Hills Group ETP model get chucked out the window into the pile of other predictive models that also failed miserably?
Davy on Thu, 28th Sep 2017 2:38 am
“It will solve a lot of problems, oil consumption will drop, oil will be conserved, a power down will happen. A lot of driving will cease with five dollar gas at the pump. Fortunately, I will be a beneficiary of sky high oil prices, be to my advantage, so I am biased towards higher oil prices.”
The problem with this assumption is the systematic economic drag that happens when such a force slows down the macro productive efforts. You get deflation of activity that becomes reinforcing and before you know it prices are back down or people just don’t have the money for the gas. Powerdown is deflation and deflation leads to decline and decay. It used to be the case we had recessions to cleanse the system. The economy was fundamentally healthy. Recessions took care of imbalances. Today it is different because we are now stressed from debt compression. Fundamentally we are not healthy. Debt compression raises the ROI of investments. When assets quit cash flowing bad things happen and bankruptcies occur. The economy slows and people are out of work. As this goes on in complex systems networks destabilize and go dysfunctional. Economic abandonment occurs. We need to degrowth and powerdown but it is unclear how we can do it and maintain vital economic levels to cover entropic decay and basic safety nets let alone innovative development. We are in scary times because they are catch 22. We need to degrowth and power down but we can’t or we risk economic decay.
Davy on Thu, 28th Sep 2017 4:14 am
Doom & Prep
“FEMA Director Urges Americans To Develop “A True Culture Of Preparedness” But No One Is Listening”
http://tinyurl.com/yar8qbvu
“I think that the last 35 days or so have been a gut check for Americans that we do not have a true culture of preparedness in this country. And we’ve got a lot of work to do. Whether it’s in education and being ready, it’s not just saying, hey, have three days worth of supplies ready to go. It’s greater than that. It’s also people having the finances and the savings to be able to overcome simple emergencies. We have to hit the reset button and create a true culture of preparedness starting at a very young age and filtering all the way up.”
peripato on Thu, 28th Sep 2017 4:49 am
@J. H. Wyoming on Thu, 28th Sep 2017 2:24 am
“At what oil price inaccuracy does the Hills Group ETP model get chucked out the window into the pile of other predictive models that also failed miserably?”
I dunno…
But Hills Group uses the WTI price for its model.
Davy on Thu, 28th Sep 2017 5:26 am
“Climate Change Related Extreme Weather Rocks World, Weird Major Hurricane Forms East of Bermuda, Cyclone Energy Closing in on Records”
http://tinyurl.com/y96hpccu
“Around the world, the litany of climate change related extreme weather events reached an extraordinary tempo over the past week. And it is becoming difficult for even climate change deniers to ignore what is increasingly obvious. The weather on planet Earth is getting worse. And human-caused global warming is, in vast majority, to blame…”
“In other and far-flung parts, Brazil is experiencing an abnormally extreme dry season. Australia just experienced its hottest winter on record. In Teruel, Spain, thunderstorms forming in a much warmer than normal atmosphere dumped half a meter of hail. Antarctic sea ice is hitting record lows after being buffeted by warm winds on at least two sides. And in Guatemala, Mexico, Poland, the Congo, Malaysia, Indonesia, Thailand, India and Oklahoma, there have been extreme or record floods.”
“More locally to the U.S., in the North Atlantic warmer than normal surface waters have fueled the odd development of hurricane Lee into a category 3 storm. It’s not really that strange for a major hurricane to develop in the Atlantic during September. It’s just that we’d tend to expect a storm of this kind to hit such high intensity in the Gulf of Mexico, or over the Gulf Stream, or in the Caribbean. Not at 30.6 N, 56.8 W in the Central North Atlantic south and east of Bermuda and strengthening from a weaker storm that was torn apart in the Inter-Tropical-Convergence-Zone, before drifting considerably to the north over what would typically be a less favorable environment.”
shortonoil on Thu, 28th Sep 2017 7:52 am
“But Hills Group uses the WTI price for its model.”
The Etp Model’s Maximum Affordability curve also uses the average ANNUAL price of WTI as reported by the EIA. The economy needs a period of time to adjust to any changes in the price; one year has worked for the last 58 so it will probably keep working.
Less than two years ago Harold Hamm was declaring that oil was going back to $100. Industry cheer leaders then announced $90 as the next stop upward. Then $80, then $70, now it’s $60. We posted our graph in September of 2014, and haven’t changed it since then. As soon as oil hits that $100 mark we’ll concede that dart boards, Ouija boards, and counting barrels works better than the laws of physics. Don’t tell the trolls that, though; they’re still playing the lottery!
http://www.thehillsgroup.org/depletion2_022.htm
marmico on Thu, 28th Sep 2017 8:10 am
We posted our graph in September of 2014, and haven’t changed it since then.
Bull shit. You are working on your 3rd version since the ETP MAP busted in July. And you will be working on your 4th version in January 2018 when your 3rd version busts.
Bedford W. Hill is a fookenstoopidretard. Physics doesn’t determine market prices. Buyers and sellers do.
Only a friggin moron would state that the WTI price per barrel in 39 months will be $1.68. I’m sure we’ll all be able to buy a dozen eggs for a nickel then, right Bozo.
rockman on Thu, 28th Sep 2017 9:13 am
“Wouldn’t have something to do with the oil now is just not worth as much as it use*. And “cheap oil”. LMFAO! Just amazing how some posters continue to keep heads buried in sand (our up their ass) and continue to ignore the FACT that current oil prices are is significantly higher then the INFLATION ADJUSTED price of oil for the majority of the last 70 years. Yes: much lower then the $100+/bbl of a few years ago. And much less then the sub $20/bbl of the late 90’s. And twice the average price from 1946 to 1974 and higher then the average price from
1986 to 2005. IOW the “oil is now cheap” rant is an extreme example of asinine data cherry picking. The Rockman can play the same game: don’t like using the inflation adjusted price of oil? OK: the current oil price is 80% higher then it was recently when it was $28/bbl.
https://www.google.com/search?source=hp&ei=HP_MWfmFI8LImAGNhoLgAw&q=inflation+adjusted+oil+prices&oq=inflarion+adjusted+o&gs_l=mobile-gws-hp.1.0.0i13k1l2j0i22i30k1l2j0i22i10i30k1.2102.24359.0.26155.21.21.0.4.4.0.289.2621.3j16j1.21.0.dummy_maps_web_fallback…0…1.1j4.64.mobile-gws-hp..0.21.2264.3..0j41j0i131k1j0i10k1.183.4vieX4ra2ns#imgrc=cHgcM9V4qqESkM:
And the same point made time and again by the Rockman: why waste time arguing about the accuracy of the model? As Wyoming points out we are beginning the steep price decline phase so the actual price trend will follow the model or it won’t. Just sit back and watch for the next couple of years. The actual annual price of WTI will start following the curve THIS YEAR or it won’t.
rockman on Thu, 28th Sep 2017 9:21 am
Hmm…let’s try that again:
https://www.google.com/search?source=hp&ei=HP_MWfmFI8LImAGNhoLgAw&q=inflation+adjusted+oil+prices&oq=inflarion+adjusted+o&gs_l=mobile-gws-hp.1.0.0i13k1l2j0i22i30k1l2j0i22i10i30k1.2102.24359.0.26155.21.21.0.4.4.0.289.2621.3j16j1.21.0.dummy_maps_web_fallback…0…1.1j4.64.mobile-gws-hp..0.21.2264.3..0j41j0i131k1j0i10k1.183.4vieX4ra2ns#imgrc=cHgcM9V4qqESkM:
rockman on Thu, 28th Sep 2017 9:22 am
One more time:
https://inflationdata.com/articles/charts/inflation-adjusted-oil-prices-chart/
marmico on Thu, 28th Sep 2017 9:29 am
As Wyoming points out we are beginning the steep price decline phase so the actual price trend will follow the model or it won’t.
Huh. Wyoming has the most probable narrative. Low capex today means no outward shift in the supply curve tomorrow.
The ETP Bozo model has already broke. Don’t need the next couple of years to figure that one out.
The ETP Bozo can revert to his original peakoil.com position. $200 WTI in 2020.
And please spare me your meaningless POD bull shit.
shortonoil on Thu, 28th Sep 2017 10:10 am
Historically. the best long term indicator for oil prices has been the Maximum Affordability function. The best short term indicator is the COT data. COT counts the number of long futures positions held by “Producers and Users”, and “Speculators”. As the number of Speculators in the market increases above the number of “Producers and Users” the price almost always goes up in the near future. As the number of “Producers and Users” begin to dominate the market the price usually goes down. This has a correlation coefficient of about 80%. Producers and Users include the refineries, who are the only buyers of crude. They are the only users. They are naturally bidding the price lower.
Davy on Thu, 28th Sep 2017 10:57 am
Damn, good to have short and marmico back at it. I am ready for some peak oil brawls. This geopolitical brawling is getting stale.
GregT on Thu, 28th Sep 2017 12:23 pm
” Just amazing how some posters continue to keep heads buried in sand (our up their ass) and continue to ignore the FACT that current oil prices are is significantly higher then the INFLATION ADJUSTED price of oil for the majority of the last 70 years.”
The oil prices are low because of the oil glut narrative has been spoon fed to the masses almost every single day by the mainstream media since around 2009. Now I wonder, why would that be the case?
deadlykillerbeaz on Thu, 28th Sep 2017 12:44 pm
Remember those old oil cans where you plunged a metal can spout into the metal top?
70 year price history is comparing apples to oranges.
The price of oil in 1901 was $0.96 per barrel.
A double eagle was worth 20 dollars, a Troy ounce of geld.
One double eagle would buy almost 21 barrels of oil in 1901.
21×0.96=20.16 usd
In 2017, an ounce of gold is selling for 1284 dollars today over at kitco.com.
Bloomberg energy has WTI at 51.49 usd right now.
1284÷51.49=24.94 barrels of oil, rounded off.
An ounce of gold today can buy almost 25 barrels of oil in comparison and contrasted to the year 1901 when an ounce of gold bought 21 barrels of oil.
Either gold is priced too high or oil is priced too low, what matters is gold can buy more oil today than in 1901, and we all know what happened in 1901.
1284/20=64.2
Oil should be $64.20 today to equal the price of 96 cents per barrel in 1901. The other almost barrel is the refinery gain, the refine gets to keep it.
If the price increase in 2017 dollars would top the price of oil when it was eight dollars during the Civil War, the price of oil would rise to 513 dollars per barrel.
Probably the cost right now to haul oil to the outer reaches of Afghanistan.
I bought a quart of 10w/30 yesterday, it cost me four dollars with tax, that’s 672 dollars per barrel for engine oil to pour into your engine. 16×42=672
Synthetic oil at five dollars per quart is 20 dollars per gallon, 20×42=840 USD per barrel of 10w/30 Mobil 1 sold at the retail level.
28.68 for five quarts in one container at Walmart. $22.88 for 5 quarts of plain old synthetic oil, 25 dollars with tax.
Mobil 1 extended is nine dollars per quart at Walmart. 9×4×42=36×42=1512 USD per barrel of Mobil 1 extended life 5w/30 synthetic oil.
For the convenience of not having to drill for oil myself, the price paid is 16 times more when good oil is bought at Walmart compared to having to refine it myself. Good luck with that.
The reality. Oil is still a bargain at 1512 dollars per barrel, believe it or not. Who wants a big barrel of oil in their garage?
Refiners can’t be losing money with oil at 51.49 USD per barrel. Can’t be that bad in this world of work like a dog eat dog world.
Oil is inexpensive, and yet, expensive too.
You are still going to buy oil, no matter what. A lot better than gold by a country mile.
At those prices, it is probably worth the while to raise peanuts to be processed for the oil to fuel your diesel engine, the original diesel fuel.
http://chartsbin.com/view/oau
Work time!
coffeeguyzz on Thu, 28th Sep 2017 1:48 pm
Davy
Mr. Hill is a spectacularly uninformed individual whose ability to gain adherents is more a worthy study of psychology than hydrocarbons.
Marmico constantly offers up verifiable sources of data with which a serious student can pursue his/her learning process.
Any “brawl” could only be viewed as such by the truest of True Disbelievers who follow Mr. Short.
rockman on Thu, 28th Sep 2017 2:28 pm
“I bought a quart of 10w/30 yesterday, it cost me four dollars with tax, that’s 672 dollars per barrel for engine oil to pour into your engine.”. FYI if you put most crude oils in your engine it would quickly destroy it. The good news: unless you got it very hit you couldn’t even pour Alberta oil sands production into your crankcase. LOL. No one on this site buys crude oil: they buy refinery products.
And I’ll repeat: if you don’t like dealing with inflation adjusted oil prices then you must agree: in the last couple of years oil has become very expensive as it has almost doubled from $28/bbl to $50+/bbl.
But that shouldn’t be a problem paying for my fellow old farts here. Hell, the Rockman is making an obscene salary compared to what Mobil Oil paid him in 1975. Same is probably true for everyone else here over 50. Hell, most are probably collecting a Social Security checking bigger then their paycheck from their first job. The Rockman is…almost 2X as much. Meaningful as long as you’re not one of those fools that thinks taking inflation into account is important.
Davy on Thu, 28th Sep 2017 2:58 pm
Coffee, I am no oil expert but I do like reading what you all have to say right or wrong.
Mick on Thu, 28th Sep 2017 3:04 pm
Hey shorty there’s no point in trying to convince theses trolls most probably never read your repot or the one that did scoured through it to find something to distort
Looks like the WTI average for this year will be well below the $54 max affordability price . Keep up the good work.
Boat on Thu, 28th Sep 2017 3:27 pm
davy,
You and countless doomers fail to learn oil for a reason. You’re not interested in the truth.
Hello on Thu, 28th Sep 2017 3:35 pm
>>>> theses trolls most probably never read your report
Yeah. I read that fucking thing, when it was available for download for free. A few pages in, it became clear that the dude does not understand much about math nor logical thinking.
What coffeeguy wrote up there sums it up brilliantly:
>>>>>>> Mr. Hill is a spectacularly uninformed individual whose ability to gain adherents is more a worthy study of psychology than hydrocarbons.
shortonoil on Thu, 28th Sep 2017 3:55 pm
“Hey shorty there’s no point in trying to convince theses trolls most probably never read your repot or the one that did scoured through it to find something to distort”
The trolls have lost all credibility at this point, so there is not much point in attempting any kind of discourse with them. Communication with them has become almost impossible. It is like trying to relate to a swarm of fruit flies with Alzheimer’s! Their rebuttals usually aren’t even worth reading. The trolls remind me of someone who goes out hunting, and is following the tracks. Then they get run over by a train.
Hello on Thu, 28th Sep 2017 4:01 pm
>>>>> The trolls have lost all credibility at this point
There’s one point I have to give you credit for. You’ve got nerves of titanium steel.
If I’d had written such a piece of crap I would go in hiding in shame. I probably wouldn’t even dare anymore to go to the local dive for a beer out of fear somebody would recognize me.
Yet here you are, day after day, sputing your nonsense, even tough shown a million times where you are wrong and why your shit makes no sense. Bravo, for nerves of steel.
For scientific achievement? Your a fucking lost case.
onlooker on Thu, 28th Sep 2017 4:18 pm
I do not think Short, the trolls ever had any credibility to begin with. They spout distortions and simnplistic rebuttals without any counter arguments to what we are pointing out about the critical state of the Oil Industry and Financial System. They just say well so far nothing is too bad so you must be wrong. They will indeed be utterly caught unaware and in total shock when the dyke finally breaks.
Hello on Thu, 28th Sep 2017 4:31 pm
Quick, Short, there’s one of your guillable peons, onlooker. Now is the time to hit them up for money. They practically beg to get screwed over by their master (you). Good job.
Mick on Thu, 28th Sep 2017 5:14 pm
Hello just a question thats been bugging me . If everything is just peachey theres plenty of oil for decades to come and bau will continue forever. Then why the f@#k would you waste your time here ?
shortonoil on Thu, 28th Sep 2017 5:39 pm
“Hello just a question thats been bugging me . If everything is just peachey theres plenty of oil for decades to come and bau will continue forever. Then why the f@#k would you waste your time here ?”
MacDonald’s wasn’t hiring?
Mick on Thu, 28th Sep 2017 5:42 pm
That makes sense and trolling pays better i suspect
onlooker on Thu, 28th Sep 2017 5:54 pm
Yes, the Govt. and Corporations got all so much of that funny money to pay you. Too bad that money will not be worth anything post Crash. Hear that Shills and Trolls
Mick on Thu, 28th Sep 2017 5:59 pm
Short your probably aware that there has been a concerted effort in shutting down any etp model discussions in the topics thread ive also noticed topics relating to etp dissappearing quickly i and a few other im aware of have been permanently banned from there by making comments in support .