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Oil and Gas Discussion BB
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So where's the kaboom?"There was supposed to be an Any oil company that has cut rigs has their production in severe decline by now. Sure there are some wells not completed and perhaps slowly being completed, but speculation is these wells are not all very productive anyway at today's prices and many probably won't be completed. Official government production numbers are very suspect. Oil in storage has been at record highs but is declining. Stored oil is a mix of production plus imports so data is inexact. Its a known fact that if everyone simply tried to fill their gas tanks today, we would have a fuel shortage. Is something similar happening in the oil supply chain? Are producers draining all their storage facilities to get every dime out of all the oil already out of the ground. But this effect also cannot last much longer. I'm getting very impatient for the production decline to definitively show up!! |
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