RE:RE:RE:RE:Perspective Some cold weather soon to North America would be nice lol.
USA LNG gas feed demand hit 12.3 BCF today...all time record. Europe and Asia have the exports of NG from USA at a max right now and this should continue for many many days into the future.
Another LNG train does come online in the USA in Q1. This will alllow USA to break this range.
Just need some cold weather with this LNG demand and NG will get even stronger pricewise.
Cold weather would also drain heating oil fast. Inventories on this sh*t are not large.
Close to December, weather forecasts change fast.
I think WTI should bounce back to the 70-75 range next week.
Economies have learned how to live wth Covid and OPEC needs higher oil prices to have money available to invest. Lots of the opec oil fields are getting tired...they have produced for decades. They know how to contol the market to get Brent over 80.
Even Russia, they face increased lifting costs each year as they are producing more of the harder to get oil. Russiai is very eager for a strong oil price. They were willing to work with UAE and Saudia fairly well. Putin is helping us with NG in north america indirectly with him f*cking europe as he is just smarter then alot of Europe leaders.
Still on pace for a stellar Q4. Although with oil weaking hopefully that 4 well pad in December outperforms and rips with high oil content and it makes up for some of the softness.
Kramerkarma wrote:
better yet oil was 74 and obe 5.15 in July that's the equivalent of 4.73 today without lower debt and higher production and higher fx on our side and gas hedged at 2.3... crazy