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Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 269,000 gross acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.


TSX:BTE - Post by User

Bullboard Posts
Post by Duxingon Nov 08, 2017 8:10am
105 Views
Post# 26923614

US total crude inventory dropped 102m barrels since March

US total crude inventory dropped 102m barrels since March End peak. 54m barrels to be reduced to break through 5 year average, which is the so called inventory target set by OPEC cut. 

From March 31 to October 27, that 30 weeks. Average weekly inventory drop is 3.4m barrels.
This tells it will take another 15.9 weeks or less than 4 months (by Feb 20) so that inventory level goes down to 5 year average. 

This is does not account that Average level is rising through time.

By Feb 20, US crude dropped under 5 year average, OPEC May continue cut production by another 10 month. Guess what is going to happen!

you may argue that US and Canada production is rising. However, such increase has no way to compensate demand grow of 1.2m bpd as forecast by IEA!

Bullboard Posts