Kelt Exploration Ltd T.KEL

Oil Market is Much Tighter than it Appears

[MyHoneyPot]

Oil demand is as strong as ever. Refinery utilization is 93.1%, higher refinery utilization should kick in over the coming weeks.
 
Today’s oil build was 4.5 million boe/day.
 
U.S. crude oil imports averaged 7.2 million barrels per day last week, increased by 1,367 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day.
 
USA imported 9.569 more boe in the last week, compared to the week before that.  
The SPR also released 360,000 boe/day or 2.520 million boe for the week.
 
So, between increased imports and SPR releases the 12 million boe of supply was added, and they only had a 4.5 million boe/day build.
 
The USA SPR release are scheduled to end on June 30.

IMHO

[not4anymore]

MHP, perhaps you should read your stuff before you hit the post button!

[MyHoneyPot]

The USA ramped up imports almost 10 million boe last week and the SPR released another 2.5 million boe last week.  The imports are way over the weekly import average by almost 6 million boe last week.  The SPR release is 2.5 million boe.  The build was only 4.5 million boe  93.1 refinery utilization The USA is using a ton of oil and if it was not for the SPR releases and

[PabloLafortune]

Don't forget natgas. Not sure how accurate the EIA is but they're forecasting equivalent additions from new drilling vs declines. However, apparently, completions are way down. So the sentiment could change as early as July. I'm not sure if Kelt has spare natgas production capacity @ Oak and perhaps Pouce Coupe West. And like I said, I like the basis deals for Kelt, I believe when nat

[PabloLafortune]

More amateur hour opinions: As a further comment, you can see that all the US natgas stocks are way up today, the most is Antero (because they're unhedged..) up 7%.  The reason is simple: natural gas storage drives HH prices even though storage represents a tiny amount of US dry gas production and even a small cut in the latter will have a significant impact on storage.  The

[Seppelt]

The negotiated debt sealing deal, which was approved by the Senate Thursday night, included the approval of the Mountain Valley Pipeline. Almost 95% complete, the project has been stalled by endless court challenges and delays. It is expected to be in service later this year and will carry 2 bcf/d. That will benefit Appalachian producers (EQT, SWN, RRC), all up in yesterday's trading. AR is