A Barrel Full Blog

abarrelfull wrote on 21 Dec 2009 06:50
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Rig Counts December 2009

created: 11 Jan 2010 07:14
tags:
Rig count numbers are out for December 2009.

Though down on a year ago, the rig count continues to grow as companies have overcome their reluctance to invest upstream.

The worldwide rig count for December 2009 was 2,509, up 100 from the 2,409 counted in November 2009 and down 712 from the 3,221 counted in December 2008.

Interestingly, by far the biggest YonY variation was in the USA, down 34%, versus a worldwide (excluding the US) total of just 7%. So we can see that drilling in the USA is far more price sensitive than elsewhere.

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Crude and Product Inventories

created: 08 Jan 2010 08:35
tags: eia propane stocks
The EIA released their latest weekly numbers on Wednesday.

Crude oil inventories rose from 326.0 million barrels to 327.3 million barrels, versus expectations of a fall due to the cold weather.

However, the cold weather cut demand for gasoline, and led to refineries reducing their production runs. So we get both an increase in gasoline and crude oil stocks.

The big winner from the weather is propane. Stocks fell 3 million barrels in just a week. Demand was about 225.000 barrels per day higher than a week before.

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Iraq OKs Contracts

created: 07 Jan 2010 09:32
tags: iraq
I don't know if there was really any doubt, but nonetheless it is important news.

After being forced to wait a number of days, Baghdad has finally approved all pending deals with foreign oil companies, updating their contracts to develop several major fields in Iraq. All the oil firms involved have agreed to technical and legal amendments to their contracts that were introduced in order to ensure the deals' compliance with Iraqi law.

Now they can all get cracking, and start investing.

The inked contracts now pave the way for more than $100 billion in investment, according to the Iraqi oil ministry.

For Iraq, that will have massive economic and social implications, for the rest of us, it will provide a big chunk of the new oil that we need.

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