Is it Friday yet? Not yet. Calm down. Thursday is good too! #Thursdayworks. Thursday is a dear friend. Everyone loves a Thursday!… unless you work for the PDVSA in Venezuela. (more on that soon.) The sun has set in the east. That must mean it’s time for “The Nightly” on The Surge. Buckle up…
Colorado Petroleum Council: Supreme Court decision good for the state economy and consumers
The Colorado Supreme Court has upheld the state’s primacy in overseeing oil and natural gas permitting. The decision clearly states that a 5-year moratorium on hydraulic fracturing impermissibly conflicts with state law. Dare we say, things are no longer “rocky” around Boulder?? Sorry… it’s been a long week.
Colorado Petroleum Council (CPC) Executive Director Tracee Bentley feels that Colorado consumers and families should be happy with the state’s recommendation to end the ban saying, “The technology has been proven safe, and Colorado is realizing the economic and environmental benefits of its use. Thanks to U.S. leadership on energy development, led by the production happening throughout Colorado, drivers are saving more than $550 in fuel costs and household budgets grew by $1,337 due to utility and other energy-related savings in 2015… Colorado already has some of the strongest oil and gas industry regulations in the country, and our industry remains committed to working with state and local officials to ensure that we address issues of concern as Colorado partakes in America’s energy renaissance.”
Anyone who uses the term “America’s energy renaissance” is okay by me. I could see that on a bumper sticker along with “Hydraulic Is The Oil Biz Chronic”, “Save The Ban For “Roll-On” and “Free Tibet!” Sorry, that last one has nothing to do with Colorado’s oil and gas, but it still feels nice to type/say.
Venezuela’s PDVSA Can’t Afford To Clean Tankers, Pay Shipping Bills
As teased in the open… things ain’t good for the oil biz or in general in Venezuala.
Venezuela’s cash-strapped PDVSA (Petroleum of Venezuela) almost defaulted last year, but its finances seem to have gotten worse. Reuters reports more than 4 million barrels of Venezuelan crude oil and fuels are stuck in tankers in the Caribbean because Venezuela’s state-run oil firm cannot afford to pay for cleaning dirty tankers and port inspections. Somebody cue up Harry Belefonte’s “Matilda”… Now some may be asking, “Why cue up that crap?” – well…
- It’s not crap, it’s a catchy tune.
- The lyric – “Matilda, she take me money and run Venezuela.” Seemed appropriate as Venezuela seems to need all the money it can get from any and all sources… including anyone named Matilda.
- Not sure – But having 3 reasons feels like a more well-rounded list.
According to PDVSA’s trade documents and Reuters shipping data, some dozen tankers full of around 1.4 million barrels of crude oil, diesel, fuel oil, gasoline, and LPG were anchored – as of Wednesday – in Venezuelan and Caribbean waters and are waiting to be cleaned.
In addition, another 11 vessels full of oil products have been retained or embargoed by port authorities, maritime agencies and inspection firms because PDVSA has not paid its bills.
PDVSA brings almost all of the export revenues for the equally near-broke Venezuela. Low oil prices have ravaged the oil company, which is the only U.S. dollar cash cow for the Socialist regime. Bottom line… Good times in Venezuala! Here’s to hoping they catch a break… or at least some royalties from “Matilda.”
Oil Jumps To A Nearly 3-Week High As Output Cuts Take Hold
Oil futures on Thursday closed at their highest finish in almost three weeks, as traders showed increasing confidence that major oil producers have been cutting back output as promised.
Some traders, like Tim Evans, energy analyst at Citi Futures, who said, in a note Thursday that, “The bearish U.S. inventory data for last week that didn’t kill the market on Wednesday only makes it stronger.”
I want a gig where I can convey my thoughts in notes. Maybe even Post-its?? Yeah Tim! I’m on board, brother. If you’re reading this, I would love to meet for a drink or 3 and talk shop. As of the releasing of this edition of “The Nightly”, Mr. Evans has yet to reach out.
Further inspiring the positive gain is the fact that OPEC and Russian officials said they were making good progress on their pledges to cut back oil production—with 24 oil producers making collective cuts totaling 1.5 million barrels a day—over 80% of the total pledged.
I just like that we have to see if people follow thru on “promises and pledges” – isn’t a promise and a pledge supposed to be etched in stone? Oh yeah… it’s OPEC. Make no mistake, I love me some OPEC. #Respect… but shouldn’t their motto be “OPEC: Where a promise is a promise… unless it isn’t.” #SeeYaAtTheTPump.
Well, there you have it. I leave you in the trusted and steady hands of King Kuegler to get your Friday going like only he can. So until the sun goes down… Night Night.