U.S. Economy Is Ready to Anchor Stronger Global Growth
Tighter global oil markets will send third quarter crude oil prices into a new, higher trading range for Brent. Low inventories and increased global supply disruptions have supported prices despite a larger than expected second quarter stock build. Political risks to supply have turned bullish for the summer. Limits to Saudi Arabia's volume cuts are key to the lower 2015 price outlook.
1Q14 Tight Oil Operator Review
Four themes emerged in the first quarter results. First, operators indicated that 2014 production would be weighted to the second half of the year as harsh winter weather continued well into 1Q14. Second, in the Permian, drilling activity increased rapidly despite the weather, resulting in some service cost inflation. Third, in Bakken and Eagle Ford, operators are still focused on increasing acreage productivity, with emphasis on downspacing and completion designs. Finally, a number of operators divided their attention between the three big plays and emerging plays.
Bullish for U.S. Prices
June Saudi loading delays and reduced operational tolerances should continue to be bullish for US prices. Lower freight rates have opened the arb to
U.S. Ethanol Prices Rise
Ethanol prices jumped near the end of the week ending
U.S. Ethanol Inventories Decline
U.S. ethanol production rose again the week ending
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