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Posted

It is a 57 page report you have not read and have not refuted. You’ve chubbed up some responses to graphs in this thread for oil and guess responses, but nothing approaching serious or respectable

Posted

Well, it happened after all.  PSF pulls out $8bn+ out of BlackRock over energy conflicts.  Last week, looked like it wouldn't happen.  But here they are.  

Posted

well the catch is Blackrock's global equities side has $120bn+ invested in Texas-based O&G.  So somebody gets pouty about this and allocations may get redeployed.  Won't make a huge rift just the conflation of our 4th largest endowment and arguably the nation's biggest ii wrt to O&G in Texas.  Just something in the news, that's all.  

Posted

I''m looking at their allocation policy.  It's $170bn.  Obviously there's nuance to what is considered "headquartered" in Texas and what is actual E&P/midstream/refinery physically in Texas.  But it's something in that low 9-figure/high 8-figure ballpark.  

Posted

It's committed capital/capital call money.  To your point, it's not terrribly clear other than "Texas-based" (which could just be G&A headquarters or actual E&P or even alts/renewables).  I'm guessing now that I look at it again, it's purposely obfuscating to give them cover down the road.  Dunno, but it was just something I was talking about this morning at with a TPSF/GLO guy because it wasn't a non-substantial amount of capital removed from Blackrock.  We'd be talking about this same thing were it TRS or ERS as well.  not the first time, and sure as shit won't be the last time something like this happens.  

Posted

https://www.telegraph.co.uk/news/2024/03/25/usa-oil-gas-production-world-record-level-energy-security/

Quote

The US Energy Information Administration (EIA) said in January that US domestic production of crude oil for September 2023 set a new all-time high of 13,247,000 barrels per day. That fact probably deserved more notice than it received given that it was the most oil any nation on earth had ever managed to produce in a single month. The high-tech modern US oil and gas industry is completely transformed.

 

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Posted

Always a good laugh going to texags …

If Trump was president we’d be pumping 5000 more barrels a day !

But the WH isn’t filling up the Strategic Reserve !

They’re lying about the numbers, deep state !

 

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Posted
20 minutes ago, tx 3 putt said:

Always a good laugh going to texags …

If Trump was president we’d be pumping 5000 more barrels a day !

But the WH isn’t filling up the Strategic Reserve !

They’re lying about the numbers, deep state !

 

That was your first mistake going there. They also think they have the best QB room in the country 

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Posted
6 minutes ago, UTPhil2006 said:

That was your first mistake going there. They also think they have the best QB room in the country 


texags is great comic relief / you need a reminder they’re a bunch of racist fucks 

Posted
22 hours ago, Rex Kramer said:

A few points: 1) we would be pumping more, and the price would be lower. The Biden admin has been hostile to the industry. That has evolved from outward hostility to Granholm getting a dose of reality and calming down, whilst still making the absurd decision to block new LNG permitting. 2) WH missed their window. They should’ve down that $15 ago but are too stupid to do so. 3) The reporting has totally changed to include certain refined product. That’s driven by API/EIA and not a Biden thing. We aren’t producing a record amount of crude in and of itself. 

The numbers produced are a win for the industry, for Biden (even though they’ve occurred in spite of Biden), and are totally fool’s gold. These continued reports do nothing at all to change my opinion on the direction of crude. 

image.png.4be91e6049b42b81cff9ea19c061e264.png
 

US speeds up return of oil to Strategic Petroleum Reserve -Energy Dept

https://www.reuters.com/markets/commodities/us-speeds-up-return-oil-strategic-petroleum-reserve-energy-dept-2023-12-01/?_sm_au_=iVV7bGnk7tsDN6177qBfJK0CNRBH2

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Posted

lol you know there are limits on the amount you can buy back at once and that buying 180 million at a time isn’t viable, yet you act like that’s possible in this post. Just like the admin didn’t release 180 all at once, they won’t buy it all at once, and when they have bought it’s averaged $75. Show us the multiple opportunities in the $65-70 range the last two years that would’ve been good to buy? It’s the same timeframe you kept betting on $100 oil 

I’ll give it you that you’re consistent in this thread on being wrong.

Posted (edited)

The triggered comment is very obviously pointed at you and your, let’s call it a plethora, of incorrect guesses at 100 dollar oil within the last two years that’s already been quoted a couple pages back.

Yes you can get a day sometimes a couple of them together under 70 the last two years. There has not been an extended amount of time in that $65-70 range the last two years to purchase the amount you are suggesting and do it all within a day, no help needed looking that up lil buddy.

 

so your point number one you tried to make is just more bullshit oil n guess, we hate Biden

point number two is factually incorrect thinking there’s numerous opportunities to buy 15 dollars under 75

point number three is tears 

Edited by StassneyHorn
Posted

Admin started buying back oil December 2022 after ending the selling in November 2022. It sold its reserves on avg for $96 and is buying back at an average at $75. Those are facts. They are doing it at profit. There has been exactly 1 day since the admin stopped releasing oil and has been in the market to buy back where intraday prices fell under $65. 

Also here are a couple of deleted Porterhouse posts. Didn't bother to include ones tyou would argue about. July 20,2022 was the last day oil has closed above $100. 

On 5/3/2023 at 5:38 PM, Guest said:

Pretty much my exact feelings. I’ve got a guy trying to buy something from me and his bids are changing by the hour. I’ve stopped engaging him and am just rolling my eyes. The drop in crude is ridiculous and will be totally erased by Memorial Day.  We’ll be $100 by the summer. 

Gas is fucked for a while. 

 

On 9/27/2023 at 9:08 AM, Guest said:

$100 around the corner. Gas likely to remain hampered by slightly high storage levels. Really need a cold winter. Probably low in the short term and pretty damn volatile. 





 

Posted
On 3/27/2024 at 11:44 AM, Rex Kramer said:

WH missed their window. They should’ve down that $15 ago but are too stupid to do so.

We should have bought a bunch during the initial COVID lock down when oil was around $40/barrel.

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Posted
March 15,2024
 
The administration has so far bought back about 29.61 million barrels of domestically-produced crude oil, since the 2022 sales, it says. The DOE says it has also sped up the return of nearly 4 million barrels to the SPR from loans to oil companies.
The pace of the buybacks has been slowed by planned maintenance at two of the four SPR sites, department officials have said.
Quick buybacks of much larger volumes could also risk pushing up oil and gasoline prices ahead of the Nov. 5 presidential election, analysts have said. Energy Secretary Jennifer Granholm said on Feb. 21 the U.S. was being careful not to do anything to remove supply from the market when prices might be high.
 
 
The U.S., which is producing oil at record volumes with more increases expected this year, has more crude in the SPR than required as a member of the Paris-based International Energy Agency, the West's energy watchdog. Under the agreement, the U.S. is required to hold 90 days' worth of net petroleum imports.
 
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Posted
6 hours ago, StassneyHorn said:


sold at $95, replenishment at $75. seems like an ok move

 

also … 

Quote

Last year's 180-million-barrel-sale sank levels in the reserve to the lowest in 40 years, angering some Republicans who accused the administration of leaving the U.S. with a thin supply buffer to adequately respond to a future supply crisis. But Republicans in recent years had called for big sales from the reserve as domestic U.S. oil output has soared thanks to fracking and other drilling techniques.


triggered GIF

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Posted (edited)
1 hour ago, Schulz2.0 said:

We should have bought a bunch during the initial COVID lock down when oil was around $40/barrel.


question, when futures hit $0, shouldn’t you fill it all up ? Or anything under $20 is an auto buy

 

side note - imo we had clowns in place at the time

Edited by tx 3 putt
Posted

So when shown there has been 3x as much oil brought back, along with an explanation of why it isn’t being bought back as quickly to not shock prices upwards, we get some some lib statement about peak oil. 
We should all be happy this ruins congress’s plan of selling off oil at a later date to create more government programs.

Posted
3 minutes ago, Rex Kramer said:

What exactly has been replenished?  16%….lol. 

I’m not triggered by this, like the TexAgs posters you sought out, I guess. Take the Republican out of this: we are VERY thin, heading toward a crisis, and we should all be concerned right now. 

I definitely agree we had clowns in place. Schulz is very much correct and we were all bitching about it at the time. I guess the ‘20 Energy Dept was drinking bleach. 

 

I’m so confused by how peak oil is a lib statement?  For the record, I think Biden / Granholm ought to keep doing what they’re doing, but they’re going SO slowly they’ll never replenish what they released, and if they do, it’ll exceed a weighted average $95. 


hey, they had to keep away covid

 

the triggered comment was for politicians talking out both sides of their mouth while providing zero solutions 

Posted
25 minutes ago, Rex Kramer said:

Yes. I said don’t fuck with SPR. Absolutely buy when opportunities like that present themselves. We’ve all forgotten what a true supply crisis looks like. The manipulations by Trump in ‘19 and Biden in ‘22 are pure horse hockey. 


I’d expand it too. 

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Posted (edited)
17 hours ago, Rex Kramer said:

100%, but crude probably averaged $25-$30 from 4/1/20-12/31/20. And Trump used SPR releases as a political tool too, but more idiotically. 

The world wasn’t in the middle of an extreme political & military crisis and there wasn’t the threat of a nuclear war then….

The sell off in 2022 would be similar to FDR dumping a SPR in 1941.

Edited by Armybrat
Posted

What I’m saying is, dumping the SPR when the world is in the middle of a very dangerous widespread wartime crisis to score political points isn’t very smart. 
IIRC, such was pointed out by some after Putin started his second invasion of Ukraine.

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Posted
11 hours ago, DCA_HORN said:

The problem isn't the price. It's crude type and the integrity of the caverns themselves. We will see about the latter. 

Can you expand on this? What is the integrity issue with the salt domes? Over geologic time, sure, but are you talking about something on human time scales?

Posted
On 3/28/2024 at 1:22 PM, StassneyHorn said:

The triggered comment is very obviously pointed at you and your, let’s call it a plethora, of incorrect guesses at 100 dollar oil within the last two years that’s already been quoted a couple pages back.

Yes you can get a day sometimes a couple of them together under 70 the last two years. There has not been an extended amount of time in that $65-70 range the last two years to purchase the amount you are suggesting and do it all within a day, no help needed looking that up lil buddy.

 

so your point number one you tried to make is just more bullshit oil n guess, we hate Biden

point number two is factually incorrect thinking there’s numerous opportunities to buy 15 dollars under 75

point number three is tears 


Rex Kramer? Factually incorrect? I refuse to believe it! 

Posted
1 hour ago, MadTrapper said:

Can you expand on this? What is the integrity issue with the salt domes? Over geologic time, sure, but are you talking about something on human time scales?

Well it was filled with a lot of heavy sour that a lot of the GC refineries are designed to run on. We aren't replacing it with that. 

 

Salt dissolves. When you move that much fluid, the salt structure changes. I'm guessing this is what a lot of the maintenance is. 

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Posted
23 hours ago, Armybrat said:

What I’m saying is, dumping the SPR when the world is in the middle of a very dangerous widespread wartime crisis to score political points isn’t very smart. 
IIRC, such was pointed out by some after Putin started his second invasion of Ukraine.

When WTI went negative, they refused to fill up the SPR because they viewed it as a bailout for the oil  companies. Yes, really.

Just piss poor fiscal policy but it is the US government here, so we shouldn’t be surprised. 

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Posted
1 hour ago, Rex Kramer said:

Anyone going to Vegas for WOPT?

I think we'll have two guys there. I'm not one of them unfortunately.

Maybe keep the snuff in your pocket on the airplane, mmmmkay?

Posted

SPR inventory:

Year end 9.30.21 2021: 593.7mm

Year end 2022 9.30.22 372.4mm

Year end 2023 9.30.23 354.4mm

Current 363.6mm

The DOE just canceled a 3mm purchase.  Odds are increasing they will further drain it versus filling it up for the balance of the year.

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