Art Berman
Investors demanded fiscal & growth discipline from tight oil. Tight oil delivered but investors are uninterested because there’s no growth story. Bait-and-switch.
For those who think that transport is the main use of internal combustion engines, think again. Less than half were for automotive use in 2020. Agriculture, manufacturing, power generation, forestry and construction accounted for the other 53%.
I don’t know if our leaders are incapable of understanding or simply unwilling to publicly state the obvious: significant decarbonization without radical changes in global living standards and population is delusional.
Markets are not nearly as suggestible as most analysts and investors. They are cheap and hate to over-pay.
The rally was over a few weeks ago but until late last week, there was hope it might resume its upward momentum. That seems unlikely for now.
Monthly oil prices have nearly quadrupled since April 2020 and that has some analysts talking about an oil super-cycle. What nonsense.
We’re near the end of a price increase that began at less than zero back to the where prices were before the pandemic. That’s a recovery not a rally.
The obvious conclusions from this crisis are that 27% reliance on wind is a big risk and that Texas’s unregulated electric grid system is a train wreck.
The obvious conclusions from this crisis are that 27% reliance on wind is a big risk and that Texas’s unregulated electric grid system is a train wreck.
2020 has been the most tumultuous year for oil markets and prices of my career. Despite that, my calls have been quite accurate.
The idea that gas price might soar this winter because of lower production reflected a profound misunderstanding of how natural gas markets work. It was natural gas amateur hour.
Many of the wells that were turned off were not shale wells and they’ll never be turned on again.