The good news is that well performance increased before the Covid collapse in March 2020. The bad news is that as rig count and completions recovered, production has stayed flat or decreased somewhat.

When Jeff Currie says that $4 or $5 gasoline is not a problem because the economy is strong, I’m sure he’s right for Goldman Sachs’ clients. I doubt he talks to the second economy in the UK where he works. I wonder if his company isn’t already shorting oil.

Investors demanded fiscal & growth discipline from tight oil. Tight oil delivered but investors are uninterested because there’s no growth story. Bait-and-switch.

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.

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.

2020 has been the most tumultuous year for oil markets and prices of  my career. Despite that, my calls have been quite accurate.