OPEC oil output again misses target in June as outages weigh -@Reuters survey

* OPEC output falls 100,000 bpd from May

* Libya, Nigeria post biggest declines

* Compliance with OPEC+ cut pledges rises to 253%

#oil #opec #energy #crisis @BisonInterests
reuters.com/article/oil-op…
OPEC missing their recent quota increase by half a million barrels per day? You don't say ...
SAUDIS MISSED OPEC+ QUOTA BY 213,000 B/D IN JUNE: SURVEY

If only it had been possible to predict this. #oil #opec #saudi #miss

The Myth of OPEC+ Spare Capacity
September 18, 2021 - @BisonInterests
bisoninterests.com/content/f/the-…
Clever #OPEC+ spare #oil capacity meme. H/t @Albertagarbage

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More from @Josh_Young_1

Jul 2
Three day weekend? Time for some Milton Friedman.

"The great depression myth"

In which the blame squarely lies on the @federalreserve. Not private businesses. It deviated from it's started role and responsibilities.

Not promising for todays environment

Milton Friedman, on the Great Depression:

From 1929 to 1933, the total amount of money (M2) in the US declined by 1/3. The total amount of banks declined by 1/3.

The @federalreserve allowed the decline & had the power to stop it the whole time.

If it had, no Great Depression!!
If the @federalreserve had used their power, which they had the whole time, to stop the decline in M2, there may have been a garden variety recession but no depression.

At all times, the Federal Reserve Bank of NY pleaded with the policy makers in Washington to change course.
Read 8 tweets
Jun 30
Headline: Natural Gas Falls 12.3% to $5.693 as Regulators Point to More Delays at Freeport LNG Plant h/t @DeItaone

No bueno for #natgas producers. Surprising #Freeport can't be fixed faster considering how important that #LNG is to #Europe. Image
Not a great month for natural gas. Down 16% today and 38% for the month. Image
Headline: FREEPORT LNG EXPECTS PARTIAL RESTART OF OPERATIONS OCT. 2022

Seems like a while from now. Shocking European countries haven't made it a priority to provide the support to get it fixed and back on ASAP.
Read 4 tweets
Jun 29
WTI oil is $110, NYMEX nat gas is $6.44, and Houston is 92° and beautiful Image
Better picture of Houston Image
Read 4 tweets
Jun 27
G7 is the latest to try to push OPEC+ to produce more #oil

Too bad that "OPEC+ Spare Capacity is Insufficient Amid Global Energy Crisis" (October, 2021)
bisoninterests.com/content/f/opec…
"G7 is mindful of shrinking spare production capacity and **crucially** wants KSA to **keep some powder dry**"

They obviously missed the memo:
The Myth of OPEC+ Spare Capacity
September 18, 2021 - @BisonInterests
bisoninterests.com/content/f/the-…
Read 5 tweets
Jun 25
Stories of deferred and cancelled travel are proliferating. However, the plural of anecdote is not data, @SullyCNBC / @CNBC
For example, US gasoline demand continues to rise, up 2.4% w/w after growing even more the prior week.
And flight data is positive, showing a continued recovery since the pandemic, albeit still lower than 2019 levels. @TSA tsa.gov/coronavirus/pa…
Read 9 tweets

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