Art Berman


All posts for Art Berman

Markets Have De-Valued Oil Prices: How Long Will It Last?

Comparative inventory: The most important approach to oil & gas price formation Comparative Inventory (C.I.) is the difference between current stock levels of crude oil & select refined products, and their 5-year average. C.I. has accurately predicted most of the changes in oil pric ...

Art Berman - The Petroleum Truth Report


Posted 1 day agoOpinion > Art BermanOil pricesOil +7

MacroVoices Podcast: The Market Has De-Valued the Oil Price Yield Curve

The market has de-valued the oil price yield curve Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art discuss: Comparative inventory on oil Inventory correlation to price Price cycles and the oil-price yield curve Impact of U.S. exporting oil Tren ...

Art Berman - The Petroleum Truth Report


Posted 2 days agoOpinion > Art Bermanoil priceYield Curve +2

Shale Plays Will Not Cause the Next Financial Crisis

Many think that debt and negative cash flow by U.S. shale companies will crash the global financial system. I believe the opposite is more likely, that a developing financial crisis may crash oil prices and test the survival of shale plays. In The Next Financial Crisis Lurks Underground , Bethany ...

Art Berman - The Petroleum Truth Report


Posted 18 days agoOpinion > ShaleArt BermanUnited States +4

Art Called Important Market Player by Black Diamond Research

  Key Financial Market Quotes (June 2018) https://www.blackdiamondindex.com/single-post/quotes201806 July 5, 2018 Black Diamond Research The following is an extract from the Black Diamond Stock Market Indexes Report for the month of June 2018. We always cl ...

Art Berman - The Petroleum Truth Report


Posted 2 months agoOpinion > Art BermanBlack Diamond

Tight Oil Money Return on Investment Eagle Ford Shale Case History

The Eagle Ford Shale Play - San Antonio Located in South Texas between San Antonio and Corpus Christi. Horizontal drilling and hydraulic fracturing began in 2008. Approximately 17,000 producing wells. February production was 935,000 bo/d, down from 1,324,000 in December 2014. 71 ...

Art Berman - The Petroleum Truth Report


Posted 6 months agoOpinion > Art BermanShaleEagle Ford Shale +9

$60 – $65 Emerging Mid-Cycle Price For WTI

This is a guest post by J. M. Bodell modified from a comment he wrote on my recent Oil Price Crossroad  post. He has extensive experience in petroleum market analysis, natural resource cost structure, scenario planning and strategic planning for Strategic Energy Research & Capital, Cambridge Ene ...

Art Berman - The Petroleum Truth Report


Posted 6 months agoOpinion > WTIArt Bermanoil price +1

Oil Price Crossroad

Posted in The Petroleum Truth Report on February 26, 2018 The oil-price rally that began a year ago is at a crossroad. In February, WTI futures fell from a 3-year high of more than $66 to less than $60 per barrel but have since recovered almost 70% of that value. Was this a temporary adjustment ...

Art Berman - The Petroleum Truth Report


Posted 6 months agoOpinion > Art Bermanoil price

The U.S. Over-Supply of Oil is Ending

The U.S. over-supply of oil is ending. Comparative inventory (C.I.) has been dramatically reduced in 2017. Levels have fallen 159 mmb since February and are now approaching the 5-year average for the first time in nearly 3 years (Figure 1). Figure 1. The U.S. Over-Supply of Oil is Ending. Sou ...

Art Berman - The Petroleum Truth Report


Posted 10 months agoOpinion > United StatesOilOver-Supply +2

U.S. Inventory Reductions Probably Not Sustainable

The decline in U.S. comparative inventories since February is the most significant oil market development since prices collapsed three years ago. It means that U.S. demand has exceeded supply for most of the last 5 months. The main cause is lower net imports, not higher domestic consumption, and th ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth Report

Permian Reserves May Be Much Smaller Than You Think

We are entering a new age of American energy dominance according to Energy Secretary  Rick Perry . President Trump reflected that view in  comments  he made last week that “…we've got underneath us more oil than anybody, and nobody knew it until five years ago.” Trump was referring to tight oil pr ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanPermianPresident Trump

Shale Gas Is Not A Revolution

Shale gas is not a revolution. It's just another play with a somewhat higher cost structure but larger resource base than conventional gas. The marginal cost of shale gas production is $4/mmBtu despite popular but incorrect narratives that it is lower. The average spot price of gas has been $3.77 ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth ReportShale Gas

Energy Nonsense From the Wall Street Journal

The lead editorial in Friday's Wall Street Journal  was pure energy nonsense. “Lessons of the Energy Export Boom”  proclaimed that the United States is becoming the oil and gas superpower of the world. This despite the uncomfortable fact that it is also the world's biggest importer of crude oil. ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth ReportUSA +1

OPEC Extends Cuts, Oil Prices Fall: What It Means

OPEC extended oil production cuts last week and oil prices plunged. OPEC's goal was to keep a floor under current prices but the market expected the cartel to move prices higher through inventory reduction. OPEC was satisfied with greater revenues from higher prices compared to a year ago, but the ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth ReportOPEC

Strong Natural Gas Prices And Tight Supply In 2017

A year ago, most analysts were bearish about natural gas prices.    I wrote that natural gas prices might double and they did. Today, most analysts are again bearish about gas prices and again, I think that they are probably wrong at least for 2017. The mainstream narrative  is that new pipeline ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth Reportnatural gas

Oil Prices Plunge To Where They Should Be

WTI oil prices plunged to almost $45 per barrel yesterday (Figure 1). That was a downward adjustment to where prices should be based supply, demand and inventory fundamentals. Figure 1. Oil Prices Are Testing a $45 Floor. Source: EIA, CBOE, Bloomberg and Labyrinth Consulting Services, Inc. Ana ...

Art Berman - The Petroleum Truth Report


Posted 1 year agoOpinion > Art BermanThe Petroleum Truth Reportoil price