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California will go against Big oil , Oilfield workers be damned

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Bill to Cut Oil and Gas Production In California Passes First Committee.

The bill analysis by the Assembly Natural Resources committee states: “The proximity to oil and gas extraction, including the use of hydraulic fracturing, well acidization, and other nonconventional oil and gas extraction techniques, adversely impacts public health and safety.” – https://californiaglobe.com

Phillips said her organization and other groups that support curtailing oil production in California have met informally with Newsom administration officials. While Newsom has not made any promises, expectations remain high, she said. https://www.latimes.com

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China’s new refineries spur demand – Crude oil imports are up

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A new plant owned by Hengli Petrochemical (600346.SS), capable of processing 400,000 barrels per day (bpd) of crude, reached full operations in late May, while a similar-sized plant owned by Zhejiang Petrochemical has started trial runs.

* China June crude oil imports at 39.88 mln tonnes – RTRS calculation

June imports by the world’s largest crude oil importer came in at 39.58 million tonnes, according to data from the General Administration of Customs.

That works out to 9.63 million bpd, up 1.7% from 9.47 million bpd level in May and up from 8.36 million bpd a year ago.

For the first six months of 2019, crude imports grew 8.8% from a year earlier to 244.6 million tonnes or about 9.87 million bpd.  READ MORE – reuters.com

At the same time, Senior administration officials said that China defied U.S. sanctions when it imported more than a million barrels of crude oil from Iran last month. But they are grappling with whether — and how — to hit back, according to three U.S. officials.

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Commodities

Oil prices mixed on US crude stock data

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Oil Opens a New Window. prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks Opens a New Window. declining, outweighing investors’ concerns that U.S.-China trade tensions Opens a New Window. could dampen fuel demand. – Foxnews.com

why isn’t oil surging back to $100 a barrel?

The principal reason is global oil traders are more worried about the slowing global economy, which on their modeling translates to falling demand and prices.

The other big difference from earlier shocks is the rapid shift of the US from energy importer to exporter.

By late last year, the US powered past both Russia and Saudi Arabia to be the largest oil producer on the planet.

The US shale producers have proved themselves to be nimble at either ramping up or down production, responding quickly to price changes in the global market. – https://www.abc.net.au

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