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No need to tap into Strategic Petroleum Reserve

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Brent Crude

A Huge Decline In Oil Replacement Ratio

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Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.

This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added

https://oilfieldforums.com/threads/oil-industry-only-replaces-1-in-6-barrels.132/

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Commodities

For eighth straight session U.S. crude oil keeps going lower

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Equities have snapped back from sharp early losses but not so much for crude oil (USO -1.1%), as WTI is on track for its eighth straight down day amid global economic growth slowdown, oil demand and signs of excess supply; November WTI -1.4% to $51.89/bbl. – seekingalpha

Saudi Arabia energy minister Prince Abdulaziz bin Salman says the country has fully restored production after last month’s attacks on its facilities and is now focusing on Aramco’s listing. – fracnews.com

Crude oil markets show support

The $50 level underneath will probably be attempted but a short-term bounce may happen between now and then.  The $55 level underneath is massive support, so breaking down below there would not only break the bottom of a hammer.  – finance.yahoo.com

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