Oil caps biggest three-day gain since 1990 as OPEC ready to talk

Oil caps biggest three-day gain since 1990 as OPEC ready to talk: "Oil capped the biggest three-day gain in 25 years after OPEC said it’s ready to talk to other global producers to achieve ‘fair prices’ and the U.S. government reduced its crude output estimates. Crude traded in New York surged 27% in three days, the most since August 1990 when Iraq invaded Kuwait. Both West Texas Intermediate and Brent benchmarks have climbed more than 20% from their closing low on Aug. 24, meeting the common definition of a bull market. The Organization of Petroleum Exporting Countries, responsible for about 40% of the world’s supply, said in a monthly publication it’s willing to talk, “but this has to be on a level playing field.” Prices erased last week’s drop to a six-year low as the OPEC comments and signs that the U.S. shale boom is fading faster provided optimism that a global supply glut will evaporate sooner than estimated. A measure of oil-price fluctuations rose to a five-month high as traders sought protection from market swings. “The market turned around on two pieces of news,” Phil Flynn, senior market analyst for Price Futures Group Inc. in Chicago, said by phone. "The EIA cut its U.S. output estimates and OPEC says its ready to talk to others about cutting output.""

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Man Forced To Throw Back Bull Red That Self-Identifies As 11-Inch Speckled Trout. | THE PUSH POLE

Man Forced To Throw Back Bull Red That Self-Identifies As 11-Inch Speckled Trout. | THE PUSH POLE: "Unfortunately for Galliano angler Willie Bergeron, the mammoth fish he hauled in yesterday morning was actually a delicate 11-inch spec trapped inside the body of a 31-inch bull red. Stephanie Bergeron, his very intelligent and sunburned daughter, broke the news to him after netting the leviathan. It was their tenth redfish of the day, setting them at their limit. After pretending to hold a telepathic conversation with the gasping, flopping beast, she broke the news to her father, informing him that they have to release the fish or the game wardens would throw him into a FEMA camp for a hate crime."

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Flying robots replace oil roughnecks

Flying robots replace oil roughnecks: "Oil rig inspection is a dangerous business. Traditionally roughnecks dangled from a wire, in gale-force winds if needed, to manually log wear and tear on the girders. Assessments include giant chimneys—called flare stacks—that belch fire during million-dollar-a-day shut-downs. Increasingly, the industry has found that swapping abseiling humans for small drones equipped with high-definition and thermal cameras can save time, cut costs and improve safety. "These are large metal structures in a big pond of sea water. They will rust a lot, particularly in the North Sea where rigs designed to last 20 years are lasting more than 40. They are continually getting cracks and physical damage from the waves and need to be refurbished and fixed," explains Chris Blackford, Sky Futures' COO."

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Flying robots replace oil roughnecks

Flying robots replace oil roughnecks: "Oil rig inspection is a dangerous business. Traditionally roughnecks dangled from a wire, in gale-force winds if needed, to manually log wear and tear on the girders. Assessments include giant chimneys—called flare stacks—that belch fire during million-dollar-a-day shut-downs. Increasingly, the industry has found that swapping abseiling humans for small drones equipped with high-definition and thermal cameras can save time, cut costs and improve safety. "These are large metal structures in a big pond of sea water. They will rust a lot, particularly in the North Sea where rigs designed to last 20 years are lasting more than 40. They are continually getting cracks and physical damage from the waves and need to be refurbished and fixed," explains Chris Blackford, Sky Futures' COO."

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NEWS | Oil Tumbles Up To 6% To New Lows As China Fears Intensify Rout | Rigzone

NEWS  |  Oil Tumbles Up To 6% To New Lows As China Fears Intensify Rout  |  Rigzone: "Oil's weeks-long slump accelerated sharply on Monday with prices tumbling as much as 6 percent to fresh 6-1/2-year lows as a renewed dive in the Chinese equities market sent global financial markets into a tailspin. A near 9-percent fall in China shares roiled global markets and sent the Dow Jones Industrial Average down more than 1,000 points in early trading. Wall Street pared losses by mid-morning, briefly easing oil's slide, but a second wave of selling re-emerged in the afternoon. Oil's biggest one-day drop in nearly two months suggested that worst-case fears over the economic outlook in China, the world's second-largest oil consumer, have eclipsed immediate signs of persistent oversupply as the main motivator. "Today's falls are not about oil market fundamentals. It's all about China," Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, told the Reuters Global Oil Forum. "The fear is of a hard landing and that things get out of the control of the Chinese authorities." Brent October crude fell $2.77, or 6.1 percent, to settle at $42.69 a barrel, after plunging to a contract low of $42.51, the lowest front-month price since March 2009. Prices extended losses in after-hours trading, as the U.S. S&P Index fell by more than 4 percent at one point."

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Oil-stock plunge erases $17 billion as Exxon hits 5-year low

Oil-stock plunge erases $17 billion as Exxon hits 5-year low: "Oil and gas producers dropped to their lowest level in almost four years as collapsing markets in China heightened concern that demand will falter, aggravating a glut. An index of 40 energy explorers, refiners and drillers lost $17 billion in value, declining 2.1% at 12:49 p.m. in New York trading. The group earlier tumbled as much as 5.5% to the lowest since October 2011. The slide extended Exxon Mobil Corp.’s year-to-date decline to 24%, putting the world’s biggest oil producer by market value on track for the poorest annual performance since at least 1981. Stocks around the world plunged as a rout that began with the Aug. 11 devaluation of China’s yuan rippled through European and U.S. markets. Commodities fell to a 16-year low, Treasury yields dipped and U.S. crude fell below $38/bbl for the first time since February 2009. “It’s a bloodbath,” said Mark Hanson, an analyst who follows U.S. crude explorers at Morningstar Inc. in Chicago. “We’re at an intersection of a lot of bad news.”"

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NEWS | DW: Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions | Rigzone

NEWS  |  DW: Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions  |  Rigzone: "Douglas-Westwood, an energy business strategy, research and commercial due diligence services provider, commented in its latest edition of DW Monday that low global crude prices have hit Saudi Arabia hard. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – $4 billion in July. The kingdom is highly reliant on oil – accounting for more than 90 percent of budget revenues. Cuts have not been made to capital expenditure and Saudi has engaged in an expensive conflict within Yemen. Consequently, the decision to ride out lower prices has put a huge strain on finances – the IMF (International Monetary Fund) estimates $50 oil will lead to a deficit of ~$140 billion (20 percent of GDP) this year. Plugging holes in the budget with bond issues is the clearest sign yet that the kingdom is feeling the pinch, the question is, how long can it continue?"

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SMBC: Hurricanes & Super Breath!

Practical effects of a super-sized experiment using the Joule-Thompson effect!

Saturday Morning Breakfast Cereal:

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SMBC: Do All Dogs Go To Heaven?

One biologically informed kid...

Saturday Morning Breakfast Cereal:

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WellAware launches Chemical Management Solutions to reduce oilfield operating costs and optimize production

WellAware launches Chemical Management Solutions to reduce oilfield operating costs and optimize production: "WellAware has launched the WellAware Chemical Management and WellAware Chemical Optimization products. Designed for E&P and chemical service companies, the new products reduce operating costs, minimize pump and well downtime, and optimize production. Matt Harrison, CEO for WellAware, said, "Our customers asked us to help them more effectively manage their production chemical programs. It's a huge opportunity -- both to increase production and significantly reduce operating costs, as production chemicals are typically one of the three highest expenditures for an operator. WellAware's Chemical Management and Chemical Optimization solutions streamline chemical management processes so that operators and chemical service companies can spend less and implement more effective programs." Traditionally, monitoring of chemical tanks and pumps has been a completely manual process. Technicians drive to each well site to check the status of the treatment and frequently find issues including low tank levels, leaks, inoperable pumps, and over/under target injection rates. These issues result in not only high labor, transportation, and chemical costs, but also significantly impact downtime and production levels. "For example, low injection of paraffin inhibitors or H2S scavengers can increase required well remediation treatments and well shut-ins, preventing operators from hitting their production targets," added Harrison. "WellAware helps address these challenges by providing reliable data collection, exception-based monitoring and control, and actionable analytics. Chemical tank level and pump operating data is collected via remote telemetry using our heterogeneous communications network, which supports multiple wireless standards to ensure availability in all regions. This unique data visibility allows operators to monitor chemical equipment and inventory as well as receive alarms when issues arise, such as low tank levels, system leaks, insufficient pump voltage, and insufficient injection rates," said Harrison."

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Anadarko finds gas in ultra-deep waters offshore Colombia

Anadarko finds gas in ultra-deep waters offshore Colombia: "Anadarko Petroleum's Kronos-1 well has proved the presence of hydrocarbons in the ultra-deep waters of the Colombian south Caribbean area, Ecopetrol, a partner in the well, said. This discovery proves the geological model proposed for an unexplored area with high hydrocarbon potential, the Bogotá, Colombia-based company said Tuesday. Kronos-1 is located in Fuerte Sur Block, 53 km offshore Colombia, where Anadarko, the operator, and Ecopetrol each hold a 50% interest. According to operator's quarterly operations report, after drilling at a water depth of 1,584 m, the well reached a total depth of 3,720 m and encountered a net pay thickness between 40 m and 70 m of gas bearing sandstones."

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Child Dies Holding Breath To Avoid Raceland Sugar Mill Stench | THE PUSH POLE

Child Dies Holding Breath To Avoid Raceland Sugar Mill Stench | THE PUSH POLE: "According to multiple sources at Thibodaux’s Peltier Park,  “a kid totally died” while holding his breath in an attempt to avoid sniffing the mountain of bagasse located just off of Highway 182. A dozen caffeinated nine-year-olds told The Push Pole about a child who ran out of air and died in the backseat of his parent’s SUV as they traveled to New Orleans. When pressed for details, the animated group of kids gave conflicting reports. Some said his name was Jayden. Others said it was Conner. Some said his death happened last month; others were sure it happened years ago, before Frozen even came out."

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