Mid-Week Review – October 2, 2019

Oil prices drop after reports Saudi Aramco has restored output capacity to pre-attack levels

Oil futures sank on Monday, sending U.S. prices to their lowest settlement in a month, after reports that Saudi Aramco has fully restored production capacity that was lost to the crippling attacks on Saudi oil facilities earlier in September.  Click here to read more from MarketWatch.

Oil falls slightly as weak US economic data dims demand outlook

Oil prices slipped on Tuesday, pressured as weak U.S. economic data dimmed crude’s demand outlook, while reports of an output decline from the world’s largest oil producers in the third quarter kept prices from falling further.  Click here to read more from CNBC.

The U.S. Department of Energy Says More Oil, More Natural Gas

What’s past is prologue: more oil, more natural gas. No kidding. These two essential fuels supply nearly 65% of the energy used in the U.S. and global economies. Global annual oil demand has been surging ~1.4 million b/d since 2000 alone, with gas usage up 8 Bcf/d per year. Click here to read more from Forbes.

Mexican pirates posing greater risk in Gulf of Mexico to oil workers, tourists

“Although oil and diesel stealing has been going on for decades, there has been an increase in criminal activity reported in the last four years,” Johan Obdola, founder of the Global Organization for Security and Intelligence, told Fox News. “It is estimated that the stealing in Mexico is up to 1.18 million barrels a day, bringing millions to criminal organizations, and making it very difficult to control.”  Click here to read more from Fox News.