Good morning; here's what the Oilman has for you today:

• Jet Fuel Demand Is Surging. Guess What’s Next?

• Billy of the Week, Harold Hamm: Part Three

• Upcoming Oil and Gas Events

• Tweet of the Day

Jet Fuel Demand Is Surging. Guess What’s Next?

Demand for jet fuel is soaring across the globe, and it’s not just because it’s vacation season.

It’s been on the rise since the end of last year.

And this could only mean one thing: higher oil prices.

The signs are everywhere you look

The end of 2022 saw the end of China’s Covid restrictions, which were among the most severe in the world.

Everyone predicted a fast rebound in travel.

The same thing happened in other parts of the world when the lockdowns ended.

And then everyone ignored these predictions to stare at GDP growth.

Meanwhile, people traveled more, in Asia, Europe, North America, South America—everywhere.

And they are still traveling more than last year or the year before.

It’s one of the aftereffects of the pandemic lockdowns, for sure.

But however, you look at it—whether it’s a temporary thing or a trend—it means higher oil demand.

Meanwhile, supply is dropping

OPEC’s cutting production.

Russia’s cutting exports.

U.S. drillers are slowing down their drilling.

Oil traders are selling inventory.

How many ways can this realistically end?

If you said “One”, you were right. Almost.

Because there’s a wild card, and it’s called China.

China has been filling up its own inventories.

Now it may start releasing the oil if prices jump too high.

The rollercoaster rides on.

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Billy of the Week, Harold Hamm: Part Three

The Shale Revolution

The Bakken discovery and the deployment of horizontal drilling and hydraulic fracturing changed the oil industry.

The latter, it’s safe to say, is what turned the United States into the biggest oil producer in the world.

Hamm and his Continental Resources – originally the Shelly Dean Oil Company – were at the forefront of the shale revolution.

By 2005, the company was pumping well over 5 million barrels of crude daily, already one of the biggest oil independents in the country.

Hamm listed Continental in 2007. By 2012, the company had a market value of $13.5 billion.

Two years later, at the peak of the shale revolution, the company was worth $23 billion.

In October 2022, Hamm took Continental Private, with the company valued at $27 billion.

A top 10 company

Continental Resources is one of the 10 biggest shale oil and gas producers in the U.S.

Its founder and, once again, sole owner, is notorious for his frugality, good sense, and conservative views.

Hamm is a generous giver to charities and an active voice in the U.S. Conservative space.

He is an equally active critic of the Biden administration’s energy policies and a man not afraid to speak his mind.

Last year, he called the admin desperate when it made a deal with Venezuela to export some heavy crude to the U.S.

He’s also accused the Democrat government of killing the shale industry.

“They know what they did. They know they took the federal lands off the table,” Hamm said in a 2022 interview with the FT.

“They know better, and shame on them . . . They want to put oil and gas out of business.”

Hamm probably laughed a lot when President Biden reversed his ban on federal land drilling out of desperation.

Upcoming Oil & Gas Events

• July 19-20: 2023 Independent Petroleum Association of New Mexico Annual Meeting

• July 20: Bakken Classic Fishing Derby

• July 28: SOOGA Annual Industry Boat Ride, Valley Gem, Marietta, OH

Around the Global Patch

🇺🇸 Oilfield services brace amid shale slowdown.
🇨🇳 China's solar-to-hydrogen project gets a green light.
🇷🇺 Food security at risk amid grain dispute.

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