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

• EIA Calls Itself Out on Permian Production Growth

• Short Sellers Are Coming for Renewables, EVs

• Upcoming Oil and Gas Events

• Tweet of the Day

EIA Calls Itself Out on Permian Production Growth

The EIA has forecast that oil output in the Permian will continue growing through the end of the year.

The forecast comes after several months of projected output declines that actual data kept refuting.

It’s not just the drilling rigs, EIA

Since this summer, the EIA has been predicting lower Permian output for every month.

Only to revise the numbers upwards every next month.

Yet it kept at it, likely because drilling rigs kept falling.

The EIA must have missed industry execs’ comments that they are getting more oil with less drilling.

Now it’s catching up and expecting output at 5.976 million bpd this month.

This should further grow to 5.981 million bpd in December.

Now you know why Exxon bought Pioneer.

And why Oxy’s Vicki Hollub said output in the Permian would keep growing for the next few years.

That should put analysts’ worries about the play at rest.

But it probably won’t.

Total shale output is still in decline

At least according to the EIA, which predicts the total to fall to 9.653 million bpd this month.

It will further shrink to 9.652 million bpd in December.

It’s not a massive decline, to be fair, but it’s still a decline.

It will come from lower production in Anadarko, Eagle Ford, and Appalachia.

They’re all mature plays that have been produced intensively.

After all, nothing lasts forever.

But there’s still clearly a lot of oil to be pumped out of the Permian.

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Short Sellers Are Coming for Renewables, EVs

Short sellers are piling into EV, wind, and solar stocks.

A lot of these stocks have got a massive pounding recently.

It must have been like blood to a shark for short sellers.

From investors’ darlings to junk

Do you remember how, a few years ago, every EV maker’s IPO was a huge deal?

And it got a huge valuation.

Now, these are coming crashing down as demand falls very short of expectations.

Costs, meanwhile, are on the climb.

And let’s not mention the fire hazard of EV batteries that’s forced an overhaul of safety rules at the International Maritime Organization.

Some more costs to add to the rest.

Wind and solar are struggling, complaining of higher borrowing costs.

They’re also complaining of insufficient subsidies.

No wonder investors are dumping their stocks.

Whatever happened to the free market?

Once upon a time, it was the market that decided winners and losers.

Sure, there were subsidies for this industry or that.

Yet subsidies have never before been used to build a whole industry from scratch.

Some of us knew from the start it wouldn’t end well.

Now, more people are seeing it.

And if the short sellers are coming for renewables, it means things have gotten really bad.

Just how bad we’ll probably see soon enough.

Upcoming Oil & Gas Events

• November 15-16: Petroleum Alliance of Oklahoma Fall Conference and Auction, Oklahoma City, OK

• November 16: 29th Annual Executive Oil Conference and Exhibition, Midland Country Horseshoe Arena, Midland, TX

• November 28: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX

• November 28-29: UTA Oil and Gas Conference, Hilton Americas, Houston, TX

Around the Global Patch

🇮🇱 Chevron revives Tamar: surge in Israeli gas flows to Egypt.
🇨🇦 TESCanada's $2.9B green hydrogen venture unveiled.
🇷🇺 Russia vows ongoing adaptation amid oil sanctions.

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