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Title : The Market And Energy Page, T+110 -- May 10, 2017
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The Market And Energy Page, T+110 -- May 10, 2017

Drawdown: weekly drawdown -- 6 million bbls. Compare to 0.9 million bbls previous reporting period, and generally in 1 - 3 million bbl range. At this rate, 6 million bbs/week, US would get to historical levels (350 million bbls) within 30 weeks. (Note: I just happened to see the "6-million" figure briefly; did not confirm. Do not quote me on this; if this information is important to you, go to the source -- the EIA.)

Futures: Dow 30 down 50 points. For the archives: fallout from FBI Director being fired by President Trump.

US technology: EOG's appliance of science creates a challenge for OPEC -- Bloomberg. The lede:

It is a good idea to be wary when a non-IT company gets rebranded -- either by itself or an exuberant investor -- as a 'tech' company.

However, it is intriguing when a company you don't associate with technology demonstrates a real affinity for it that shows up in good results. Enter EOG Resources Inc.

EOG, which reported results late Monday, remains an oil and gas exploration and production company. Yet on Tuesday morning's call, it took the unusual step of having Sandeep Bhakhri, its chief information and technology officer, provide a potted history of EOG's development of proprietary software tools, dating back to the 1990s.

Reported before today's US crude oil drawdown: oil falls as concern grows over battle of OPEC vs US shale. Data points, for Tuesday, May 9, 2017:

• Brent futures fell 61 cents or 1.2%; settled at $48.73
• WTI futures fell 55 cents, also 1.2%; settled at $45.88
• both: lowest since May 4, 2017, and the second lowest since November 29, 2016
• analysts forecast a crude oil inventory drop of 1.8 million bbls (actual was 6 million bbls)
• in March, US crude hit an all-time of over 535.5 million bbls

More trouble for Saudi? Said to be considering wide-ranging partnership with Petrobras. Such a deal could give Exxon access to oil fields and infrastructure in Brazil while state-controlled Petroleo Brasileiro SA could gain from Exxon’s expertise in production, refining and distribution.

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