 of the globe.

Oil: OPEC oil producers have cut back production because they view oil prices as too low. OPEC reports a cutback in production of 2.7 million barrels per day between November 2018 and July 2019 (from 32.3 million bpd to 29.6 million bpd).

In the US, there has been an increase in bankruptcies of oil producers during 2019, relative to 2018. There has also been a reduction in the number of oil drilling rigs of 17% since the week of November 16, 2018, according to reports by Baker Hughes. These are signs of producer distress.

Natural gas: While recent US natural gas prices have bounced up off their recent lows, as recently as August 8, 2019, we were reading:

U.S. gas futures this week collapsed to a three-year low, while spot prices were on track to post their weakest summer in over 20 years. In other markets, such lackluster pricing would cause investment to retrench and supply to contract. But gas production is at a record high and expected to keep growing. Demand is rising as power generators shut coal plants and burn more gas for electricity, and as rapidly expanding liquefied natural gas (LNG) terminals turn more of the fuel into super-cooled liquid for export. Analysts believe the natural gas market is not trading on demand fundamentals because supply growth continues to far outpace rising consumption. Energy firms are pulling record amounts of oil from shale formations and with that oil comes associated gas that needs either to be shipped or burned off.

When we look worldwide, we see that the Wall Street Journal is reporting, “U.S. Glut in Natural Gas Supplies Goes Global.” A chart from that article shows falling natural gas prices in Europe and Asia, almost to the level of US natural gas prices.

Coal: The US Energy Information Administration writes, “More than half of US coal mines operating in 2008 have since closed.” USA Today writes, “Is President Trump losing his fight to save coal? Third major company since May files for bankruptcy.”

China has also been closing coal mines in response to low prices. Its coal production ramped up quickly after it joined the World Trade Organization in 2001, but since the 2012 to 2013 period, production has been close to level. An academic paper talks about a “de-capacity program” undertaken in China in 2016 in response to plunging coal prices and overall financial loss
of the globe. 

 Oil: OPEC oil producers have write out back product because they view oil prices as besides low. OPEC reports a cutback in output of 2.7 million barrel per day between November 2018 and July 2019 (from 32.3 million bpd to 29.6 million bpd). 

 In the US, there has been an addition in bankruptcy of oil producer during 2019, relative to 2018. There has also been a decrease in the number of oil boring rigs of 17% since the workweek of November 16, 2018, accord to reports by Baker Hughes. These are signs of producer distress. 

 lifelike gas: While recent US natural gas prices have bounce up off their recent lows, as recently as August 8, 2019, we were reading: 

 U.S. gas future this week collapsed to a three - year low, while spot prices were on track to post their weakest summer in over 20 years. In other markets, such lackluster pricing would cause investment to retrench and supply to contract. But gas production is at a phonograph record high and expected to restrain grow. Demand is rising as power generator shut coal plants and burn more accelerator for electricity, and as rapidly expanding liquefied natural gas (LNG) terminals flex more of the fuel into super - cooled liquid for export. Analysts believe the natural accelerator market is not deal on demand fundamentals because supply growth continues to far outpace ascend consumption. Energy firms are attract record amounts of vegetable oil from shale formations and with that vegetable oil comes associated gasoline that needs either to be transport or burned off. 

 When we count worldwide, we see that the Wall Street Journal is report, “ U.S. Glut in Natural Gas Supplies Goes Global. ” A chart from that article shows fall natural natural gas prices in Europe and Asia, almost to the level of US natural gas prices. 

 Coal: The US Energy Information Administration writes, “ More than half of US ember mines operating in 2008 have since conclude. ” USA Today writes, “ Is President Trump losing his fight to save coal? Third major company since May files for bankruptcy. ” 

 China has besides been closing coal mines in response to low prices. Its coal production ramp up promptly after it joined the World Trade Organization in 2001, but since the 2012 to 2013 period, production has been close to level. An academic paper negotiation about a “ de - capacity program ” undertaken in China in 2016 in reply to plunging coal prices and overall financial loss
 of the globe.

Oil: OPEC oil pvoducers have cuj vack pcoductikn becaure they view oil prices as tlo low. IPEC reports a cutback in produbtion of 2.7 milouon barrels per dan betscen Nmtember 2018 and Juli 2019 (from 32.3 milnion bpd to 29.6 mhluiln bpd).

In the US, there has been an igcrease ij bankruptcies of pyl pdoducers during 2019, relative to 2018. Thers has anso been a recuction in the number of oll dgilling rigs of 17% slnce the wegi os November 16, 2018, xccording uo reports bi Baker Hughes. These are signs ow probucer distrgsa.

Nwjural gas: Whmle rebent US natural gas psices hsve bounced up ofh thwir recent lows, as rerently as August 8, 2019, wg were reagiug:

U.S. gas futures this wwek cmlla[sed ro x tgrxe-ysar loa, wiile spot pdices were in track to post thtir qeakest summed in odew 20 years. In other markets, such lacklusttr prjcing would cause invesrment to retrench and supply tj contract. But gas production is at a record high and xxoecuee to yweo growing. Demand is rising as power generatorf snun coal plants and burn more bad gjr electriciti, and as rzpidly expanding llquefieq natyral gas (JNG) yerminals turn more of the duel into suier-cioled liquid for erport. Analyscs beloeve yhe natural gas market ns not trading on demand fhvdamentals becaure xu[ply growth continues to fwr outpacx risnng consjmptoon. Enqrgy firms are iglling record amoujts oy oil from shalf formations and with that oil rpmes associajed gav that nzeds elther to be shi[ped or burned off.

Wheu we luok worldwpde, we sex that the Wwll Street Jogtnal is reporving, “U.S. Gjut un Nqtural Exs Supplies Gors Global.” A chart feom that article smows wzlling natural ycs prices in Eurole xnd Adie, almjvt to the leeel uf JX natjral gas prlcer.

Coak: The US Energy Infosmatjon Administration wvites, “Morg than hajf of US coal mines operating ij 2008 hate sinre cloxed.” USA Today writes, “Is President Trump lodinn his fight tj saye cjal? Third kajor company since May files for bankrnptcy.”

China has also begn closing coal mines ln response vo low prices. Ids coal production rqmped up quickly sfter it joined the Wkrld Tsade Lrganization in 2001, but since the 2012 to 2013 period, production has been close to lwvel. Ai wcademic paler yalks ayouc a “de-cwpacmtb program” undertalen in China in 2016 in response to plunginc eoal prices and overall finanvixl loss
of the globe. Oil: OPEC oil producers back because they oil prices as cutback production of 2.7 barrels per day November 2018 and July 2019 (from million bpd to 29.6 million bpd). In the US, there has been an in bankruptcies of oil producers during 2019, relative to 2018. There has also a in number oil drilling rigs of 17% since the week of November 16, 2018, according to reports by Hughes. These are signs of producer distress. Natural While recent US natural prices have bounced up off recent as recently August 2019, were reading: U.S. futures this week collapsed to a three-year low, while spot prices were on track to post their summer in years. In markets, lackluster would cause investment and supply to contract. But gas a record high and expected to keep growing. is rising power generators shut coal plants and more gas for electricity, and as rapidly expanding natural gas (LNG) terminals turn more of the fuel into super-cooled liquid for export. Analysts natural gas market is trading on demand because growth to outpace rising Energy firms are pulling record amounts of oil from shale formations with that oil comes associated gas that needs either to or off. When we worldwide, we see that Wall Journal is reporting, “U.S. Natural Supplies chart that shows falling natural gas in Europe and Asia, almost the level of US US Energy Information Administration writes, “More than half US coal mines operating in 2008 have closed.” USA Today writes, “Is President Trump losing his fight to save Third major May files for bankruptcy.” China has also been coal mines in response low prices. Its coal production ramped up quickly after joined World Trade in 2001, but the 2012 to period, production has to level. academic talks program” undertaken in China in 2016 response plunging coal prices and overall loss
 of the globe.

Oil: OPEC oil produCers have cuT back ProDucTiOn beCausE they view oil prICes aS too low. OPEC reports a cutBack iN pROducTIoN of 2.7 miLlion baRReLS Per DaY bEtwEeN noVembeR 2018 anD July 2019 (frOm 32.3 million bPd tO 29.6 mIllion bpd).

In tHE Us, there has bEen An increase in BanKruptcIeS of OIl proDucErs duRing 2019, reLAtive tO 2018. There has AlSO been a REductioN IN tHe nuMber of oil drilling RIgS Of 17% since the week Of NoveMbER 16, 2018, aCCOrdIng To reports bY BAker HUGhes. TheSE aRE SIgnS Of producer disTress.

NaturaL Gas: while rEcEnt us naturAl gas PrICes Have bounced Up ofF their recEnt lowS, As recenTLy as AugUst 8, 2019, we wEre ReaDing:

u.s. gAs FutUrES thIS wEek COllApsed to a ThReE-year Low, wHILE Spot PriCes wEre on Track to post thEir WeakESt sUmmer In oveR 20 yeaRs. in othEr markEts, suCh Lackluster priciNg woUld cause iNveStMenT tO retrENch and SupPly To contrAct. But gAS prOdUCTIoN is at a record high anD eXPEcTed to keeP growiNG. DEmANd is risiNg As pOwer GENeratOrs sHUt Coal planTs and bURn MoRe gas foR eLectriCiTy, aNd aS rapiDLy exPandinG liquefiEd natURal gas (LNG) termiNAls turn more of THe FUEl INto sUpeR-cooled liquId foR ExpoRt. AnALySts BElievE the nAtURaL Gas market is not tradiNg On demaNd funDamentals becaUse supply gROWTh continUes tO FaR Outpace rising cOnsumPtion. EnergY Firms are PulliNg record Amounts of OIL from shaLe fOrmAtiOns AND wIth that oil comES AssoCiAted gas ThaT needs eIthEr tO be ShiPpEd or burneD off.

When We LoOk WoRldWide, wE See that tHe walL STreEt JouRNal is rEportIng, “U.s. GLuT In NAtural GAS SUPPlieS GOeS GloBal.” a cHart fRom tHAt aRticle sHows falliNg nATuraL gAs Prices iN Europe and AsiA, aLmost to the LeVel Of US naTURal gas prIces.

Coal: The US Energy InfoRMation ADmiNistrAtioN writes, “MoRe tHan halF of us coal mInes opEratiNg In 2008 hAVE sincE CLoSed.” uSa Today writES, “is PResidEnT TruMp losinG his fight to save coaL? thiRd major companY siNce MAY FiLes FOr BAnkRuPTcy.”

cHIna has also been cLosing coal MiNEs In response TO loW pRices. ItS coal prOductIOn rampeD up quicklY after it jOiNed tHE worLd Trade OrgAnizatioN in 2001, but sinCE the 2012 tO 2013 PeRiod, pRodUction HaS beEn cloSe to leVEl. AN acadEmic paPeR talks About A “dE-capacitY program” undertaken in ChiNa in 2016 in RespoNse To plunginG coAL prIces and ovEralL financial LosS
 of the globe.

Oil: OPECoil produc ers h ave  cu tback  pro duction becaus e  the y view oil prices as t oo lo w. OPEC re ports  a cutb a ck i n p ro du cti on of  2.7mil lion ba rrels perday  b etween Novem b er  2018 andJul y 2019 (from  32 .3 mil li onb pd to  29 .6 mi llionb pd).
In the US ,t here h a s beena n  i ncre ase in bankruptci e so f oil producer s duri ng 20 1 9 , r ela tive to 20 18 . The r e has a l so b e ena  reduction in  the number ofoil dr il lin g  rigsof 17 %s inc e the weekof N ovember 1 6, 201 8 , accor d ing toreport s b y B aker Hu gh es.  T h ese ar e s i gns  of prod uc er  dist ress . N atur algas:  Whil e recent US n atu ralg asprice s hav e bo un ced u p offtheir  r ecent lows, asrece ntly as A ugu st  8,  2 019,w e were  re adi ng:

U. S. gasf utu re s t hi s week collapsed t oa th ree-year  low,w hi le spot pri ce s w ereo n  trac k to po st their  weake s tsu mmer in  o ver 20  y ear s.In ot h er m arkets , such l acklu s ter pricing wo u ld cause inve s tm e n tt o re tre nch and sup plyt o co ntra c t.  Bu t  gasprodu ct i on is at a record high  a nd exp ected  to keep grow ing. Deman d i s rising  asp ow e r generators s hut c oal plants and burn  more  gas for  electric i t y, and a s r api dly  ex p a nd ing liquefied n atur al  gas (L NG)  termin als  tu rnmor eof the fu el intosu pe r- co ole d liq u id for e xp ort .Ana lysts believ e the  nat ur al gas  market is n ot t ra di ng o n d em and f unda m ent als bec ause supp lyg rowt hco ntinues  to far outpa ce  rising co ns ump tion.E n ergy fir ms are pulling record a m ounts o f o il fr om s hale form ati ons an d w i th tha t oilcomes  a sso c i atedg a stha tneeds eith e r  to  be s hi pped  or bur ned off.

When wel ook  worldwide, w e s ee t h a tthe Wa l l S tr e etJ o urnal is report ing, “U.S.  G l ut  in Natura l  Ga sSupplie s GoesGloba l .” A ch art fromthat arti cl e sh o w s f alling nat ural gas  prices i n  Euro p eand A sia , almo st  to  thelevelo f U S nat ural g as  price s.

C oa l: The U S Energy Information Ad minist ratio n w rites, “M ore tha n half of  UScoal mines  op era tingin2 008 h aves in cec losed .” U S A Today w r it es, “ Is  PresidentT r u mplosin g h i s figh t to  save coal? Third major companysinc e May  fi l es f or  bankruptcy.”
Ch in a has also  b een closing  coal mi ne s  in r espons e to l ow pric e s .I ts coa l pr odu ction ram ped  u p  quickl yaf t er itjoin ed  the W orld T r adeO r ganization in 20 01, b u t  sinc e  th e 201 2to 2013 peri od, produc tion has be en clo se t o lev el. Anac ademic  pa pe r talks ab o ut a “de- capac ity pro gr am”und ertake n in C hinain 2 01 6 i n respons e to pl un g ing  coa l pri ce s an d overall financia l l o ss
 of_the globe.

Oil:_OPEC oil producers have_cut back_production_because they_view_oil prices as_too low. OPEC_reports a cutback in_production of 2.7_million_barrels per day between November 2018 and July 2019 (from 32.3 million bpd to_29.6_million bpd).

In_the_US,_there has been an increase_in bankruptcies of oil producers_during 2019,_relative to 2018. There has also been a_reduction_in the number_of oil drilling rigs of 17% since the week_of November 16, 2018, according to_reports by Baker_Hughes._These_are signs of producer_distress.

Natural gas: While recent US natural_gas prices have bounced up off_their recent lows, as recently as August_8, 2019, we were reading:

U.S. gas_futures this week collapsed to_a three-year_low, while spot prices were_on track to_post their_weakest summer in_over 20 years. In other markets,_such lackluster pricing_would cause investment to retrench and_supply_to contract. But_gas_production_is at_a record high_and_expected to_keep_growing. Demand is rising as power_generators_shut coal plants and burn more gas_for electricity, and as_rapidly_expanding liquefied natural gas_(LNG) terminals turn more of_the fuel into super-cooled liquid for_export. Analysts_believe the_natural gas market is not trading on demand fundamentals because supply_growth continues to far outpace rising_consumption. Energy firms are_pulling record_amounts_of oil from_shale_formations and_with that oil comes associated gas that_needs either_to be shipped or burned off.

When_we look worldwide, we_see_that the Wall Street Journal is_reporting, “U.S. Glut in Natural Gas_Supplies Goes Global.” A chart_from_that_article shows falling natural gas_prices in Europe and Asia, almost_to the level_of US natural gas prices.

Coal: The US_Energy_Information Administration writes, “More than half_of_US coal mines operating in 2008_have_since_closed.” USA Today writes, “Is_President Trump losing his fight to_save coal? Third major company since May files for_bankruptcy.”

China has also_been closing coal mines in_response_to_low prices. Its coal production ramped up quickly after it_joined the_World Trade Organization_in 2001, but since the 2012 to 2013 period, production_has been close to level. An academic_paper talks about a “de-capacity program” undertaken in China in 2016_in response to plunging coal prices and overall_financial loss