Wednesday, May 15, 2019

Five Wells Coming Off The Confidential List Today -- Wednesday, May 15, 2019

WTI: barely above $61.

EIA: weekly petroleum report later this morning. Link here. It will be interesting to see if it corroborates the huge build reported by API yesterday.

Bakken production: NDIC Director's Cut later this afternoon. Link here.

IEA: "... dire warning for energy markets."
It took me awhile to figure this one out, but the IEA appears to be a mouthpiece for non-US oil. The IEA is not worried about oil production per se. It is worried about US oil companies spending E&P money in countries outside the US. As long as I've been blogging -- over ten years now -- the IEA has consistently stuck to its manta: the oil industry is not spending enough on E&P, and here we sit on a worldwide glut, with two huge producers sucking wind (Venezuela, and Iran); Russia cutting back on production; Saudi cutting back to maintain prices; and the shale revolution showing no signs of leveling off. The EIA now says global energy investment stabilized at almost $2 trillion last year (2018), ending three years of declines, but that was still not enough. 

Apache: I probably would not have posted this story, except in light of the Anadarko-Chevron-OXY story. From Bloomberg, Apache bets big on Permian gas liquids. It's a big story -- I think I will post it as a stand-alone

Pipeline bubble? From a Rigzone contributor. Re-posted as a stand-alone.

Microsoft: huge malware bug could hit older systems.
The flaw affects Windows 7 and Windows Server 2008. It also affects Windows 2003 and Windows XP—older versions of Windows that Microsoft doesn’t typically patch. But, in a sign of the severity of the bug, Microsoft released XP and Windows 2003 patches as well.
Back to the Bakken

Wells coming off confidential list today -- Wednesday, May 15, 2019:
  • 35789, conf, XTO, Bullberry Federal 24X-2DR, 
  • 34900, SI/NC, Hess, SC-Gene-154-98-0805H-7, Truax, no production data,
  • 34870, 741, Oasis, Dixon 5602 42-34 2B, Bonetrail, t12/18; cum 71K 3/19;
  • 34858, SI/NC, MRO, Miriam USA 11-17H, Reunion Bay, no production data,
  • 29800, SI/NC, Zavanna, George 19-30-3TFHXW, Sotckyard Creek, no production data,
Active rigs:

Active Rigs6559512783

RBN Energy: prospects for expanding outlets for western Canadian gas supply.
While it’s widely known that Canada’s natural gas prices and exports have been under increasing pressure from rising gas supplies in the U.S., forcing an ever-deeper discount for AECO — Canada’s primary gas price benchmark — versus U.S. benchmark gas prices, a homegrown development is making the situation worse. Growing 34unconventional gas supplies from the Montney and related plays in Western Canada are bumping up against insufficient pipeline takeaway capacity from this producing region. Will Canadian gas markets be able to adapt to all of these growing supplies on both sides of the border or simply wither away as U.S. supplies take more and more market share? Today, we kick off a multi-part series examining the highly complex problems facing Western Canadian gas producers.

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