Gas Buddy -- Oklahoma: 92 cents/gallong.
Peak oil! LOL. What peak oil? Wow, this is simply amazing. Storage tanks around the world are now full. Midstreamers won't let operators "hide" oil in their pipelines. Saudi Arabia started building the largest commercial oil fleet in the world back in ... 2016. One wonders how that worked out? In 2016 Saudi was two years into its "trillion-dollar" debacle. Saudi is now leasing upwards of another 40 or more VLCCs and ULCCs each capable of carrying one to three million bbls of oil. Memo to self: send note to Art Berman. Not hearing much from the peak oil folks. And, yes, I don't subscribe to "peak oil production" resulting from "peak oil demand destruction." Nor did Hubbert. But we must move on.
Time to build more storage tanks? One wonders how much it costs to build an onshore crude oil storage tank that can hold 400,000 bbls of oil? Could Venezuela -- no longer producing oil -- use its empty tanks to store Russian oil? A VLCC/ULCC currently commands upwards of $50,000/day -- 180 days = $9 million. Someone can check the math. Over 180 days, would add $4.50/bbl to the cost of oil. Someone can check the math. A 9-million-bbl tank farm, the tanks, $200 million? I have no idea, but if even close to accurate, the VLCCs / ULCCs still make better sense.
Way ahead of my headlights.
Gasoline demand, link here:
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Back to the Bakken
Active rigs:
| $26.41 | 4/8/2020 | 04/08/2019 | 04/08/2018 | 04/08/2017 | 04/08/2016 |
|---|---|---|---|---|---|
| Active Rigs | 36 | 64 | 58 | 49 | 31 |
One new permit, #37501 --
- Operator: Sinclair
- Field: Mary oil field, small four-section field that straddles McKenzie / Dunn counties, along the southeast corner of McKenzie Corner
- Comments: Sinclair has a permit for Bighorn well in NWSW 31-147-97, Mary oil field, which is clearly Tier 2 at best, possibly Tier 3
- 34110, dry, Oasis, Borden Federal 5300 11-35 3B, Willow Creek, no file report yet;
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Social Distancing
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