No Wells Coming Off The Confidential List Today -- June 9, 2020

Concerning: this was all over the mainstream media news yesterday -- Trump down 14 points to Biden. CNN poll. Data points:

• 1,200 adults surveyed
• not filtered by "registered voters"
• 25% of respondents self-identified as Republicans

Pricing: Saudis raise oil prices by most in 20 years -- Bloomberg. Link here.

Saudi Arabia increased prices for some crude exports by the most in at least two decades, doubling down on a strategy to bolster the oil market after OPEC+ producers extended historic output cuts over the weekend. The steepest jump in July exports will hit buyers in Asia ...

The month-on-month increase in the official selling price for flagship Arab Light crude to Asia, which accounts for more than half of Saudi oil sales, is the largest in at least 20 years. Aramco raised Asian Arab Light by $6.10 a barrel from June to a premium of 20 cents over the benchmark.

The company increased all grades to Asia by between $5.60 and $7.30. That compares with an expected increase of about $4, according to a Bloomberg survey of eight traders and refiners.

Buyers in the U.S., the Mediterranean region and northwest Europe will also pay more for oil. Arab Light for northwest Europe was raised to a 30 cent premium over the benchmark from a discount of $3.70.

“Now we’re back to 2019 or even 2018 levels for many grades,” said Robin Mills, founder of Dubai-based consulting firm Qamar Energy.

Gas buddy:

• in San Francisco, CA, gasoline is about $3.00 / gallon of unleaded regular
• in Fort Worth, Texas:  gasoline at $1.60 / gallon of unleaded regular can easily be found

OPEC basket: $38.89, link here. 

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Back to the Bakken

Active rigs:

$37.69	6/9/2020	06/09/2019	06/09/2018	06/09/2017	06/09/2016
Active Rigs	12	64	61	52	27

No wells coming off the confidential list today. There are very few wells coming off the confidential list the rest of the week.


RBN Energy:Targa Resources' integrated infrastructure to sustainprofits despite E&P meltdown.

Though crude oil prices have been rebounding lately, this spring’s price crash sent shockwaves through the U.S. midstream industry, which had just emerged from a decade of massive infrastructure investment in response to unprecedented upstream production growth. Just as midstreamers were looking forward to steady earnings growth, waves of huge capex cuts and well shut-ins by producers shattered forecasts and shifted strategic instincts toward survival instead of growth.

Every company is different, of course, but a lot can be learned by examining a single firm in detail to see how it will fare in the current market environment, given its particular set of assets and arrangements. Take Targa Resources. An analysis of its performance provides insights into the outlook for integrated natural gas and NGL assets, especially in the Permian Basin, as well as the value of forming joint ventures. Today, we preview our new Spotlight report on Targa.