Hurricane: I'm sure the optics will be horrendous once the crews get into survey southeast Texas, southwest Louisiana where Hurricane Laura hit landfall overnight, but so far the Weather Channel videos are nowhere nearly as bad as I expected. I only tune in periodically so I may be missing a lot but generally really horrific videos are looped over and over. I'm not seeing that. Right now, they are talking about tornado watches; flash flood warnings, power outages, and trees down. Again, mixed messages.
OPEC basket, link here: $46.05.
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Back to the Bakken
Active rigs:
| $43.23 | 8/27/2020 | 08/27/2019 | 08/27/2018 | 08/27/2017 | 08/27/2016 |
|---|---|---|---|---|---|
| Active Rigs | 11 | 63 | 61 | 55 | 30 |
No wells coming off the confidential list.
RBN Energy: The potential hurrican impacts on Sabine Pass, Cameron, LNG exports, part 2.
Just as U.S. LNG exports were beginning to recover from months of market-driven cargo cancellations, major Hurricane Laura has cut the rebound short. With Laura taking aim at the Texas-Louisiana border — the location of two large-scale LNG export terminals, including the U.S.’s largest export facility, Cheniere Energy’s Sabine Pass Liquefaction terminal — total feedgas flows to U.S. terminals the past two days dived to fresh lows for 2020 and the lowest since February 2019. Gas production is also way down, with offshore Gulf of Mexico production shut-ins compounding the effects of already depressed drilling and completion activity this year. But production has the potential to rebound more quickly than LNG exports, which could exacerbate the onshore demand effects of the storm; It already will bring cooler weather and drench gas demand for power generation as it moves inland over the Southeast and into the Mid-Atlantic states. Today, we look at how LNG exports are being affected by the storm and what that could mean for the overall gas market balance in the coming days.
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