One Well Coming Off The Confidential List; OPEC Basket Plunges Below WTI -- November 3, 2020

OPEC basket, link here: $35.89. OPEC basket plunges below WTI. 

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Back to the Bakken

Active rigs:

$38.18	11/3/2020	11/03/2019	11/03/2018	11/03/2017	11/03/2016
Active Rigs	14	57	66	55	36

One well coming off the confidential list -- Tuesday, November 3, 2020: 2 for the month; 26 for the quarter, 691 for the year

• 35809, loc/NC, Petro-Hunt, Sabrosky 144-97-7C-6-3H, Little Knife, no production data;
  

RBN Energy: global demand swings amplify US gas (LNG) market seasonality.

2020 has been as anomalous as it can get for energy markets, but that’s especially the case for the LNG sector, which was battered by COVID-related demand destruction. 

U.S. export volumes, in particular, experienced wild swings this year, going from steady increases and close to 100% utilization over the past few years as new export capacity was added, to operating at barely 30% of capacity this past summer as national lockdowns decimated demand and led to historically low gas prices abroad. 

Contracted cargoes were canceled en masse for the first time since the U.S. began exporting in 2016, amounting to over 500 Bcf between June and September that was pushed back into the U.S. natural gas market and into storage. But these events only exaggerated what was already a growing risk; with each new train being commercialized, domestic markets are increasingly exposed to the demand swings and other fundamentals in the export markets it serves. Today, we look at how seasonal demand patterns in the U.S.’s primary destination markets could translate to increased volatility at home.