Gasoline demand, link here:
Weekly EIA petroleum report, link here.
- US crude oil in storage increased by 0.8 million bbls;
- US crude oil in storage now stands at 489.5 million bbls, about 6% above the already-fat-five--year average;
- refiners operating at 77.4% of their operable capacity;
- distillate fuel inventories decreased by 5.2 million bls last week but are still 11% above an already-fat-five-year average;
crude oil imports averaged 5.3 million bopd, down by 245,000 bopd from the previous week; the four-week average is about 13% less than same four-week period
- jet fuel supplied was down 39.8% compared with same four-week period last year
Back to the Bakken
Slawson: well, this is interesting. Back to two active rigs.
One coming off confidential list today -- Wednesday, November 18, 2020: 23 for the month; 47 for the quarter, 712 for the year
- 36462, drl/A, Hess, EN-Ruland-156-94-3328H-5, Manitou, t--; cum 65K 9/20;
Bombarded by COVID-related demand destruction and weak — sometimes dismal — crude oil pricing, producers have been pulling in their horns this year, and midstream companies have been doing the same. A number of major pipeline projects have been delayed, scrapped, or simply removed from midstreamers’ slide-deck presentations, having failed to garner the long-term shipper commitments they needed to remain viable in this era of retrenchment and fingers-crossed-we-survive. Even with the 2020 pullback in pipeline development, at least a couple of major production areas — the Permian and the Bakken — may well end up with considerably more takeaway capacity than they will need for the foreseeable future. Today, we discuss the oil pipeline projects that have stalled or died this year, and the ones that have managed to move forward despite it all.