Friday, June 3, 2016

Dakota Access Pipeline back on track? Des Moines Register is reporting: maybe possibly perhaps they begin laying the pipeline in Iowa. Newest obstacle: US Army Corps of Engineers.

What glut? XOM may invest $10 billion in Argentina's Vaca Muerta shale.

Scotland bans fracking.

Gasoline demand: regular readers know my fascination with the 10 million bopd threshold. From a Bloomberg article this morning:

Looking at that demand side of the equation helps explain what's going on in oil markets now. U.S. implied gasoline demand is running well ahead of the levels it's been at in recent years, and we're still only about a third of the way through the summer driving season that runs from April to September.

EV sales numbers out: link here.

Friday jobs report: yet to be released -- but remember this -- if it's a lousy report, the spinmeisters will blame it on the Verizon strike. And right on cue, from The New York Times:

Whatever figure the Labor Department reports will probably seem weaker than it is in reality because more than 35,000 Verizon workers were on strike throughout May. (They returned to work this week.) Although Verizon hired some temporary replacements, the total would not offset the number who walked out. Goldman Sachs researchers have said they expect the strike to show up in two categories in the payroll report: specialty trade contractors, a component of the broader construction, and telecommunications, part of the information services.

Active rigs:

	6/3/2016	06/03/2015	06/03/2014	06/03/2013	06/03/2012
Active Rigs	25	81	190	189	215

RBN Energy: risks and opportunities of northeast natural gas pipeline expansions.

GE / Statoil partner up: from SeekingAlpha --

• GE Oil & Gas secures a major deal with Statoil to supply surface wellhead and christmas tree equipment for the giant John Sverdrup field in the North Sea; the value of the agreement is not disclosed
• Under the new multi-year agreement, GE will manufacture, deliver and install its standardized surface wellhead and christmas tree systems at multiple wells that make up part of the field.
• GE, which has collaborated with STO on previous technology projects. says the latest deal opens opportunities for the Norwegian company to use GE's digital solutions to drive higher productivity and create "smarter” wells.
• Johan Sverdrup is one of the five biggest oil fields on the Norwegian continental shelf, with expected resources of 1.7B-3B boe.