Sunday, December 11, 2016

Whiting, EOG, Oasis To Report Huge Wells Monday; Oil Up $2.15; Futures Up; Good Directions -- December 11, 2016


Futures. Dow 30 futures are up 54 points. Futures don't mean squat ...

Unless. WTI jumps $2.15....

Because. Saudi ready to cut more and ...

Shorts. Worried about OPEC cheating but ...

Could happen, but that's not what the tea leaves suggest. We've seen this movie before. In 1985, Saudi's daily output was around 3.5 million bopd, down from 10 million in 1981. Saudi had lowered their production to prop up prices, but the other OPEC countries were found to be cheating. In response, the Saudis began producing at full capacity. Oil prices plummeted, falling as low as $7/bbl. So ....

Saudi panic. Saudi's breakeven price this year (2016) is $90. Next year, it's $80, or so they say. KSA made one $1 trillion mistake; can't afford another.

Playing shorts like a fiddle? Off-shore can't ramp up; other OPEC countries probably at maximum anyway; US shale -- we'll see.

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Analysts

“Assuming reasonable compliance levels, these cuts will be enough to push the market into deficit,” said Neil Beveridge, a senior analyst at Sanford C. Bernstein in Hong Kong. “This level of coordination is unprecedented.” -- Bloomberg

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The Political Page

Tea leaves? Rex Tillerson out of the running for SecState? Rick Perry for SecEnergy? Heidi for SecAgriculture? Would follow another North Dakota personality as SecAgriculture: Ed Schafer. One wonders what Schumer would promise Heidi if she would turn down Trump's offer -- Senate now at 52 - 48 -- Schumer can't afford Senate to go to 53 - 47.

Pennsylvania learns tomorrow if their votes have been all for nought/naught. I doubt any sane judge would make that ruling. But who knows?

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Active rigs:


12/11/201612/11/201512/11/201412/11/201312/11/2012
Active Rigs4065186192183

Wells coming off confidential list --
Monday, December 12, 2016
  • None. 
Sunday, December 11, 2016
  • 32339, 1,556, Whiting, Carscallen 31-14-3H, Truax, the Carscallen wells are followed here; 45 stages, 8.2 million lbs; t7/16; cum 41K 10/16; 
  • 32417, 257, EOG, Austin 421-2821H,  Parshall, 44 stages; 17 million lbs, t6/16; cum 125K 10/16;
Saturday, December 10, 2016
  • 31327, 733, Oasis, Johnsrud 5198 12-18 4T2, Siverston, 36 stages 4 million lbs, t6/16; cum 100 10/16;
  • 31328, 714, Oasis, Johnsrud 5198 12-18 5B, Siverston, 36 stages, 4 million lbs, t6/16; cum 126K 10/16;
  • 32368, 1,764, Whiting, Carscallen 31-14-2H, Turax, 45 stages, 8.7 million lbs, t7/16; cum 140K 10/16;
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 31328, see above, Oasis, Johnsrud 5198 12-18 5B, Siverston:

DateOil RunsMCF Sold
10-20163019360862
9-20162950032283
8-20162226630588
7-20162814134550
6-20161600514950

31327, see above, Oasis, Johnsrud 5198 12-18 4T2, Siverston:
DateOil RunsMCF Sold
10-20162400146703
9-20161472919449
8-20161982724927
7-20162453440337
6-20161716920794

32417, see above, EOG, Austin 421-2821H,  Parshall:

 DateOil RunsMCF Sold
10-2016278119916
9-20162837914961
8-20162910513882
7-2016312127860
6-201686341164

32339, see above, Whiting, Carscallen 31-14-3H, Truax:

DateOil RunsMCF Sold
10-2016723920672
9-201638138127
8-2016826222092
7-20161871637854
6-201626772502

32368, see above, Whiting, Carscallen 31-14-2H, Turax:

DateOil RunsMCF Sold
10-20162299758071
9-20162786052005
8-20163658853657
7-20164091660777
6-20161141115802

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Southern California, December 10, 2016

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