Happy Boxing Day -- December 26, 2017

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Shell: to buy UK's First Utility.

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Back To The Bakken

Active rigs:

$59.41*→	12/26/2017	12/26/2016	12/26/2015	12/26/2014	12/26/2013
Active Rigs	53	41	62	173	186

RBN Energy: will a wave of Permian oil pipelines avert takeaway constraints?

In recent weeks, more than 750 Mb/d of new crude oil pipeline capacity out of the Permian Basin has been announced, and more project plans are likely. For Permian producers and shippers, open seasons for takeaway projects now rival Christmas and New Year’s Eve as big winter events, and companies are evaluating these projects and their implications for the basin. This is a big deal. With Permian crude production rising quickly, the pace at which new takeaway capacity is added — and the markets that the new capacity accesses — are all-important factors. Today, we discuss the dynamics of how and when this next wave of pipeline projects will affect producers, midstreamers and ultimately crude prices.

*WTI: before the open, WTI was $58.44. Early after the opening, WTI jumped to $59.41, due to a pipeline blast in Libya and  the loss of Forties oil right now.  My thoughts: the jump in price had little to do with the Forties pipeline or the Libyan story. The Forties pipeline story is not new; the pipeline has been repaired; and, already the pipeline is being tested for re-start in early January, just as the company said would happen. Libya? When do we not hear of a problem in Libya. Some might argue that WTI is headed toward $60 on a "no-news" story.