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Tuesday, April 11, 2017
Thirteen Permits Renewed; Whiting To Report Another Great Flatland Well Wednesday; Statoil Adds A Rig -- April 11, 2017
Active rigs (Statoil adds a rig):
One well coming off confidential list Wednesday:
Thirteen permits renewed:
32559, see above, Whiting, Flatland 43-9HU, Banks:
| 4/11/2017 | 04/11/2016 | 04/11/2015 | 04/11/2014 | 04/11/2013 | |
|---|---|---|---|---|---|
| Active Rigs | 53 | 31 | 93 | 190 | 187 |
One well coming off confidential list Wednesday:
- 32559, 1,416, Whiting, Flatland 43-9HU, Banks, 4 sections, 35 stages, 9.6 million lbs, t10/16; cum 97K 2/17; (25802, see this link)
Thirteen permits renewed:
- Marathon (6): one Colvin permit; one McMahon permit, one Ranger USA permit, one Tony USA permit, one Jackie permit, and one Hal USA permit, all in Mountrail County
- Oasis (4): one Linda permit in McKenzie County; three Stenberg permits in McKenzie County.
- Resource Energy (2): one Arnette permit and one Gary permit, both in Divide County.
- Petro-Hunt: one Harry Dunne permit in Stark County.
- 31151, Whiting's Loomer 44-33H permit in McKenzie County.
- 28800, 1,386, CLR, Florida Federal 4-11H1, Camp, 4 sections, t3/17; cum -- ; (21977, 21980)
- 28803, 1,338, CLR, Alpha 5-14H, Camp, 4 sections, t3/17; cum -- ;
- 29478, 832, CLR, Kukla 6-16H, Chimney Butte, 4 sections, t2/17; cum --; (17398, 20544, 20547)
**********************************
32559, see above, Whiting, Flatland 43-9HU, Banks:
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 2-2017 | 10911 | 48350 |
| 1-2017 | 17033 | 68615 |
| 12-2016 | 26562 | 25985 |
| 11-2016 | 30508 | 84900 |
| 10-2016 | 11439 | 20101 |
Weekly Crude Oil Inventories: "Surprising Drawdown" -- CNBC Breaking News -- April 11, 2017
Updates
April 12, 2017: see previous update. Yes, it appears CNBC "leaked" the report a day early. The crude oil inventory was reported today as expected.
Later, 9:22 p.m.: this is very strange. Earlier this afternoon CNBC had "breaking news" that US crude oil inventories had a "surprising drawdown." The CNBC female presenter read that blurb and there was a crawler that said the same thing. Nothing else was said; I've been unable to see another source on the net. It's been my understanding/observation that crude oil inventory data (like most crude oil data) is released on Wednesdays. Tonight, this on the internet:
On [Wednesday] April 12, 2017, at 10:30 AM EST, the EIA (U.S. Energy Information Administration) will release its crude oil inventory report for the week ending April 7, 2017.It will be interesting to see what the report says. If, in fact, there was a "surprising drawdown," and folks knew it as early as today but the official report is released tomorrow, it suggests to me that, again, there are a lot of folks that have "inside information," but perhaps I'm getting ahead of my headlights.
Original Post
More on inventories later.
One can read this story any number of ways with regard to the OPEC-led cut in production. At Twitter, OPEC's top officer Mohammad Barkindo says oil inventories have dropped only 20 million bbls since the cuts started. Back of the envelope:
- world production about 90 million bbls of crude oil per day (?)
- cuts announced in October, 2016; let's say that due to contracts, tankers in transit, etc, that the cuts began January 1, 2017
- 31 + 28 + 31 + 11 = 101 days; call it 100 days
- 100 days x 90 million bbls = 9,000 million bbls of production
- 20 / 9,000 million = a really small number
- another way to look at it:
- 20 million bbls / 100 days = 200,000 bopd which is a rounding error
- currently Libya is shipping about 200,000 bopd
- North Dakota produces 200,000 bbls every eight hours
I also find it interesting that Wood Mackenzie and Goldman Sachs are on opposite sides of the "bet" here.
**********************************
Talk About A Lot Of Class
I am definitely not a Cuban fan, and I've never cared much one way or the other for Tony Romo, but tonight, I gained a lot of respect for Mark Cuban (not everyone felt that way). But it was clear the fans loved it.
This was an NBA game but it had a real feel for some just plain, old good fun. Dirk Nowitzki and Rony Romo are very close friends.
My reference to "a lot of class'" has to do with how Tony Romo is handling his situation, being released from the Dallas Cowboys, replaced by a rookie.
Link Back To WalletHub -- Best State For Millennials -- April 11, 2017
Earlier I posted a link to a story on the "best state for millennials (North Dakota)."
This link will take you directly to the WalletHub site on this story. It provides a lot more data.
This link will take you directly to the WalletHub site on this story. It provides a lot more data.
EIA's US Short-Term Energy And Summer Fuels Forecast [With Comment] -- April 11, 2017
EIA releases U.S. short-term energy and summer fuels forecast; summer gasoline prices higher.
Oil Markets:
Oil Markets:
U.S. crude oil production is expected to be higher during the next two years than previously forecast, with annual output in 2018 now forecast to reach 9.9 million barrels per day, exceeding the previous record level of 9.6 million barrels per day reached in 1970. [Memo to self: send note to Jane Nielson.]Gasoline/Refined Products:
Even though gasoline prices this summer are expected to be 10% higher than last year, U.S. highway travel and gasoline demand are expected to increase.
More expensive crude oil is the main contributor to higher gasoline prices at the pump this summer. [Really? More expensive crude oil?]Natural Gas:
The amount of electricity generated from natural gas this summer is forecast to be lower than last summer, reflecting higher natural gas prices. [Coal is less expensive; see below.]Electricity:
Most U.S. consumers would see lower electricity bills this summer if actual temperatures are close to the forecast below-normal levels.
Even though retail electricity prices are expected to be higher this summer, forecast milder weather could result in lower electricity expenses for the average household, but temperatures often vary significantly from forecasts. [On the other hand, predicting global temperatures 100 years from now is unerring; the science is settled.]Coal:
U.S. coal production is expected to rise this year due in part to expected higher coal-fired electricity generation.Renewables:
Hydroelectric generation this summer is expected to be up compared to last summer, reflecting recent high precipitation along the West Coast, the nation’s leading region for hydroelectric capacity. [With regard to wind and solar energy, 20% of zero is still zero.]
Completion Solutions In The Bakken -- Recently Completed Wells -- April 11, 2017
Completion solutions in the Bakken.
Recently completed wells. The fifth column is the number of frack stages; the sixth column is the amount of proppant in millions of pounds.
Averages at the bottom of the spreadsheet:
Recently completed wells. The fifth column is the number of frack stages; the sixth column is the amount of proppant in millions of pounds.
Averages at the bottom of the spreadsheet:
- number of stages, average: 39
- amount of proppant, average: 7.6 million lbs
Mar 4, 2017
|
32874
|
Newfield
|
1
|
51
|
7.6
|
Sand Creek
|
|
Mar 4, 2017
|
31161
|
HRC
|
1
|
33
|
4.9
|
McGregory Buttes
|
|
Mar 5, 2017
|
31570
|
Whiting
|
1
|
44
|
9.2
|
Bell
|
|
Mar 5, 2017
|
31187
|
Enerplus
|
DUC
|
||||
Mar 6, 2017
|
32463
|
SM Energy
|
DUC
|
||||
Mar 6, 2017
|
32327
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 6, 2017
|
31948
|
Whiting
|
1
|
44
|
9.2
|
Bell
|
|
Mar 6, 2017
|
31712
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 6, 2017
|
29790
|
Enerplus
|
DUC
|
||||
Mar 6, 2017
|
25407
|
QEP
|
DUC
|
||||
Mar 7, 2017
|
31704
|
Whiting
|
Twin Valley
|
||||
Mar 7, 2017
|
25408
|
QEP
|
Heart Butte
|
||||
Mar 7, 2017
|
32264
|
Whiting
|
1
|
35
|
7.3
|
Poe
|
DUC
|
Mar 8, 2017
|
25409
|
QEP
|
Heart Butte
|
||||
Mar 8, 2017
|
27596
|
Petro-Hunt
|
1
|
50
|
4.8
|
Llittle Knife
|
|
Mar 8, 2017
|
31708
|
Whiting
|
1
|
35
|
6.9
|
Twin Valley
|
|
Mar 8, 2017
|
32119
|
EOG
|
Parshall
|
DUC
|
|||
Mar 8, 2017
|
32457
|
Hess
|
Blue Buttes
|
DUC
|
|||
Mar 8, 2017
|
32462
|
SM Energy
|
Ambrose
|
DUC
|
|||
Mar 13, 2017
|
30825
|
WPX
|
1
|
41
|
6.1
|
Reunion Bay
|
|
Mar 13, 2017
|
30826
|
WPX
|
1
|
40
|
6.0
|
Reunion Bay
|
|
Mar 13, 2017
|
32326
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 14, 2017
|
30828
|
WPX
|
1
|
42
|
6.1
|
Reunion Bay
|
|
Mar 14, 2017
|
31707
|
Whiting
|
1
|
35
|
7.2
|
Twin Valley
|
|
Mar 14, 2017
|
31710
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 14, 2017
|
32329
|
Whiting
|
1
|
35
|
10.0
|
Twin Valley
|
|
Mar 14, 2017
|
32755
|
XTO
|
0
|
DUC
|
|||
Mar 15, 2017
|
32087
|
QEP
|
1
|
49
|
10.0
|
Grail
|
|
Mar 15, 2017
|
32105
|
QEP
|
1
|
49
|
9.6
|
Grail
|
|
Mar 15, 2017
|
32107
|
QEP
|
1
|
49
|
10.0
|
Grail
|
|
Mar 15, 2017
|
32343
|
QEP
|
1
|
49
|
9.6
|
Grail
|
|
Mar 15, 2017
|
32344
|
QEP
|
1
|
49
|
10.0
|
Grail
|
|
Mar 15, 2017
|
32345
|
QEP
|
1
|
49
|
9.6
|
Grail
|
|
Mar 17, 2017
|
31711
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 18, 2017
|
31715
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 21, 2017
|
31706
|
Whiting
|
1
|
35
|
6.7
|
Twin Valley
|
|
Mar 21, 2017
|
29601
|
Lime Rock
|
1
|
16
|
2.4
|
Cabernet
|
|
Mar 22, 2017
|
32328
|
Whiting
|
1
|
35
|
7.1
|
Twin Valley
|
|
Mar 27, 2017
|
31705
|
Whiting
|
1
|
35
|
7.0
|
Twin Valley
|
|
Apr 8, 2017
|
32560
|
Whiting
|
1
|
35
|
7.5
|
Banks
|
|
Apr 11, 2017
|
32562
|
Whiting
|
1
|
35
|
9.8
|
Banks
|
|
30
|
39
|
7.6
|