Thursday, July 19, 2018

Fast And Furious -- July 19, 2018 -- With Absolutely No Fanfare, US Crude Oil Production Hits 11 Million BPD For First Time Ever

Jobless claims: link here --
  • consensus: 220K
  • actual: 207K
  • change: -8K  
Texas, the new center of the universe: Houston will overtake Cushing as the world's key hub. Link here Rank them in order of "importance":
  • ICE
  • WTI
  • Brent
  • OPEC basket
  • LLS
Texas heat: Texas sets back-to-back electricity demand records, and likely to keep setting new records -- summer is just beginning here in Texas. Electricity demand in Texas dwarfs that of California. Amazing.
  • DFW hit 106 late Wednesday afternoon -- but it was a dry heat
  • Love Field, downtown Dallas, hit 107
  • Spinks Airport, Ft Worth, hit 108
  • yesterday, a new record, between 4 and 5 p.m.: 72,192 MW
  • yesterday, one hour earlier: also set a record -- broken one hour later
  • both of those records topped the August, 2016, mark of 71,110 MW
  • California demand record was around 54,000 MW set some years ago
Most important political story for me, today, so far: "Trump will win this round with the Deep State." -- 

Stories I might get back to later:
Rigzone articles that need to be read:
Fake story of the year: the average American is sitting on $32,000 in cash -- Tanza Loudenback, Business Insider.  Does anyone really believe this? The "average" American is holding more than $32,000 in cash. I'm pretty average, I suppose, and even I don't have nearly that much in cash.
The average American is holding more than $32,000 in cash, a new study from NerdWallet found. It calculated that because the money is sitting in a traditional savings account earning less than 1% in interest, the saver is missing out on an estimated $140,000 in investment returns over 30 years — and that's assuming a conservative 6% return rate on stock market investments.
Comment: An internal link takes you to a site where you are able to one-click to open an account at Ally (the old GM Financial); E*Trade; or, Merrill Lynch.
Comment: NerdWallet has lost all credibility from my perspective.
Back to the Bakken

Wells coming off confidential list today:
  • 33992, SI/NC, Hess, BB-Burk-LE-151-95-1807H-9, Blue Buttes, no production data,
  • 33680, 827, Liberty Resources, Rice 158-94-25-36-1MBH, East Tioga, t1/18; cum 63K 5/18;
  • 33041, 606, Oasis, Patsy 5198 12-17 10B, Siverston, t1/18; cum 117K 5/18;
  • 33096, 1,905, CLR, Monroe 12-2H1, Banks, t3/18; cum 30K 5/18, constrained production;
Active rigs:

Active Rigs68593073195

RBN Energy: part 6, more Texas fractionation capacity beyond the Mont Belvieu Hub.
The NGL storage and fractionation hub at Mont Belvieu, TX, grabs all the attention, but more than 1 MMb/d of fractionation capacity — nearly one-third of Texas’s total — is located elsewhere in the Lone Star State. And with NGL production and demand for fractionation services soaring in the Permian, SCOOP/STACK and other nearby plays, the market will need all the fractionation capacity it can find. We’ve heard that there’s little, if any, gap between what the existing fractionators in Mont Belvieu can handle and what they’re being asked to process. That’s music to the ears of fractionation-plant owners elsewhere in Texas — assuming they aren’t already at capacity themselves, they might be able to pick up some overflow business from Mont Belvieu. Today, we continue our review of fractionators and other key NGL-related infrastructure along the Gulf Coast.
This is the sixth episode in our series. In the first episode, we discussed the fact that potential U.S. NGL production — including ethane that is rejected into natural gas — is now approaching 5 MMb/d, and noted that a number of new, ethane-consuming steam crackers are coming online along the Texas and Louisiana Gulf Coast, conveniently close to the NGL storage and fractionation hub in Mont Belvieu. We also talked about the strong export market for liquefied petroleum gas (LPG) — propane and normal butane — which has averaged more than 1 MMb/d in the first half of 2018 (almost all of it being shipped out of Gulf Coast ports), and for ethane exports too.
In part 2, we began a company-by-company review of the five big fractionation players in Mont Belvieu with a look at Enterprise Products Partners, which has more fractionators (nine) and more fractionation capacity (755 Mb/d) than anyone else there. We also discussed the Enterprise-owned NGL pipelines that transport y-grade to Mont Belvieu, its NGL and purity-product storage, and its Houston Ship Channel export terminals for LPG and ethane.
Then, in part 3, we looked at the fractionation assets of Cedar Bayou Fractionators (CBF; a joint venture 88%-owned by Targa Resources) and Lone Star NGL, a subsidiary of Energy Transfer Partners. We noted that Targa’s Galena Park Marine Terminal on the Houston Ship Channel has the capacity to send out up to 230 Mb/d of propane and/or normal butane, and that propane and normal butane coming out of Lone Star NGL’s Mont Belvieu fractionation plants can be piped on Energy Transfer’s Mariner South pipeline to the company’s 200-Mb/d LPG export terminal in Nederland, TX.
In part 4, we discussed the fractionation plants owned by ONEOK and Gulf Coast Fractionators at Mont Belvieu, and in part 5, we started a brief review of fractionation capacity and other key NGL-related assets located elsewhere in Texas — that is, not in Mont Belvieu — with a look at the fractionators owned by Enterprise, Chevron Phillips Chemical and Phillips 66.
The Video

From above: scientists track new source of neutrinos -- great article, must read. The video --

Lonesome Friends of Science, John Prine

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