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Wednesday, August 1, 2018

Twelve New Permits; WTI Continues To Slide -- August 1, 2018

Fast and Furious

US oil services companies: could get "shot in the arm." Mexico's new president says he will invest $9.4 billion into state's oil industry to increase supply. Link here. Let's see if "state-run" under new president can do better than "private-run" did under outgoing president.

US oil production:
  • US oil production not growing as fast as expected -- oilprice.com
  • EIA forecast for May, 2018: 10.749 million bopd
    • actual, May, 2018: 10.442 million bopd (13% increase from one year earlier)
    • one year ago, May, 2018: 9.218 million bopd
  • EIA estimates 10.900 million bopd for June but Bloomberg suggests the number could be lower based on May data
  • Comment: I think Bloomberg had an incredibly slow news day; five minutes of my life I will never get back
Gasoline demand: summer demand trails that of last year, see this link:



Distillate demand: even more striking, the lag in distillate demand this summer compared to last summer; see this link.

Back to the Bakken

Active rigs:

$67.798/1/201808/01/201708/01/201608/01/201508/01/2014
Active Rigs63603474193

Twelve new permits:
  • Operators: Crescent Point Energy 98); Oasis (4)
  • Fields: Winner (Williams County); Banks (McKenzie County)
  • Comments: Crescent Point Energy has permits for an 8-well Burgess/Sylven pad in SESW 11-158-100; Oasis has permits for 4-well Kellogg Federal permit in SESE 19-152-97;
And that was all.

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