Black Friday: WTI Drops Another 5% -- November 23, 2018

Updates

Later, 10:19 a.m. CT: from a reader, and "why I'm not worried," why the slump in oil prices is temporary.  Screenshot since MSN won't allow "cut and paste":

Original Post

Favorite gimmick: I mentioned the other day that I "upgraded" to Apple's Mojave operating system for the Mac. One can easily change the desktop but the default is a huge California sand dune that changes throughout the day to reflect the rotation of the earth relative to the sun -- twilight in the morning; bright sun at noon; dusk; and then quite dark overnight. Its cheesy, I suppose, but it is very, very interesting. In a very, very subtle way, it reminds me of the time of day. If one follows Apple and its emphasis on "time," this makes a lot of sense. Very, very clever.

Black Friday: WTI drops another 5%; down almost $3.00 overnight; trading below $52; will test $50:

Why I'm not worried: IEA says, "like peak oil, peak demand is fake news." The IEA is certainly concerned about CAPEX -- CAPEX seems to be IEA's one "constant." Current global oil production, about 100 million bbls. Does anyone really believe that without increased CAPEX spending around the world, just five years from now, global production will drop to 60 million bopd and to around 40 or 50 million bopd by 2025?

From the link:

That's why I'm not worried about current price of oil, but then again the IEA seems a bit ... what should we say ... alarmist?

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Back to the Bakken

NPR: after struggles, North Dakota grows into its ongoing oil boom; posted by NPR today.  Nothing new .. except that it was from NPR. Mostly about Watford City.


Wells coming off the confidential list yesterday, Thanksgiving. No wells coming off list for today, Friday --
Thursday, November 22, 2018:

• 34815, SI/NC, WPX, Howling Wolf 28-33HIL, Wolf Bay, no production data,
• 31193, SI/NC, Slawson, Jore Federal 13-12TF2H, Clarks Creek, no production data,
• 31192, SI/NC, Slawson, Jore Federal 12-12TFH, Clarks Creek, no production data,

Active rigs:

$51.71↓↓↓↓↓	11/23/2018	11/23/2017	11/23/2016	11/23/2015	11/23/2014
Active Rigs	62	54	37	65	191

RBN Energy: new agreements boost Sempra-led LNG projects in US and Mexico, part 6. Archived.

Developers are scrambling to advance the next round of liquefaction/LNG export projects, primarily along the U.S. Gulf Coast. Earlier this month, LNG marketing behemoth Total SA signed initial agreements with Sempra Energy that would support Sempra’s efforts to add more liquefaction capacity at its Cameron LNG project in southwestern Louisiana and to build a liquefaction plant at its Energía Costa Azul LNG import terminal in Mexico’s Baja California state. A few days later, Total, Mitsui & Co., and Tokyo Gas signed heads of agreements for the entire capacity of the Mexican liquefaction project, propelling that project to the fore. Sempra also continues to pursue a third project: Port Arthur LNG. Today, we continue our series on the next round of liquefaction/LNG export terminals “coming up” with a look at Phase 2 of Cameron LNG, as well as Energía Costa Azul and Port Arthur LNG.