Morning Note -- November 6, 2018

Snapshot: very busy north of Williston right now -- when I first started the blog, I never thought this part of the Bakken would be all that active. Wow, was I wrong!

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Wells coming off the confidential list to be reported:

Tuesday, November 6, 2018:
34052, SI/NC, WPX, Howling Wolf 28-33HZ, Wolf Bay, no production data, 
33220, 1,111, CLR, Miles 8-6H1, Dimmick Lake, 63 stages, 15.4 million lbs, t7/18; cum 13K after 20 days;
30223, 378, BR, Jerome 41-15TFH, North Fork, t9/18; cum --

Monday, November 5, 2018:
30222, 470, BR, Jerome 41-15MBH, North Fork, t9/18; cum --

Sunday, November 4, 2018:
34262, SI/NC, MRO, Yellow Otter USA 14-7TFH, Reunion Bay, no production data,
30547, SI/NC, BR, Merton 41-15TFH ULW, Croff, no production data,
30221, SI/NC, BR, Merton 41-15MBH, North Fork, no production data,

Saturday, November 3, 2018:
34664, SI/NC, EOG, Wayzetta 164-23M, Parshall, target = Souris River; no plans to produce; no production data,
34261, SI/NC, MRO, Young Woman USA 44-12H, Reunion Bay, no production data,

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Active rigs:

$62.92↓	11/6/2018	11/06/2017	11/06/2016	11/06/2015	11/06/2014
Active Rigs	65	52	37	64	190

RBN Energy: Cushing-related midstrea projects belie talk of hub's decline.

There’s been a lot of talk lately that the crude oil hub in Cushing, OK, is losing its luster — that it may not be as important as it once was. Folks point to the precipitous, months-long decline in crude inventories that started last fall, or to the fact that just about all of the planned oil pipelines out of the red-hot Permian are pointed toward Gulf Coast refineries and export docks, not central Oklahoma.

Then you’ve got ICE and CME’s new WTI futures contracts, both deliverable in Houston — another challenge to Cushing.

While Cushing’s role as the epicenter of crude storage and trading may be in flux, rumors of its demise have been greatly exaggerated, as evidenced by the long list of midstream projects under development to transport more crude to — and out of — the Oklahoma hub, and to add storage tanks there. Just yesterday (November 5), in fact, Magellan Midstream Partners and Navigator Energy Services announced plans for what would be the first new Cushing-to-Houston pipeline since 2014.

Today, we continue our comprehensive review of the “Pipeline Crossroads of the World” with a look at the many capacity-expansion efforts now under way.