Tuesday, December 18, 2018

Another API Inventory Build -- WTI Drops 7% -- December 18, 2018

WTI: down a whopping 7%; down $3.60; now trading at $46.60. One gets the troubling feeling that GS was just a year or two early when they forecast $20 oil.


Surprise, surprise: surprise inventory build. API report:
  • another huge build of 3.45 million bbls
  • analysts had expected a draw of 2.475 million bbls
  • peak oil? I don't think so.
Trajectory: the last time we saw this trajectory of downward prices it was due to the Saudi surge (their one-trillion-dollar mistake). This time is seems very, very different. 

See updated note here.

Active rigs:

$46.6012/18/201812/18/201712/18/201612/18/201512/18/2014
Active Rigs67514064183

Nine new permits:
  • Operators: Equinor (6); Whiting (3)
  • Fields: Todd (Williams); Sanish (Mountrail)
  • Comments: Equinor has permits for a 6-well Pyramid pad in section 15-154-101; Whiting has permits for a 3-well Fladeland permit in section 10-154-92;
One permit reinstated:
  • Slawson: an Atlantis Federal permit in Mountrail County
Four permits renewed:
  • Hess: four EN-Madisyn permits in Mountrail County
Eight permits canceled:
  • Crescent Point (5): five Legacy Et Al Berge permits in Bottineau County
  • BR (2): two Hawkeye permits in Dunn County
  • Nine Pointe Energy: one Helling permit in McKenzie County
Seven producing wells (DUCs) reported as completed:
  • 26282, 762, Bruin, Fort Berthold 147-94-1B-12-5H, McGregory Buttes, t11/18; cum 120K 4/19;
  • 34139, 2,528, WPX, Raptor 13-24HZ, Reunion Bay, t11/18; cum 130K 4/19;
  • 34138, 1,241, WPX, Raptor 13-24HY, Reunion Bay, t11/18; cum 73K 4/19;
  • 34140, 2,126, WPX, Raptor 13-24HEL, Reunion Bay, t11/18; cum 170K 4/19;
  • 34467, 1,624, Whiting, Wold 41-5-1HR, Banks, t12/18; cum 127K 4/19;
  • 34468, 2,031, Whiting, Wold 41-5-1TFHR, Banks, t12/18; cum 94K 4/19;
  • 32784, 724, Whiting, Kessel 44-35PHU, Park, t12/18; cum 31K 4/19;

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