Friday, June 14, 2019

Flag Day -- Friday, June 14, 0219

Earlier:  Sophia told me it was "Father's Day" today --- I guess she meant they would be celebrating Father's Day at her school today, and our apartment complex manager will celebrate fathers today because they are closed on Sundays. So, I fixed the subject line -- a reader caught my error -- thank you.  

Director's Cut: North Dakota hits new all-time production record (boepd).

All red: "all" major oil indices are down following the bit of unpleasantness in the Mideast yesterday --
  • WTi: down 26 cents; trading at $52.20
  • OPEC Basket: down $1.55,\; trading at $61.01
  • Brent crude: down 19 cents; trading at $61.12
US production sets record: for the week ending May 24, 2019, American production rose almost 100,000 bpd to a record high of 12. 3 million bopd. Source.

GasBuddy (link here):
  • Ft Worth, TX: $2.16 / gallon
  • Oklahoma City, OK: $2.00 / gallon
  • New Orleans, LA: $2.05
  • Los Angeles, CA: $3.57 
American oil boom is just getting started:


BP Stats Review 2019: global energy demand grew by 2.9%, the fastest since any time since 2010 - 2011. Other data points:
  • natural gas consumption and production was over over 5%, one of the strongest rates of growth for both demand and output for over 30 years
  • renewables, despite fast and furious growth, still accounted for only a third of the increase in total power generation (I assume no growth in nuclear energh, hydro, or coal, so this means, two-thirds of energy growth was due to fossil fuel, mostly natural gas)
  • coal consumption up 1.4%; coal production up 4.3% -- increased for the second year in a row -- someone stockpiling coal?  This second year in a row of increase followed three years of decline (2-14 - 2016). 
  • the US recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays
  • BP is drinking the CO2-global warming kool-aid
Global oil reserves: US not leads the world in oil reserves. From Rystad via Rigzone. At wiki, the US is still listed as #14. The list at wiki as of June 13, 2019 (data from 2012):
  • US: 293 billion bbls of recoverable oil resources
  • Saudi Arabia: 273 billion bbls
  • Russia: 193 billion bbls
  • Rystad's US estimate is 5x more than the reported proven reserves published in the BP Statistical Review of World Energy 2019 
Back to the Bakken

Wells coming off confidential list today -- Friday, June 14, 2019: 45 for the month; 234 for the quarter;
  • 34936, SI/NC, XTO, Darlean 41X-2C, Alkali Creek, no production data,
  • 34865, SI/NC, Hess, BB-Eide-151-95-3328-H-11, Blue Buttes, no production data,
  • 34691, 940, CLR, Springfield 5-8H1, Brooklyn. t4/19; cum 22K after 24 days;
  • 34603, SI/NC, Slawson, Wolverine Federal 11-31-20TF2H, Elm Tree, no production data,
Active rigs:

Active Rigs6162552875

RBN Energy: northeast gas takeaway capacity vs production in 2019, part 2.
Natural gas pipeline takeaway capacity additions out of the Northeast over the past year or two, along with suppressed gas production growth in recent months, have relieved years-long and severe constraints for moving Marcellus/Utica gas out of the region and even left some takeaway pipelines less than full. That, in turn, has supported Appalachian supply prices. Basis at the Dominion South hub in the first five months of 2019 averaged just $0.26/MMBtu below Henry Hub, compared with $0.46 below in the same period last year and nearly $1.00 below back in 2015, when constraints were the norm. Today, we continue our series providing an update on pipeline utilization out of the region, and how much spare capacity is left before constraints reemerge.

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