No Wells Coming Off Confidential List Today -- July 5, 2019

This means war! This guy really wants war. UK seizes Iranian ship "off Gibralter." Iran threatens, in a tit-for-tat response, to seize a UK ship; and, the US says it is unlikely Iran will let any ship transit the strait if it can't ship its own oil. And what does WTI do on that news? Drops almost a dollar, not trading well under $57/bbl. This is not your father's OPEC.

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Back to the Bakken

There are no wells coming off the confidential list yesterday or today.

Active rigs:

$56.65	7/5/2019	07/05/2018	07/05/2017	07/05/2016	07/05/2015
Active Rigs	59	64	57	31	76

RBN Energy: northeast gas takeaway capacity vs production in 2019, part 4.

Just two years ago, severe transportation constraints and steep price discounts were part and parcel of the Northeast natural gas market. Midstreamers were racing to add much-needed pipeline capacity out of the region, but not fast enough for producers. It was an inevitability that any pipeline expansions would instantaneously fill up. Gas production records were an almost monthly or weekly occurrence, and just as unrelenting were the takeaway constraints and pressure on the region’s supply prices.

Not so today. Northeast gas production in June posted a record high, with the monthly average exceeding 31 Bcf/d for the first time. Yet, June spot prices at Dominion South, Appalachia’s representative supply hub, were the strongest they’ve been in six years relative to national benchmark Henry Hub. Why? The spate of pipeline expansions and additions in the past two years have not only caught up to production but capacity now far outpaces it, and consequently, producers now have something they haven’t had in a long time — optionality. Today, we break down how much spare capacity is available and its effect on regional pricing.