No Wells Coming Off Confidential List Today -- August 30, 2019

WTI is back! Link here. 

Crude in New York clung to gains as investors focused on depleting oil stockpile levels at Cushing, Oklahoma, the largest commercial oil depot in the U.S. 

Futures in New York climbed as much as 1.6% on Thursday, while Brent’s gain remained limited. Data from the Energy Information Administration on Wednesday showed stockpiles at the Cushing storage hub at the lowest level since December 2018 as the startup of new pipelines from the Permian help to relieve inventory pressure. 

These Permian conduits enable oil supplies to bypass Cushing and head straight for markets overseas, which is allowing WTI to rally and is holding back Brent. 

Crude futures in New York are poised for the biggest weekly gain since mid-July as U.S. government data this week showed declines in crude and fuel stockpiles. Investor sentiment has also improved as statements from China’s Commerce Ministry signaled the country wouldn’t immediately retaliate against the latest U.S. tariff increase. President Donald Trump said Thursday that the U.S. and China are scheduled to have a conversation about trade today.

No wells coming off the confidential list today: reason explained yesterday.

Active rigs:

$55.97	8/30/2019	08/30/2018	08/30/2017	08/30/2016	08/30/2015
Active Rigs	63	62	54	33	76

RBN Energy: Alliance Pipeline's role in moving natural gas from western Canada, part 5.

Canadian natural gas production — over 95% of which originates in Alberta and British Columbia — has averaged about 16 Bcf/d in 2018 and 2019 year-to-date, and this past January, it topped 16.7 Bcf/d, just shy of the peaks last seen in the mid-2000s. Production has stayed strong even as prices at AECO, the gas benchmark hub, have plummeted to historical lows in the face of relentless competition from U.S. gas supplies, slower demand growth locally, and pipeline takeaway constraints. Under these conditions, producers’ future growth prospects will come down to access to local and export demand, and that means there needs to be adequate pipeline capacity to reach those destination markets. Today, we continue our analysis of existing and potential pipeline takeaway capacity and utilization out of the region, this time with a focus on the Alliance Pipeline system.