Day rates: this was one of the top international energy stories last week. The first report was that tanker rates had gone to $10 million; then a second report, $12 million. Now, it is being reported that --
Occidental Petroleum has chartered the Very Large Crude Carrier Maran Andromeda to carry oil to South Korea for a record-setting price of $13.25 million, Reuters sources said on Monday.
Occidental is the largest Permian oil exporter from the US Gulf Coast, exporting a total 300,000b barrels per day, or 10% of all US crude oil exports. It has plans to double its crude exports next year (2020) although higher freight rates could dampen those prospects.
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Back to the Bakken
Plastics, North Dakota: continuing to be discussed; The Williston Herald.
Only one well coming off the confidential list today -- Tuesday, October 8, 2019: 25 for the month; 25 for the quarter:
- 30649, 2,108, CLR, Sorenson 4-16H1, Alkali Creek, this will be a very, very nice well, producing nearly 40,000 bbls in first full month of production; t5/19; cum 81K 8/19;
Active rigs:
| $51.88 | 10/8/2019 | 10/08/2018 | 10/08/2017 | 10/08/2016 | 10/08/2015 |
|---|---|---|---|---|---|
| Active Rigs | 56 | 64 | 59 | 33 | 68 |
RBN Energy: AECO gas forwards mostly shaking off low Alberta storage.
With another month of anemic storage injections in September, Alberta natural gas storage levels remain on track to start the next heating season at a 13-year low. Still, while Alberta gas storage has been lagging well behind in terms of average injection rates and storage levels for many months now, forward winter contract prices for the Western Canadian gas price benchmark of AECO have budged only a little. There is potential for an improvement in storage injection rates during October after a recent regulatory approval affecting the Alberta gas pipeline system, but there is little time remaining in the current injection season to make much of a difference in inventory levels going into winter. Today, we conclude this two-part series with a look at why the AECO forward market remains largely unconcerned with low Alberta gas storage levels.
