Eight Wells Coming Off Confidential List -- March 25, 2020

EIA weekly petroleum report, link here:

• US crude oil in storage increased by 1.6 million bbls week-over-week
• US crude oil in storage now at 455.4 million bbls; about 3% below the five-year-average;
• refiners operating at 87.3% of their capacity; gasoline production decreased last week, averaging 9.0 million bpd (my threshold of interest: 10.0 million bpd)
• distillate fuel increased last week, averaging 4.8 million bpd (my threshold of interest: 5.0 million bpd)
• US crude oil imports averaged 6.1 million bopd, down by 422K from the previous week
• over the past four weeks: imports averaged 6.3 million bopd, 7.0% less than the same four-week period last year 
• total products supplies: 21.0 million bpd; up by 1.3% from same period last year
• gas supplied over past four-week period, up by 1.2% from same period last year
• distillate fuel dropped 5.3% over the past four weeks, compared to same period last year
• jet fuel supplied was down 8.9% compared with same four-week period last year 

US crude oil imports:

Crude Oil Imports
Week	Week Ending	Raw Data, millions of bels	Change
Week 0	March 11, 2029	6.4	0.174
Week 1	March 18, 2020	6.5	0.127
Week 2	March 25, 2020	6.1	-0.422

Jet fuel supplied:

Jet Fuel Delivered, Change, Four-Week/Four-Week
Week	Week Ending	Change
Week 0	March 11, 2020	-12.80%
Week 1	March 18, 2020	-12.6%
Week 2	March 25, 2020	-8.9%

Re-balancing:

Week	Week Ending	Change	Million Bbls Storage
Week 0	November 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	450.5
Week 2	December 6, 2018	-7.3	443.2
Week 3	December 12, 2018	-1.2	442.0
Week 4	December 19, 2018	-0.5	441.5
Week 5	December 28, 2018	0.0	441.4
Week 6	January 4, 2019	0.0	441.4
Week 7	January 9, 2019	-1.7	439.7
Week 8	January 16, 2019	-2.7	437.1
Week 9	January 24, 2019	8.0	445.0
Week 58	January 3, 2020	-11.5	429.9
Week 59	January 8, 2020	1.2	431.1
Week 60	January 15, 2020	-2.5	428.5
Week 61	January 23, 2020	-0.4	428.1
Week 62	January 29, 2020	3.5	431.7
Week 63	February 5, 2020	3.4	435.0
Week 64	February 12, 2020	7.5	442.5
Week 65	February 20, 2020	0.4	442.9
Week 66	February 26, 2020	0.5	443.3
Week 67	March 4, 2020	0.8	444.1
Week 68	March 11, 2020	7.7	451.8
Week 68	March 18, 2020	2.0	453.7
Week 69	March 25, 2020	1.6	455.4

*********************************

Back to the Bakken

Active rigs:

$23.87	3/25/2020	03/25/2019	03/25/2018	03/25/2017	03/25/2016
Active Rigs	50	68	60	49	32

Wells coming off the confidential list today --

Wednesday, March 25, 2020: 63 for the month; 234 for the quarter, 234 for the year:

• 36392, 1,074, Whiting, Stenseth Trust 11-5HU, Sanish, t10/19; cum 77K 1/20; 19 stages; 4.1 million lbs; 
• 36325, SI/NC, Whiting, Stenseth Trust 11-5-2H, Sanish, t--; cum 57K over 3.5 months; 
• 36308, drl, Freedom Energy Operating, LLC, Oltman's Ocelot 1-21, Wildcat, target: Lodgepole:
• 36139, 1,054, Whiting, Oppeboen 12-5-4H, Sanish, t10/19; cum 83K 1/10;
• 34602, conf, MRO, Gerhardt USA 14-21H, Reunion Bay,
• 34598, drl, MRO, Hanlon USA 11-28TFH, Reunion Bay,
• 28113, drl, Slawson, Sniper Federal 6-6-7TFH, Big Bend,

Tuesday, March 24, 2020: 56 for the month; 227 for the quarter, 227 for the year:

• 34395, drl, White Butte Oil Operations, LLC, Jore Federal 9-12TFH, Clarks Creek,

RBN Energy: Gulf of Mexico crude oil productions braced for price / coronavirus storm.

In the stormiest market environment for crude oil in many years, it’s hard to find a spot where the sailing is smooth. If even-keel conditions exist anywhere in the oil-producing world today, it might be the offshore Gulf of Mexico, where producer decisions to invest in new platforms or subsea tiebacks are based on very long-term oil-price expectations and the production, once initiated, is steady. In the second half of the 2010s, Gulf producers significantly reduced the average breakeven prices needed to justify their most promising new investments — from more than $55/bbl back in 2015 to less than $35/bbl today. Given what’s happened to crude oil prices the past few days, however, it’s logical to wonder whether any of even the best prospective Gulf of Mexico projects will be sanctioned this year. Today, we discuss how cost-cutting and efficiency improvements have made the offshore Gulf a comparatively steady, growing base of U.S. crude oil production that so far has been less vulnerable than shale output to oil-price gyrations.