Quiet Start To The Week -- Only Two Wells Coming Off Confidential List Over Five Days -- Monday, March 2, 2020

Active rigs:

$45.58	3/2/2020	03/02/2019	03/02/2018	03/02/2017	03/02/2016
Active Rigs	52	67	59	41	34

Only two wells coming off the confidential list today --

Monday, March 2, 2020: 1 for the month; 172 for the quarter, 172 for the year:

• None.

Sunday, March 1, 2020: 1 for the month; 172 for the quarter, 172 for the year:

• 35251, conf, Oasis, Kellogg Federal 5297 44-19 13BX,

Saturday, February 29, 2020: 64 for the month; 171 for the quarter, 171 for the year:

• 32461, conf, Sinclair Oil, Crosby Creek 4-5H, 

RBN Energy: Covid-10, declining energy commodity prices and what might lie ahead.

On Friday, CME/NYMEX WTI Cushing crude oil for April delivery closed at $44.76/bbl, down more than $16/bbl, or about 27%, since New Year’s Day. The declines in natural gas and NGL prices were not quite as severe, but only because those commodities were hit harder than crude during 2019. Even before COVID-19 landed on the market, energy prices were already under pressure from continued record production levels from U.S. shale, weakening demand, a mostly mild winter and a general investor pall over all things carbon. The threat of a global coronavirus pandemic was all it took to push things over the edge. So now what? Of course, nobody knows. But we can contemplate what this all could mean for energy markets, based on what we’ve seen in recent market statistics and price behavior. So that’s what we’ll do in today’s blog.

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Sophia's Backyard

A female woodpecker: