Thursday, April 2, 2020

First Time Unemployment Claims -- Doubled The Consensus Midpoint -- Again, Analysts Way Off -- April 2, 2020

Jobs: link here -
  • prior: 3.283 million
  • revised: 3.307 million (revised upward)
  • consensus: 2 million to 4.5 million (mid-point: 3.25 million)
  • actual: 6.648 million
  • analysis: this tells me analysts are underestimating how bad this is
Canadian dollar: dropped overnight to 68 cents US but since then recovered a bit.

Gas Buddy, Oklahoma City: one station at 98 cents/gallon.

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Back to the Bakken

Active rigs:

$22.474/2/202004/02/201904/02/201804/02/201704/02/2016
Active Rigs4365605029

RBN Energy: why US LPG exporters are losing their edge in Asia.
If Saudi Arabia and Russia flood the world with their crude oil in the midst of a global demand crisis, it would have impacts and implications far beyond crude. A ramp-up in Saudi and Russian oil production this spring would also increase their output of associated gas and NGLs. At the same time, the opposite will be happening in the Permian and other liquids-rich U.S. shale plays, where producers, stunned by sub-$25/bbl oil prices, already are pulling back on drilling and later this year will see their oil and NGL production gradually level off and eventually decline. All this is already turning the international LPG market on its head — just last week, U.S. propane exports plummeted by nearly 40% versus the prior week, to only 889 Mb/d. Today, we consider recent extraordinary market developments and their effect on the arb between Mont Belvieu and Far East LPG prices.
Only one well coming off the confidential list today --  Thursday, April 2, 2020: 3 for the month; 3 for the quarter, 258 for the year:
  • 33432, 1,730, EOG, Liberty LR 43-1109H, 33-061-04028, 60 stages, 22.96 million lbs of 100 mesh sand; Parshall, t10/19; cum 131K 1/20;
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Saturn Has Rings


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Mississippi Roast

Link here.

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