Nine Wells Coming Off The Confidential List Over The Weekend, Monday; WTI At $11.60 -- Historic Crash -- April 20, 2020

WTI: drops to record low of $8.80/bbl in mid-day trading. Could oil go "negative"?

OPEC Basket, April 17, 2020, link here: $18.16.  

OPEC Basket, oilprice, link here:  $17.73.

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Back to the Bakken

Active rigs:

$11.60	4/20/2020	04/20/2019	04/20/2018	04/20/2017	04/20/2016
Active Rigs	32	63	59	49	28

Wells coming off the confidential list today --  

Monday, April 20, 2020: 27 for the month; 27 for the quarter, 282 for the year:

• 36412, 1,734, EOG, Clarks Creek 47-0706H, Clarks Creek, t10/19; cum 136K 2/10; a 37K month;
• 35632, 6,260, MRO, Waldorf USA 12-16H, Four Bears, t10/19; cum 157K 2/20; a 47K month; note the IP;
• 35631, 5,190, MRO, Eager USA 12-16TFH, Four Bears, t10/19; cum 109K 12/19; a 47K month, off line 1/10; remains off line 2/20;
• 33621, drl, Slawson, Gunslinger Federal 6-1-12TFH, Sand Creek,

Sunday, April 19, 2020: 23 for the month; 23 for the quarter, 278 for the year:

• 35817, 411, Oasis, Oasis Meiers 5692 11-19 11T, Alger, t11/19; cum 45K 2/20;
• 35123, loc, XTO, Prairie Federal 31X-30B, Haystack Butte,
• 33810, drl, BR, CCU Gopher 8-2-15TFH, Corral Creek,
• 33623, drl, Slawson, Gunslinger Federal 5-1-12H, Sand Creek,

Saturday, April 18, 2020: 19 for the month; 19 for the quarter, 274 for the year:

• 35122, drl, XTO, Prairie Federal 31X-30E, Haystack Butte,

RBN Energy: oil natural gas, and NGLs in post-COVID, 2021 - 2025 markets.

In an energy market filled with incalculable uncertainty, it is no surprise that most of the focus is on the short term: production shut-ins, collapsing demand, refinery unit shutdowns, ballooning storage inventories and continually weakening prices. But even in the face of such dire circumstances in the weeks just ahead, there remains a cautious optimism — relatively speaking — for the resumption of some kind of new normal on the other side of COVID. You can see that expectation in the numbers, with the WTI May 2020 contract settling on Friday at $18.27/bbl, but the May 2020 contract up to $35.52/bbl. Granted, that May 2021 price would have been catastrophic if viewed in January 2020, but now it’s a bullish 95% increase over the front month.  It is that shift in perspective that underlies the fundamentals content that we developed for our two-day Spring 2020 Virtual School of Energy, held last week in the cloud: how things were viewed BEFORE the meltdown, and how things look AFTER — over the next five years. Did you miss the conference? Not to worry. The entire 14 hours of content are available online in our encore edition. It’s almost like being there! Today’s advertorial blog reviews some of the most important findings we covered at School of Energy and summarizes our overall virtual conference curriculum.

Are we starting to see the light at the end of the tunnel, or is it a head fake? Most states have imposed lockdown measures, shuttering businesses and restricting social contact, but the number of COVID cases and deaths continues to rise, albeit at a slower rate. Here in the Lone Star State, Gov. Greg Abbott is doing a limited reopening of state services and businesses starting this week. Are we ready for that? It is impossible to know whether we are taking two steps forward but will be forced to take one step back in a few weeks. But regardless of how the timing of the reopening plays out, most of us believe that the U.S. — and the rest of the world, for that matter — will be open for business at some point in the hopefully not too distant future, so that the second quarter of 2020 will turn out to be the worst of the pandemic. Let’s assume that’s the most likely scenario, if for no other reason than an extension of the lockdown for the rest of the year is a concept so dire that we would rather not contemplate the implications — not yet anyway.