- forecast: a small inventory draw of 152,000 bbls (wow, talk about false precision)
- actual: a build of 3.857 million bbls
- that was the API weekly report
- tomorrow, Wednesday, we get the EIA report
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Back to the Bakken
Active rigs:
| $37.76 | 6/16/2020 | 06/16/2019 | 06/16/2018 | 06/16/2017 | 06/16/2016 |
|---|---|---|---|---|---|
| Active Rigs | 13 | 61 | 62 | 57 | 28 |
Three new permits, #37640 - #37642, inclusive, June 16, 2020
- Operator: Slawson
- Field: Big Bend (Mountrail)
- Comments:
- Slawson has permits for three Genesis/Genekat Federl (sic)/Genekat Federl (sic) wells in SWSW 13-152-92:
- Gnesis 1 SLH, SWSW 13-152-92, 256' FSl 1251' FWL,
- Genekat Federl (sic) 4-13-12TFH, SWSW 13-152-92, 256' FSL 1276' FWL,
- Genekat Federl (six) 5-13-12TFH, SWSW 13-152-92, 256' FSL 1326' FWL
- 37643, Hess, BL-Farmvale 57-106 SWD1, SWSW 13-155-96, Beaver Lodge, Williams County;
- 36617, SI/NC, MRO, Easton 44-20H, Murphy Creek, t--; cum 103K 4/20;
- 36618, conf, Petroshale, Anderson South 2TFH, Croff, no production data,
- 36197, SI/NC, MRO, Reagan 14-21H, Murphy Creek, t--; cum 103K 4/20;
- 35035, SI/NC, XTO, FBIR Youngbear 31X-9D, Heart Butte, t--; cum 82K 4/20;
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The Slawson Permits
The graphic:
Just rambling...
ReplyDeleteA lot of noise in the API data. Say you have deliveries of crude coming from a couple VLCCs. When do you call it yours and say its your inventory? You need to lighter from the VLCC via a smaller tanker which may take days. So do you call the entire VLCC crude your inventory or when the oil is onshore. The accountants determine this.
Note that Cushing OK inventory is down by 3.3 million barrels
You raise a very good point. What impresses me most is how they get the estimate down to thousands of bbls.
DeleteAt the end of the day, for me, it's the macro-trend and the price of oil. The macro-trend: a) not going to run out of oil for a long, long time; and, b) Saudi needs $80 oil to balance its budget and we haven't seen that in a long, long time.
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