Just Like That, NDIC Quit Reporting -- June 16, 2020

Supply overhang not going away any time soon -- Bloomberg.

Fuel demand may be staging a gradual comeback in the world’s biggest economy, but that doesn’t mean the huge supply glut is going away anytime soon.

Gasoline and distillate inventories fell last week, according to a report from the Energy Information Administration, reflecting a slight pick-up in demand during the summer driving season with coronavirus-led lockdowns easing in some parts of the U.S. Stubbornly high crude inventories still threaten to put a floor under crude’s rally from historic lows in April.

From Moscow Mitch:

And the Saudis are "fine" with $30-oil.

From a reader:

As expected. A lot of the contango oil being delivered to the gulf coast. Domestic production down by 2 million barrels a day in the past 10 weeks, pretty much a linear drop week to week, reflecting the combination of shale well depletion and rig count drop of nearly 80%.

Good information source is this link.https://www.eia.gov/petroleum/weekly/crude.php#menu

Gasoline demand, link here. This is a great graph today. Exactly what I "predicted" a week ago. Woo-hoo. Attaboy.That and 69 cents will get you a copy of senior coffee at McDonald's.

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Back to the Bakken

Active rigs:

$38.28	6/18/2020	06/18/2019	06/18/2018	06/18/2017	06/18/2016
Active Rigs	12	62	64	57	28

Wells yet to report:

Thursday, June 18, 2020: 43 for the month; 188 for the quarter, 415 for the year:

• 36877, drl/TASC, Equinor, Jack Cvancara 19-18 8TFH, Alger, t--; cum --;
• 35667, SI/NC, Zavanna, Stranger 28-21 3TFH, Poe, t--; cum 81K 4/20; nice well;

Wednesday, June 17, 2020: 41 for the month; 186 for the quarter, 413 for the year:

• 36234, A, Whiting, Lidseth 11-1H, Sanish, t--; cum 75K 4/20;
• 36074, drl/drl, BR, CCU Plymouth 44-29MBH, St Demetrius, t--; cum --;

Tuesday, June 16, 2020: 39 for the month; 184 for the quarter, 411 for the year:

• 37214, drl/drl, CLR, Burian 3-27H1, St Demetrius, t--; cum --;
• 36878, drl/TASC, Equinor, Domaskin 40-31 4TFH, Alger, t--; cum --;
• 36075, drl/A, BR, CCU Zephyr 14-29TFH, Corral Creek, t--; cum --;

Monday, June 15, 2020: 36 for the month; 181 for the quarter, 408 for the year:

• 36879, drl/TASC, Equinor, Jack Cvancara 19-18 XE 1TFH, Alger, t--; cum --;
• 36076, drl/A, BR, CCU Zephyr 14-29MBH, Corral Creek, t--; cum --;

Sunday, June 14, 2020: 34 for the month; 179 for the quarter, 406 for the year:

• None.

Saturday, June 13, 2020: 34 for the month; 179 for the quarter, 406 for the year:

• 37193, drl/drl, CLR, Wiley 14-25HSL, Pershing, t--; cum --; 
• 35959, SI/NC, Whiting, Arndt 14-5-2XH, Sanish, t--; cum 96K 4/20; a nice well;

RBN Energy: Ingleside's quick rise to crude exports prominence, part 8. Archived.

Since last summer, the Corpus Christi area has emerged as the U.S.’s leading crude export venue. In the first five and a half months of 2020, it accounted for an astounding 45% of the barrels being shipped abroad — astounding because in the same period last year, the Corpus area held less than a 20% share. What is sometimes forgotten, though, is that little Ingleside, TX, located across Corpus Christi Bay from Corpus proper, is the area’s crude-export leader, with the Moda Midstream and Flint Hills Resources terminals responsible for just over half of Greater Corpus’s total export volumes. And, with the new South Texas Gateway Terminal nearing completion, Ingleside’s role will only increase in the coming months. Today, we conclude a series on Gulf Coast export terminals with a look at what has been going on in Ingleside.