Shortest bear market in history.
Holy mackerel: TGT in pre-market futures, up over $10/share; up over 7%; now trading at $147, up from $137 yesterday. Target reports stellar 2Q20 earnings results; one for the record books.
Holy mackerel: Lowes poised to open at record highs.
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OPEC basket, link here: $45.49
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Back to the Bakken
Active rigs:
| $42.49 | 8/19/2020 | 08/19/2019 | 08/19/2018 | 08/19/2017 | 08/19/2016 |
|---|---|---|---|---|---|
| Active Rigs | 12 | 62 | 59 | 53 | 32 |
Only one well coming off the confidential list --Wednesday, August 19, 2020: 56 for the month; 127 for the quarter, 573 for the year:
- 37076, drl/NC, BR, Cleofill 1D, Croff,
RBN Energy: western Canadian crude oil production embarks on road to recovery.
The oil price meltdown earlier this year and demand destruction wrought by COVID-19 forced Canadian crude oil producers to throttle back output. At the height of the cutbacks in May, almost 1 MMb/d of oil supply had been curtailed due to uneconomic prices and/or lack of downstream demand. With oil prices and demand having staged a partial recovery in the past few months, production is rising off the lows and producers are talking about even higher supplies in the months ahead, with the prospect of returning to pre-pandemic levels. Today, we begin a short series that reviews the recent production pullback and discusses how producers are positioning themselves for a resurgence of their oil supplies.
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