First things first: tennis tonight, and NFL. Rumors are the NFL football game will be quite a spectacle for #BLM and social justice. Could be fun to watch.
$20-oil? Some time ago, there were predictions that WTI could hit $20. It never happened. The tea leaves suggest it could happen this time. I think GS was predicting $20-oil about the same time they were betting on $100-oil.
Headline: floating storage begins to fill up as demand wavers. $20-oil? Don't bet against it. I think we're going to see a new wave of bankruptcies, mergers, asset sales, etc. That's easy. The question is will we see some "action" among the majors? Where will we see headlines next? Drillers or refiners?
Back to the Bakken
| $37.30 | 9/10/2020 | 09/10/2019 | 09/10/2018 | 09/10/2017 | 09/10/2016 |
|---|---|---|---|---|---|
| Active Rigs | 12 | 64 | 66 | 55 | 37 |
Eleven new permits, #37830 - #37840:
- Operators: MRO (7); WPX (3): Midwest AgEnergy Group
- Fields: Heart Butte (Dunn County), Wildcat (McLean), Reunion Bay (Mountrail);
- Comments:
- MRO has permits for seven new USA wells in Reunion Bay (Mountrail County);
- WPX has permits for three new Dakota wells in Mandaree oil field;
- Midwest AgEnergy Group, LLC, has one new permit; this is the first ND permit for this company; at this website:
- Categorized under Ethyl Alcohol, Ethanol. Our records show it was established in 2013 and incorporated in ND. Current estimates show this company has an annual revenue of 4799702 and employs a staff of approximately 44; Spiritwood, ND, about 11 miles ENE of Jamestown, ND; there was a natural gas well drilled to about 5,000' back in 1984 or thereabouts; dry;
Two permits renewed:
- Whiting: two Klose Federal permits in McKenzie County;
Three producing wells (DUCs) reported as completed:
- 32386, SI/A, CLR, Antelope Federal 11-23H2, Elm Tree, --;
- 36635, drl/A, WPX, Nighthawk 6-34HT, Heart Butte, 10K in 23 days;
- 34951, drl/A, Petro Harvester Operating, PTL4 10-15 163-92D, Portal, t--; cum 40K 7/20;
The Saudi spike of oil imports, go back to March when Saudi Ariba was negotiating oil production reductions that others (mainly Russia) that would not comply. Saudi Ariba decided to rent a fleet of VLCCs to dump ~100,000,000 barrels of crude on the open market stored in VLCCs.
ReplyDeleteWhere is the safest place to park a VLCC full of crude oil without problems of pirates? Of course, the coast of USA, lowers cost of insurance. Plus Saudis own a big refinery that can process that crude. I believe that this was a simple business decision of storing a few billions of $$$s of crude oil safely, plus close to a market to eventually sell the crude rather then move the VLCC to Asia. VLCC propulsion engines use a lot of fuel
Wow, I am so impressed. Seriously. No sarcasm. I completely missed that -- forgot all about it. This will coincide nicely with the first post this morning. I can't believe the timing. Bruce
Delete