Five Wells Coming Off The Confidential List; The Three WPX Nokota Wells Are DUCs -- September 8, 2020

OPEC basket, link here: huge drop; now trading at $41.64. The graphic almost looks like the OPEC basket is in free fall. This is quite remarkable. It will be interesting to read what the pundits have to say about this. All I can say is that this is an existential issue for the House of Saud. The graphic:

WTI: also appears to be in free fall; trending toward a 10% decline; now down 8.3%; down $3.29; trading at $36.48.

Tailwind for oil: my hunch is there are a number of factors of which I am not aware, but

• this is the end of the driving season in the US
• Labor Day weekend gasoline demand was not particularly remarkable
• number of cases of Covid-19 increasing worldwide, making predictions of a second-wave pandemic almost a self-fulfilling prophecy
• the reports over the weekend of all those oil tankers waiting to unload in China
  
• but my hunch is that it is something of which I am absolutely not aware 
• I doubt it has anything to do with Nancy's blowout but perhaps only her hairdresser knows for sure
  

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Back to the Bakken

Active rigs, its back to ten but #10 doesn't excite me --
Cyclone 34, Minnkota Power Cooperative, J-ROC1 1, SWNW 4-141-83

$36.48	9/8/2020	09/08/2019	09/08/2018	09/08/2017	09/08/2016
Active Rigs	10	61	66	55	37

Five wells coming off the confidential list today --

Monday, September 7, 2020:

• 37328, drl/NC, WPX,  Nokota 24-13-12HQ, Squaw Creek, no production data,
• 36213, drl/NC, XTO, Allie 31X-24HXE, Alkali Creek, no production data,

Sunday, September 6, 2020:

• 37133, drl/NC, WPX, Nokota 24-13-12HA, Squaw Creek, no production data,
• 33864, drl/drl, Hess, BL-Myrtrice-156-96-2536H-5, Beaver Lodge,

Saturday, September 5, 2020:

• 37134, drl/NC, WPX, Nokota 24-13-12HB, Squaw Creek, no production data,

RBN Energy, posted earlier. Will rebounding Canadian crude production fill up pipelines? Part 3. Archived.

Western Canadian producers have been deeply impacted by lower crude oil prices and the demand-destroying effects of COVID-19. This past spring, oil production in the vast region dropped by an estimated 940 Mb/d, or as much as 20% from the record highs earlier this year. Taking that much production offline helped in at least one sense: it eased long-standing constraints on takeaway pipelines like Enbridge’s Canadian Mainline, TC Energy’s Keystone Pipeline, and the government of Canada’s Trans Mountain Pipeline. Production has been rebounding this summer, however, and there are indications that pipeline constraints may be returning and apportionment of uncommitted space on some pipes may again become a persistent issue. Today, we continue a review of production and takeaway capacity in Alberta and its provincial neighbors with a look at apportionment trends on the biggest pipelines.