Schlumberger abandons frack work in North America: link here. Also, a stand-alone post.
Refining: largest US refiner will return to making motor fuels by September 11, 2020, following restart.
NOG: 1 - for - 10 reverse stock split.
Whiting: emerges from Chapter 11. Details here.
Largest oil play of the decade? The Permian. An interview.
OPEC basket, link here: huge drop from yesterday, to $45.30. Was $46.27 yesterday.
Cutting deliveries to US: Saudi Arabia. Recurrent story, posted several times. Another link here, Bloomberg.
Iraq: least compliant, worst offender. Wants to be exempt from OPEC cuts.
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Back to the Bakken
Active rigs:
| $42.94 | 9/2/2020 | 09/02/2019 | 09/02/2018 | 09/02/2017 | 09/02/2016 |
|---|---|---|---|---|---|
| Active Rigs | 10 | 64 | 63 | 56 | 33 |
One well coming off confidential list -- Wednesday, September 2, 2020:
- 35288, SI/A, Whiting, Berg Trust Federal 31-27HU, Pembroke, t--; cum 115K 7/20;
RBN Energy: the crude oil and LPG supply roles of Enbridge's Line 5, part 2. Archived.
Pipelines are lifelines to refineries, steam crackers, and other consumers of energy commodities, and even the hint that a major pipeline may be shut down raises big-time concerns. For evidence, look no further than Enbridge’s Line 5, which batches light crude oil and a propane/normal-butane mix across Michigan’s upper and lower peninsulas and to points beyond.
One of Line 5’s two pipes under the Straits of Mackinac is temporarily out of service, halving the 540-Mb/d pipeline’s throughput, and Michigan’s attorney general continues to pursue a lawsuit that, if successful, could be Line 5’s death knell. Enbridge also is facing a fight on its plan to replace the twin underwater pipes with a new, safer “tunnel” alternative. All of which raises the question, what would be the market effects if Line 5 is permanently closed? Today, we conclude a miniseries on one of the Upper Midwest’s most important liquids pipelines.
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