OPEC basket, link here: $39.35.
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Back to the Bakken
Active rigs:
| $39.16 | 9/16/2020 | 09/16/2019 | 09/16/2018 | 09/16/2017 | 09/16/2016 |
|---|---|---|---|---|---|
| Active Rigs | 12 | 62 | 65 | 56 | 32 |
Two wells coming off confidential list -- Wednesday, September 16, 2020: 122 for the month; 193 for the quarter, 639 for the year
- 37349, drl/drl, WPX, Fast Dog 7-6HB, Eagle Nest,
- 37237, loc/NC, Slawson, Orca Federal 7-23-26TFH, Big Bend,
RBN Energy: pipeline commitments key to Enbridge's strategy.
The energy industry in North America is in crisis. COVID-19 remains a remarkably potent force, stifling a genuine rebound in demand for crude oil and refined products — and the broader U.S. economy. Oil prices have sagged south of $40/bbl, slowing drilling-and-completion activity to a crawl and imperiling the viability of many producers. The outlook for natural gas isn’t much better: anemic global demand for LNG is dragging down U.S. natural gas prices — and gas producers. The midstream sector isn’t immune to all this negativity. Lower production volumes mean lower flows on pipelines, less gas processing, less fractionation, and fewer export opportunities. But one major midstreamer, Enbridge Inc., made a prescient decision almost three years ago to significantly reduce its exposure to the vagaries of energy markets, and stands to emerge from the current hard times in good shape –– assuming, that is, that it can clear the major regulatory challenges it still faces.
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