OPEC Basket Plunges; Another Active Rig In The Bakken; Hess Reports Another Nice Well -- October 30, 2020

OPEC basket, link here: deep doo-doo.

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Back to the Bakken

Active rigs: CLR adds a third rig.

$35.63	10/30/2020	10/30/2019	10/30/2018	10/30/2017	10/30/2016
Active Rigs	15	60	68	52	34

One well coming off the confidential list today --

Friday, October 30, 2020: 24 for the month; 24 for the quarter, 689 for the year

• 36796, drl/A, Hess, EN-Ruland-LE-156-94-3328H-1, Alkali Creek, t--; cum 92K 9/20;
  

RBN Energy: rising LNG exports from Texas reshape Louisiana gas flows, part 2. Archived.

The natural-gas market disruptions hitting the Texas-Louisiana coast so far in 2020 — a pandemic, the collapse of the LNG export market, a rare hiccup in Permian gas production, and multiple hurricanes —threw a big wrench into market expectations. Everything had been moving along pretty smoothly since mid-2016, when the first of a series of new liquefaction trains came online at Sabine Pass LNG. 

As new LNG export capacity started up at Sabine Pass, Corpus Christi, Cameron, and Freeport, so did relatively steady, predictable growth in feedgas demand. 

Then came this crazy, unforgettable year. Still more liquefaction capacity started up, but LNG export volumes plummeted, mostly due to very weak export economics. Recently, LNG exports have been picking up and, whenever hurricanes stop pounding the Gulf Coast, the U.S. will likely finally experience the full impact of all 9.15 Bcf/d of export capacity operating at full strength, requiring nearly 10 Bcf/d of feedgas across the U.S, almost 9 Bcf/d of which is located in Texas and Louisiana. Gas flow patterns across Louisiana’s dense network of pipelines already are shifting in response to the incremental demand and are signaling increased supply competition along the Gulf Coast this winter. Today, we continue our series discussing the changing flow patterns along the U.S. Gulf Coast, this time providing an overview of the main drivers of those shifts to date, including LNG feedgas demand and Northeast inflows.