Two Wells Coming Off The Confidential List; WTI Moving Up; OPEC Basket Moving Down -- November 10, 2020

OPEC basket, link here: trading at $39.22, dropping 57 cents/bbl overnight. Meanwhile, WTI continues to surge, now trading at $40.57. 

******************************
Back to the Bakken

Active rigs:

$40.57	11/10/2020	11/10/2019	11/10/2018	11/10/2017	11/10/2016
Active Rigs	15	55	66	52	38

Two wells coming off the confidential list -- Tuesday, November 10, 2020:

• 36834, loc/NC, XTO, HBU Muller 31X-12C, Hofflund, Muller/HBU Muller wells are tracked here;
• 36833, loc/NC, XTO, HBU Muller 31X-12C, Hofflund, Muller/HBU Muller wells are tracked here;

RBN Energy: eight steps that could upend Texas Gulf Coast natural gas markets. I can name the top seven without even thinking. Biden, 1 - 7. From RBN Energy:

Within the next year, the Permian Highway and Whistler natural gas pipelines will add 4.0 Bcf/d of incremental capacity from the Permian Basin to the Gulf Coast, with gas supplies on those pipes primarily targeting LNG exports. But in the years since these pipeline projects were initially envisioned, market conditions have been radically transformed by consequences of the COVID era, on both the supply and demand sides of the equation. The outlook for supply growth is lower, while the dependability of LNG exports has been thrown into question following massive cargo cancellations this summer. In RBN’s special-edition multi-client market study, titled Some Beach, we break down the consequences of these developments into eight distinct steps that demonstrate how Texas gas markets are likely to evolve as flows and basis respond. Today’s blog summarizes those conclusions.

Our eight steps assess prospective changes on both the supply and demand sides of the Texas natural gas market. On the supply side, the outlook for Permian natural gas production growth is down considerably from the pre-COVID era, due primarily to lower crude oil prices resulting in cutbacks in drilling and completions by Permian producers. Instead of providing crucial pipeline takeaway capacity to handle rapidly growing Permian gas supply, the new pipelines will create a pipeline capacity surplus, which will disrupt regional gas flows and prices.