WTI Up Another 2%; OPEC Basket At $2 Discount To WTI; Five Wells Coming Off Confidential List -- November 11, 2020

US Senate: 

Weekly EIA petroleum report, link here. Because of the holiday, this report won't be released until tomorrow, Thursday, November 12:

• US crude oil in storage ....
  
• US crude oil in storage now stands at .....
• refiners operating at ..... of their operable capacity;
• distillate fuel inventories ....
• US crude oil imports averaged .....
  
• jet fuel supplied ....

OPEC basket, link here: trading at just under $40, up almost 2%). WTI up 2%, also, and trading at $42.22.

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Back to the Bakken

Active rigs:

$42.22	11/11/2020	11/11/2019	11/11/2018	11/11/2017	11/11/2016
Active Rigs	15	55	66	52	38

Five wells coming off the confidential list today -- Wednesday, November 11, 2020:

• 36832, loc/NC, XTO, HBU Muller 31X-12D, Hofflund, Muller/HBU Muller wells are tracked here;
• 36511, loc/A, Hess, SC-5WX-LW-152-99-0310H-1, Banks, SC-5WX wells are tracked here; t--; cum 34K 9/20; a 22K month;
  
• 365091, loc/A, Hess, SC-5WX-152-99-0310H-5, Banks, SC-5WX wells are tracked here; t--; cum 118K 9/20; 118K over four months;
  
• 36007, loc/NC, BR, Kermit 2-8-32MBH, Rink/Kermit wells are tracked here; Pershing, no production data,
  
• 32428, loc/NC, BR, Phantom Ship 3A UTFH, Elidah, no production data;
  

RBN Energy: the multi-billion-dollar merger of Canadian giants Cenovus and Husky. Posted a link to the Cenovus-Husky story earlier. Scroll down at the link. Archived.

On October 25, a major consolidation of two Canadian oil and gas companies was announced with the planned merger of Cenovus Energy and Husky Energy.

The prospective consolidation will offer the opportunity for corporate-level synergies and, over the longer term, for the physical integration of some of the companies’ operations, especially in Alberta’s oil sands. In today’s blog, we discuss some of the more nuanced elements of the consolidation, including potential improvement in crude oil market access and the larger presence of the combined company in PADD 2 refining, a sector that has taken a major hit during the pandemic.

This blog also introduces a new weekly refinery report from RBN. See link for details.

Cenovus Energy is an integrated oil and natural gas company headquartered in Calgary, AB. 

It was formed when Encana Corp. (now known as Ovintiv) spun-off its oil-based assets into a separate corporation in 2009, allowing Encana to — at the time — focus on its natural gas assets. 

Cenovus produces oil in Canada and has refining interests in the U.S. The production assets include oil sands facilities at Christina Lake and Foster Creek and conventional operations at Marten Hills and Deep Basin. Notably, Cenovus announced this week that they have entered into an agreement to sell their Marten Hills oil assets to Headwater Exploration. In the U.S., Cenovus has a 50-50 partnership with Phillips 66 in WRB Refining, which has refineries in Borger, TX, and Wood River, IL.

A reminder for those who have forgotten where PADD 2 is: