Tea leaves: reading scores of tabloid articles over the weekend leads me to one conclusion -- Harry really stepped in it. After signing agreement worked out by the Queen, his dad and his lawyers, Harry now says that's not what he wanted. But he's off to Canada. A man without a job, without a country,
without a clue. What he says he misses most? His brother. Wow.
Libya: irrelevant.
One million bopd taken out of production and Brent? Drops 1.43%; trading near $64. WTI? Below $58.
Groundhog day:
from April 11, 2017:
Libya: I generally don't blog about (or, for that matter, care about) Libya but this was the top story over at Rigzone today and the headline got my attention: Libya halts Sharara oil loadings as biggest field shuts down.
Now the question is: why did the field shut down? I assume Libya is
complying with OPEC decision to cut production. LOL. Data points:
- Libya declares force majeure over this stoppage
- unclear why the pipeline was shut down
- Sharara was pumping 200,000 bopd
WTI: futures. Down slightly. Obviously Libya force majeure has no effect on the oil market.
Iraq:
BP pulls out of Iraq's Kirkuk oil field as expansion plans stall.
*********************************
Back to the Bakken
Active rigs:
| $57.90 | 1/21/2020 | 01/21/2019 | 01/21/2018 | 01/21/2017 | 01/21/2016 |
|---|
| Active Rigs | 56 | 67 | 58 | 38 | 47 |
Wells coming off confidential list today -- Tuesday, January 21, 2020: 74 for the month; 74 for the quarter, 74 for the year:
- 36289, drl, Rimrock, Two Shields Butte 3-24-12-3H3A, Mandaree,
- 34989, 681, Nine Point Energy, Gibbins 154-103-11-2-7H, Painted Woods, t8/19; cum 78K 11/19;
Monday, January 20, 2020: 72 for the month; 72 for the quarter, 72 for the year:
- 36288, drl, Rimrock Two Shields Butte 3-24-12-3HA, Mandaree,
- 36154, 1,825, Whiting, Martell 34-36HU, Glass Bluff, t7/19; cum 66K 11/19;
- 33155, SI/NC, BR, Mathistad 7-8-35 MBH, Croff, no production data,
Sunday, January 19, 2020: 69 for the month; 69 for the quarter; 69 for the year:
- 362728, drl, WPX, Pheasant 33-28HTL, Spotted Horn,
- 35880, 532, Whiting, Meiers 12-17-3H, Sanish, t9/19; cum 41K 11/19;
- 35015, 738, Nine Point Energy, Gibbins 154-103-11-2-8H, Painted Woods, t8/19; cum 72K 11/19;
- 33154, SI/NC, BR, Croff 8-1-2 UTFH, Croff, no production data,
Saturday, January 18, 2020: 65 for the month; 65 for the quarter; 65 for the year:
- 36199, drl, WPX, Pheasant 33-28HD, Spotted Horn,
- 35996, 1,533, Whiting, Martell 34-36-3H, Glass Bluff, t7/19; cum 61K 11/19;
- 35904, 2,768, CLR, Honolulu 6-15H, Indian Hill, t7/19; cum 123K 11/19; 43K month;
- 35506, 2,046, CLR, Weisz 8-11H, Pleasant Valley, t11/19; cum 38K 11/19; a 38K month;
- 34175, 1,286, CLR, Ravin 7-1H, Dimmick Lake, t8/19; cum 112K 11/19; a 36K month;
- 32780, SI/NC, BR, Cleoff 8-1-2 MBH-ULW, Croff, no production data,
Friday, January 17, 2020: 59 for the month; 59 for the quarter; 59 for the year;
- 36397, SI/NC, Rimrock, Two Shields Butte 4-24-11-1HU, Mandaree, no production data,
- 36200, drl, WPX, Pheasant 33-28HZ, Spotted Horn,
- 35687, SI/NC, BR, Tailgunner 1B TFH, North Fork, no production data,
- 35686, SI/NC, BR, Tailgunner 1A MBH, North Fork, no production data,
- 35505, 1,620, CLR, Weisz 7-11H1, Pleasant Valley, t11/19; cum 29K 11/19;
- 34826, drl, Hess, HA-Nelson A-152-95-3427-9, Hawkeye,
- 32779, SI/NC, BR, Veederstad 8-8-35UTFH-ULW, Blue Buttes, no production data,
RBN Energy:
will Canadian producers increase gas-focused spending, supplies?
Canadian oil and natural gas producers were dancing very much to the
same tune as their U.S. counterparts in 2019: reduce capital spending,
live within cash flow and improve returns to investors. The only major
difference for Canadian gas producers is that they were forced to dance
even faster due to abysmal natural gas pricing during the summer of
2019, which cast a very negative pall over the whole sector for the
remainder of last year. Although the focus on spending restraint, cash
flow and returns has not changed for these producers upon entering 2020,
there are encouraging signals that Canadian gas pricing will be
materially improved this year, especially during the summer months,
supporting higher cash flows and a cautious expansion in capital
spending. Today, we examine the drivers behind what might increase
capital spending by gas producers and lead to an increase in supplies.
