Keystone XL Doesn't Matter -- Western Canada's Crude Oil Supplies To Reach Record Highs In 2021 -- January 18, 2021

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Quote of the day, from Janet Yellen, paraphrasing: "federal budget must be put on sustainable path ... after this next $10 trillion."

The market:

• GM jumps almost 10%: GM, Microsoft partnership
• Rivian: announces $2.65 billion investment round; connections: Ford, Amazon;
  
• NFLX: earnings out today after market close;
• forecast: $1.45/share on revenue of $6.63 billion
• Schwab (SCHW): forecast -- 70 cents/share on revenue of $4.12 billion; 
• BofA: forecast 55 cents/share (adjusted) on revenue of $20.51 billion;
  
• GS: profit more than doubles, powered by trading;
  
• revenue of almost $12 billion was almost 20% more than 2019's fourth-quarter level; 
• weren't the banks supposed to report lousy earnings in 1Q21? 
• $12.08/share or more than double its level one year ago
• shares fall almost $4; down 1.3% in mid-morning trading
  

Oil:

• ExxonMobil hits second dry hole offshore Guyana.Second time in two months. Gets expensive.
• Argentina shale driller runs out of money; biggest story of the day? YPF; writer at the link seems surprised; I always thought Argentina shale potential was exaggerated;
• From InsiderMonkey: the twelve best MLP and pipeline stocks to buy; lots of ads but worth the read for newbies looking for ideas;

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Back to the Bakken

Active rigs:

$53.01	1/19/2021	01/19/2020	01/19/2019	01/19/2018	01/19/2017
Active Rigs	12	56	68	58	37

One well coming off the confidential list --Tuesday, January 19, 2021: 26 for the month, 26 for the quarter, 26 for the year.

• 37225, loc/drl, XTO, Kulczyk 43X-17AXB, Alkali Creek, no production data,

RBN Energy: western Canada's crude oil supplies to reach record highs in 2021 (despite no Keystone XL).

Western Canada’s crude oil production, like in many other regions of the world during the spring of 2020, had to pull back sharply in response to the price and demand chaos brought about by COVID-19. By the end of 2020, oil production almost everywhere remained much lower or was being carefully managed to avoid creating another supply glut. In contrast, production in Western Canada has almost fully rebounded, and is being primed to increase to what could be all-time highs this year. With Alberta’s oil sands producers renewing their role as the long-standing driver of oil supply growth and the recent suspension of production limits in the province, the stage is set for us to review the most recent oil supply developments and future growth prospects.