WTI Barely Holding Above $60; Active Rig Count At 14 -- March 31, 2021

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

Active rigs:

$60.46	3/31/2021	03/31/2020	03/31/2019	03/31/2018	03/31/2017
Active Rigs	14	43	66	60	49

No wells coming off confidential list today. 

RBN Energy: the ins and outs of crude storage at the Permian's Crane hub -- Part 2. Archived.

Midland may be the king of crude oil hubs in the Permian, with its immense storage capacity and robust trading activity, but the hub in Crane, TX, is at least a prince — and a particularly interesting one at that. In addition to its 7 MMbbl of tankage for storing, staging, and blending crude (and another 1 MMbbl on the way), Crane offers a slew of inbound pipelines from both the Delaware and Midland basin, plus links to and from the Midland hub and a number of outbound pipelines to both the Corpus Christi and Houston markets. Just as important to know about, are the various intra-hub connections among Crane’s 10 terminals, because they reveal how you can get crude to pretty much wherever you need it to be. Today, we continue a series on crude storage in West Texas and southeastern New Mexico.

Storage and distribution hubs play important and often underappreciated roles, both in helping to choreograph the transport of crude oil from the lease to end-users and in enabling traders and others to take advantage of commercial opportunities. This is especially true in the Permian, the U.S.’s leading oil-producing region, where multiple hubs have developed over the past few years to keep pace with production growth and pipeline build-outs. We also questioned the widely held view that the sudden fall-off in Permian production last year and the current expectation for only modest production growth in 2021 and beyond has left the region overbuilt from a midstream infrastructure perspective. In fact, while the Permian generally has sufficient takeaway capacity, there has been recent evidence of tightness in the Permian storage market. To understand why and where such issues may develop, today, we begin our hub-by-hub review, starting with the one in Crane, TX.