Tuesday, April 13, 2021

One Well Coming Off Confidential List, Will Report No Data; WTI Breaks Above $60; Active Rig Count At 17 -- April 13, 2021

WTI: nice way to start the morning. WTI up about 1%; up about 50 cents; now trading just over $60.

Permian pipelines: overbuilt; Plains All-American, EPD, and Magellan will feel the pain.

EOG, early mover: sounds like EOG has moved into San Juan; has apparently leased fourteen townships. Building pads in Sandoval City. Link here. This is a big Biden story: link here. EOG could not have done this without Biden's support. Whoo-hoo!

DiamondBack Energy: uptick in production in 1Q20. Link here

Covid-19 / JNJ: another example of how fortunate "we" were that President Trump was in charge at the time of the outbreak. 6.8 million JNJ doses administered; 6 serious clotting cases. Take 6.8 million high-risk Americans that did not get the vaccine, how many experienced serious clotting cases? All six cases in women aged 18 - 48. That's an interesting demographic; reminds me of BCP research and BCP use. It should be noted that neither European regulators NOR US regulators were able to identify any other medication that has even been taken off the market with a side effect of one-in-a-million. Never let a crisis go to waste.

PC shipments: notch fastest quarterly growth in twenty years. Link here

Mercedes EQS sedan: will launch later this week. Link here

NYC subway crime: dog-bites-man story. Link here.

Back to the Bakken

Active rigs:

Active Rigs1736636051

One well coming off the confidential list -- Tuesday, April 13, 20211: 7 for the month, 7 for the quarter, 88 for the year:

  • 37324, drl/NC, WPX, Patricia Kelly 2-1HUL, Antelope, no production data.

RBN Energy: US LNG outlook -- feedgas demand headed to twelve Bcf/d in late 2021.  

After a roller coaster over the past year, U.S. LNG feedgas demand has been holding steady at record levels of around 11 Bcf/d for nearly a month now, with the exception of a few days due to pipeline maintenance. With Train 3 at Cheniere Energy’s Corpus Christi Liquefaction facility online and price spreads to global markets favorable for U.S. exports, that’s where it’s likely to stay, except for maintenance periods — at least until new liquefaction trains start commissioning later this year. Two Louisiana projects, Venture Global’s new Calcasieu Pass facility and the sixth train at Cheniere’s existing Sabine Pass terminal, have both indicated that they will begin exporting commissioning cargoes by year’s end — ahead of their originally proposed construction schedules — a prospect that could boost Gulf Coast feedgas demand to even greater heights by the fourth quarter of 2021. In today’s blog, we wrap up this short series with a detailed look at the two projects and implications for LNG feedgas demand this year.

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