EIA's Weekly Petroleum Report And The Dashboards; WTI Plummets -- May 19, 2021

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

EIA weekly petroleum report, link here:

• US crude oil in storage increased by 1.3 million bbls from the previous week;
• US crude oil in storage now stands at 486.0 million bbls, 1% below the five-year average;
• refiners are operating at 86.3% of their operable capacity;
• US crude oil imports averaged 6.4 million bopd, up 0.9 million bopd from the previous week;
• imports averaged 6.0 million bopd, almost 11% more than the same four-week period last week;
• distillates in storage decreased by 2.3 million bbls; are 5% below the five-year average;
• jet fuel product supplied was up 106% compared with the same four-week period last year.

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Back to the Bakken

Active rigs:

$63.04	5/19/2021	05/19/2020	05/19/2019	05/19/2018	05/19/2017
Active Rigs	19	14	66	61	51

One well coming off the confidential list -- Wednesday, May 19, 2021:

• 37218, drl/NC, Slawson, Zephyr Federal 4-36H, first production, ; t--; cum --;

RBN Energy: why natural gas production took off in British Columbia's Montney region, part 2. The Montney is tracked here on the blog.

The Montney Formation in British Columbia and Alberta is exclusively responsible for the turnaround in Western Canada’s natural gas production in the past decade. Gas production in the Montney — a vast area with extraordinary reserves — has doubled in that time, with most of that growth coming from the BC side of the formation. This phenomenal growth story stems from a few key factors, including steadily improving gas well performance and increasing wellbore length, coupled with access to an established network of gas pipelines. Today, we delve into what has made BC’s portion of the Montney such as standout.

After the acclaimed oil sands of Alberta, the Montney Formation is probably the most talked about geologic play in Western Canada in the past 20 years. Mostly known for its immense reserves and growing production of natural gas, the Montney has risen to prominence in the context of both the Canadian and broader North American gas markets. Within a few years, its reserves will also begin feeding the currently under construction LNG Canada liquefaction plant and export terminal on the BC coast, extending the access of Montney gas to overseas markets.