No Wells Coming Off The Confidential List; Bakken Production Forecast To Decline Later This Summer -- May 27, 2021

From May 20, 2021, link here:

Over on twitter earlier today, someone asked, "where are all the $70-Brent bulls now?"

My reply: "Quietly buying Chevron stock."

Brent today: flat, down 3 cents. Trading at $65.

Today:

• Brent: $69.13
• CVX: $102.88

Quietly buying CVX. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

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Back to the Bakken

Bakken production: forecast to fall later this summer as DUCs decline. 

• per Platts, that link: from May, 2020, to April, 2021, DUCs dropped from 877 to 647
• per blog, May 25, 2021 (April data):
• May, 2020: 877
• April, 2021: 647
• same data source
• fact-checked.

Active rigs:

$66.59	5/27/2021	05/27/2020	05/27/2019	05/27/2018	05/27/2017
Active Rigs	20	11	65	65	50

Active rigs down one from yesterday; MRO with one less active rig today. CLR still with seven active rigs (one drilling a SWD well).

No wells coming off confidential list:

RBN Energy: San Juan natural gas basis goes premium.

It’s not often these days that you read about gas markets in the San Juan Basin. In fact, the subject was probably never much of a hot topic because the San Juan has been something of an afterthought when it comes to Western gas markets, just a stop on the road between the Permian and markets along the West Coast and in the Rockies. However, those Western gas markets are setting up to be quite interesting this summer, as is the Waha gas market in the Permian, and understanding the mechanics of the San Juan is just one piece of the overall Western puzzle. In today’s blog, we take a look at the far-flung but increasingly interesting markets west of the Permian Basin.