10-Year Treasury Drops Below 1.5%; Three Wells Coming Off Confidential List -- June 9, 2021

Updates

Later, 12:18 p.m.: 

Interesting that a blog reader commented that something is going on with activity in the Bakken. 

I enjoy driving and love small towns and rural areas. I spend a minimum of two and often three days a week out of Fargo.

I've also noticed increased oil related traffic on both I-94 and especially I-29. Seems like a lot of pipe on I-29.

I've also noticed a lot of tanker cars stored on sidetracks are gone. Of course I have no definite numbers to back this up but that has been my impression for about three weeks. 

Looks to me that despite liberals' best efforts, fossil fuels are alive and well. 

This is a great country and capitalism is alive and well.

Original Post

From a reader:

I was wondering the same thing (re: price of oil trending up and the timing; Biden's environmental policies).

We are already seeing a lot of movement of oil-related equipment all around us [in the Bakken].

Something is happening.

 *******************************
Back to the Blog

Covid-19 vaccine: US can't get rid of stockpile. Millions of doses of J&N Covid-19 vaccine will go to waste. Link to WSJ. 

The "JNJ pause" was perhaps one of the worst things ever done during this whole thing; there may have been good reasons to pause and take a re-look but the announcement was made Tuesday, April 13, 2021, and by Friday, April 16, 2021, the decision had already been made to return the vaccine to the market. Actual return to market was delayed an additional seven days. How much scientific analysis could actually happen in two full weekdays?

CLNE: up 39% in pre-market trading. Closed at $9.90 yesterday; pre-market, up $13.71.

Campbell Soup: tanks pre-market. Closed at $49.12 yesterday; down 8.43%; down $4.14 in pre-market trading.

10-Year: 1.486%; down 0.042.

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.

Billionaires not paying taxes. Senator Elizabeth "Pocahontas" Warren? Crickets. 

Aramco bonds: dollar-denominated Islamic bonds debut. Link at Bloomberg. If I recall correctly, some years ago Saudi Arabia threatened to "exit the dollar" completely. Yup, there it is, back in 2015. Saudi is selling bonds to cover the cost of dividends. Wow.

Another shortage? Key iPhone 13 camera component expected to outstrip entire android market.

Buzz: fundamentals to push "oil" back to $12/bbl. Link here.

Permian natural gas pipeline update: shortage resolved. Link to Tsvetana Paraskova. 

US crude oil exports jump to record level: link to Tsvetana Paraskova. 

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

Active rigs:

$70.45	6/9/2021	06/09/2020	06/09/2019	06/09/2018	06/09/2017
Active Rigs	20	13	64	61	52

Three wells coming off the confidential list -- Wednesday, June 9, 2021:

• 37675, drl/NC, MRO, Etherington USA 34-31TFH, Reunion Bay, no production data, 
• 37379, drl/NC, CLR, Rodney 8-29H1, Cedar Coulee, no production data, 
• 36848, 1,791, Hess, EN-VP and R-154-94-2536H-13, Alkali Creek, t12/20; cum 100K 4/21;
  

RBN Energy:what you need to know about energy markets in one place. 

WTI crude finally closed above $70/bbl yesterday! Yup, change in energy markets is coming at us fast and furious. Whether it’s recovery from COVID, the return of Iranian supply, the changes in OPEC+ production, the majors being walloped by environmentalists, or a genuine upturn in crude prices, the big challenge is keeping up with what’s important, as it happens. That’s what we do at RBN, in our blogs, reports, conferences and webcasts. But many of our readers only know us through our daily blog, which confines us to only one topic each day. What if we had another no-cost service, where we would provide all our available info on energy news, market data, RBN analysis and just about anything that impacts oil, gas, NGLs, refined products, and renewables? Well, we’ve got that now. It’s called ClusterX Energy Market Fundamentals (EMF) channel. It’s an app for your phone or browser. It delivers to you everything our RBN team believes is important as soon as we can get the information into our databases. And all you need to get access to EMF is in today’s blog.

******************************
Initial Production

The well:

• 36848, 1,791, Hess, EN-VP and R-154-94-2536H-13, Alkali Creek, t12/20; cum 100K 4/21;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2021	30	14981	15099	10102	20312	20188	124
BAKKEN	3-2021	29	14870	14858	10665	18223	17321	902
BAKKEN	2-2021	28	16116	16191	12835	19305	19305	0
BAKKEN	1-2021	31	24277	24093	20377	32906	29988	2918
BAKKEN	12-2020	20	29776	29475	18039	33988	29324	4664