No Wells Coming Off The Confidential List Today -- July 2, 2021

US crude oil in storage: number of days of crude oil supply -- drops again -- now at 28 days. Link here. 

Europe: how's that renewable energy working out? Link here. 

• Spanish day-ahead wholesale prices have hit a near 20-year high; trading at second highest ever;
• just under 100 euros/ MWh; absolutely crazy prices;
• European power and gas markets: in "utter chaos."
• Spain: poster-child for solar energy some years ago

Ford sales: down almost 30% in June; chip shortage. 

Fireworks in the mideast? Link here. 

• breakevens:
• Saudi: $70 - $75
• UAE: $50 - $55
• Russia: $50 - $55

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Back to the Bakken

Active rigs:

$75.36	7/2/2021	07/02/2020	07/02/2019	07/02/2018	07/02/2017
Active Rigs	23	11	60	67	58

No wells coming off the confidential list. 

RBN Energy: Will the SCOTUS ruling save the PennEast natural gas pipeline?

The developers of the embattled PennEast Pipeline project this week caught a big break: over the objections of the state of New Jersey and in contradiction to a prior lower court ruling, the Supreme Court said in a 5-4 decision on Tuesday that the project could exercise eminent domain in order to seize state-owned land necessary for building its 1.1-Bcf/d Appalachia takeaway pipeline. The ruling, while not a slam dunk for the pipeline’s completion, offers a ray of hope to a project that was all but dead for the past couple of years and that many had written off. It also represents an increasingly rare victory for the frequently vilified gas industry in the Northeast. The pipeline represents more capacity and greater optionality for producers in the northeastern Pennsylvania region who currently have limited takeaway options and are facing worsening pipeline constraints even as prices and downstream demand are taking off. Today, we provide an update on the PennEast project and its implications for the Appalachian gas market.