Gasoline Prices Soaring -- WTI Down Slightly -- One Well Coming Off Confidential List -- August 11, 2021

This is not the problem folks: the US calls on OPEC+ to boost production as gasoline prices soar --

• oil majors tread cautiously in Permian shale, link to ArgusMedia;
  
• generally, folks can expect to pay $4.00 / gasoline everywhere in the US; 
  
• every proposed US pipeline is now deferred, delayed, or had its permit pulled:
• existing pipelines under threat of closure (DAPL)
  
• Interior: has slow-rolled all new permitting; originally stopped all new permitting until judicial branch got involved
• trucker shortage: restrictions on truckers put in place years ago
• Fed monetary / congressional fiscal policy out of control (perception by some)
• new, fuel-efficient vehicles unable to meet demand due to chip shortage
  
• link to Tsvetana Paraskova.
• the bad news: the global economy is not yet fully open
  

WTI: not rising in price. 

Weekly EIA petroleum report:

• US crude oil in storage dropped by 0.4 million bbls
• US crude oil in storage now at 438.8 million bbls; 6% below the five-year avereage
• refiners operating at 91.8% operable capacity
  
• US crude oil imports averaged 6.4 million bbls per day last week; down by 36,000 bbls per day
• distillate fuel inventories increased by 1.8 million bbls; now 6% below the five year average
• total products supplies over last four-week period averaged 20.6 million bbls/day, up by a whopping 11.3% from same period last year (global lock down)
• jet fuel supplied was 45.8% compared to one year ago
  

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Back to the Bakken

Active rigs: 

$67.74	8/11/2021	08/11/2020	08/11/2019	08/11/2018	08/11/2017
Active Rigs	23	12	61	60	57

One well reporting today:

Wednesday, August 11, 2021: 4 for the month, 15 for the quarter, 195 for the year:

• 37406, conf, CLR, Gale 13-32H1, Cedar Coulee, no production data,

RBN Energy: why sustainable aviation fuel is taking flight, part 6.

Traveled by air in the U.S. lately? Airports and airplanes are packed to the gills. Unruly passengers are making the nightly news and becoming YouTube sensations. Jet fuel shortages are popping up. But there are other developments in air travel too, including a push by the global airline industry to rein in its greenhouse gas emissions. And the heart of that movement is sustainable aviation fuel, or SAF. While the blending of SAF with conventional jet fuel is not mandated in the U.S., the alternative fuel is gaining altitude, in part because it can generate layers of credits that can be utilized in various renewable fuel trading programs. In today’s blog, we look at the current status of renewable fuel in the U.S. aviation sector.