One Well Coming Off Confidential List -- WTI Holds Above $66 -- August 18, 2021

Active rigs

$66.54	8/18/2021	08/18/2020	08/18/2019	08/18/2018	08/18/2017
Active Rigs	23*	12	61	59	53

*Current active rig data released COB.

One well coming off the confidential list:

Wednesday, August 18, 2021: 10 for the month, 21 for the quarter, 201 for the year:

• 37843, conf, WPX, Charles Blackhawk 31-30HY, Heart Butte, no production data, 

RBN Energy: Wolf Midstream sanctions straddle plant to increase Canadian NGL supplies. 

Supplies of natural gas liquids, especially propane, have become increasingly tight in recent months, with prices reaching multi-year highs in the U.S. and Canada. 

Despite the strong price signals, increasing production is typically a lengthy, complex, and expensive process involving producers drilling new wells to yield more liquids-rich natural gas and crude oil. There is also another way to increase supplies: by extracting them from already processed and pipelined natural gas via a straddle plant that more intensively recovers additional NGLs, such as propane, from the existing gas supply. Canada’s Wolf Midstream has recently sanctioned such a plant, as well as a related pipeline and extraction plant in Alberta that it hopes to bring into service in 2023. In today’s blog, we examine this new straddle plant and Western Canada’s current propane supply situation.

Here's a headline from the EIA yesterday: US natural gas net trade is growing as annual LNG exports exceed pipeline exports.  

From the EIA weekly petroleum report: Propane: inventories are 18% below the five-year average.