Cushing Trending Toward Empty -- So What? October 29, 2021

Cushing: all those articles suggesting Cushing is trending toward "empty"? Well, perhaps this is part of the reason, link here.

• Capline reversal has started linefill this week. Canadian crude will be able to bypass Cushing to get directly to the Gulf coast from Patoka, IL; also,
• Permian now flowing directly to Gulf coast; no need to go to Cushing.

Slow-rolling US shale: permits will now have to wait for federal environmental assessments for 2022. Link here. We've been through this before; it isn't pretty, but fortunately CLR and others minimally affected. But, wow, inside the reservation, what the government giveth can also taketh away.

Crunch time: meanwhile, whether its supply or demand, oil era heads for crunch time. Link here to social media and/or Hart Energy direct.

OPEC+: cleverly ignoring travel-related demand when the cartel forecasts a 2022 surplus. More interesting:

• many OPEC+ members have been missing their quotas for months;
• Kuwait has laid out plans to increase production, but most agree, it ain't gonna happen as advertised;
• Saudi scrambling.

US crude oil production:

• August, 2021: 11.141 million bopd (preliminary)
• July, 2021: 11.363 million bopd (revise)

NDIC now posting September, 2021, data. Data pending.

Anna wells: let's start here when data is posted; still not posted for these wells. Those wells are tracked here.

Not good: social media bulls starting to use the phrase, "windfall profits." US Congress watching, waiting. Staffers are being told to go through the 1980 Crude Oil Windfall Profit Tax Act of 1980 playbook.