Three Wells Coming Off The Confidential List -- October 27, 2021

Cost of renewable energy: Xcel, in my mind, is one of a handful of utility companies that could vie for "Poster Child For Renewable Energy" and the promise to keep rates low. 

So, how's that renewable energy working out? Pretty good for the utility, it appears. Maybe not  so good for the consumer. Xcel seeks 20% rate increase over three years. Link here. I haven't read the article. Let's see what MPR says this is all about? 

Yup, there it is: costs related to renewable energy. It appears the company needs to build more transmission lines to where the renewable energy farms are located. 

An additional $20 / month at the end of three years. Seems like a small price to save the world.

ISO NE: the usual spike this a.m. Spikes to $70; now as bad as often seen. Mix: renewables, 14%; nuclear 12%. 

Solar power: major cost increase could threaten industry in 2022. Normally I wouldn't post this coming from oilprice but in this case the source is well respected, Rystad Energy.

McDonald's: pre-market trading, surges. Earnings crush expectations. Link here.

Google: crushed earnings. Link here.

WTi: I admire RBN Energy for tackling this issue. See below.

Railroads: we should start seeing articles in business outlets that some cargo ships previously destined for southern California will be re-routed to ports in Oregon, Washington state, and through the Panama Canal to South Carolina and Florida.

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Back to the Bakken

Active rigs:

Three wells coming off confidential list:

Wednesday, October 27, 2021: 25 for the month, 25 for the quarter, 248 for the year:

• 36931, conf, Rimrock Oil & Gas, FBIR Guyblackhawk 24X27G, Heart Butte, first production, 7/21; t--; cum 17K 8/21; the Guyblackhawk wells are tracked here;
  
• 36930, conf, Rimrock Oil & Gas, FBIR Guyblackhawk 24X-27C, Heart Butte, another huge well, first production, 7/21; t--; cum 45K 8/21; the Guyblackhawk wells are tracked here;
• 36770, conf, Hess, BL-A Iverson-155-96-1312H-8, Beaver Lodge, first production, 4/21; t--; cum 90K 8/21;

RBN Energy: are we headed for $100 crude oil? And then what?

Crude oil prices continued to increase this week, with WTI at Cushing closing Tuesday at $84.65/bbl, the highest level since October 13, 2014. The rise in crude since the spring of 2020 has been swift and almost relentless, interrupted only by pauses at $40, $60, and $70, when the market took breathers and seemed to say to itself, “We’re not done yet, right?” The question now is, can anything stop WTI from topping $90 and yes, the magic $100 mark — something that few would have predicted we’d see again so soon . The reality is, there are many factors driving crude prices higher but few holding prices down. In today’s RBN blog, we discuss what’s driving the rapid run-up in oil prices, whether $100/bbl WTI is a sure thing, and what happens if — when? — oil hits triple digits.