WTI: $81.27. Surged 3.12%; up $2.46; closed at $81.27. Apparently:
- traders watched Brandon's Secretary of Energy laugh when she was asked about high gasoline prices; and,
- Saudi laughed when Brandon told "them" (OPEC+) they need to produce more oil when it is actually Brandon who is trying to minimize US imports of Canadian crude oil; and,
- traders noted that the US Congress is threatening to "sue" US oil companies for "threats to humanity."
Aaron Rodgers: liar, liar, pads on fire. Said he was immunized. Apparently not against Covid-19.
*****************************
Back to the Bakken
Active rigs:
| $81.27 | 11/5/2021 | 11/05/2020 | 11/05/2019 | 11/05/2018 | 11/05/2017 |
|---|---|---|---|---|---|
| Active Rigs | 32 | 13 | 55 | 65 | 55 |
No new permits.
Six permits renewed:
- EOG (4): four Mont permits in Williams County
- Resource Energy Can-AM: one Ranger permit in Divide County
- North Range Resources: one Placid permit in McKenzie County
Four producing wells (DUCs) reported as completed:
- 37195, 787, Slawson, Mauser Federal 6-18-17H,
- 37196, 636, Slawson, Mauser Federal 8-18-17TFH,
- 37197, 1,577, Slawson, Mauser Federa 5-18-17H
- 38191, 678, Ovintiv, Rolfsrud 152-96-29-32-14H,
The NDIC lists 32 active rigs in North Dakota. I have not reviewed the list.
And just like that WTI is back over $81.
ReplyDeleteAs noted on the blog, "chillax, keep calm, and keep on frackin'."
DeleteUS oil growth was a major factor in destabilizing OPEC from 2014-2019. Covid took care of 2020 of course. And prior to that in the 80s, US production and North Sea production destabilized OPEC. Yes, there is a cartel, duh. But the way to destabilize it is to encourage ex-cartel production.
ReplyDeleteBrandon has taken a lot of anti-domestic actions. And not just the actions, themselves but how they affect companies forward looking views on how safe it is to invest in US oil productions. Anyone feel like building a gathering pipeline after Keystone decision? Sure some will get built. But fewer. Same thing with pads, roads, seismic, exploration drilling, etc. It's raised the hurdle rate significantly. And shale is not just pure infill drilling--there are systemic investments also.
Thank you, great note.
DeleteThe "Brandon environment" is the reason operators like CLR / Harold Hamm are more eager to take their chances in a known basin like the Permian, rather than taking bigger exploratory risks elsewhere.
I will add this comment somewhere over at this at this site:
https://permianclrmdw.blogspot.com/