Tuesday, November 23, 2021

SPR Release Announcement Today? Could Be The Day; Thirty-Three Active Rigs; Three Wells Coming Off Confidential List -- November 23, 2021

Happy days are here again, LOL the US will release oil from the SPR, and the majors surge:

  • CVX: up 1.16%
  • XOM: up 0.8%
  • Shell: up 0.5%
  • BP: up 1.31%
  • COP: up 1.4%

Poll: we're quickly moving on to a new poll. The current poll -- how many EVs must a car company see each year to be considered a player? The answer: 600,000 or for the poll, the best answer: 500,000. 

ISO NE: at $71 this morning -- 5th decile. Link here.

SPR release:

  • India makes announcement: will release five million bbls -- two VLCCs and one Suezmax
  • no US politician talking about demand (only supply): every US politician wants to avoid a Jimmy-Carter-cardigan moment 
  • Putin and Prince MBS in catbird seat
  • the shortage is so acute that an SPR release is needed, but demand measures should come alongside -- Javier Blas; suggestions:
    • national speed limit: 55 mph
    • ban private jets
    • ban Sunday driving
    • limit refueling at service stations to no more than half a tank
    • appoint AOC as energy czar

Kellogg: talks break down again; strike enters eighth week. 

: reports of subpar battery performance in its delivery vans. A recent test by Rivian's partner, Amazon, suggests that the battery's performance is below the EV's startup's claims. I'm shocked. Shocked. Amazon has a 20% stake in Rivian; it has ordered 100,000 of its vans.

Pre-market -- first group "financial / economic" indicators:

Back to the Bakken

Active rigs: in a 31 - 33 active rig range, as rigs move around on a weekly basis; the number below does not include the rig operated by Kraken; obviously that rig is in the process of being moved to new location (thank you to a reader for pointing that out):

Active Rigs3313576254

Tuesday, November 23, 2021: 35 for the month, 38 for the quarter, 289 for the year:

  • 38238, conf, CLR, Jensen 10-8H, Chimney Butte, no production data,
  • 37082, conf, Whiting, S-Bar 11-7TFHU, Sanish, first production, 5/21; t--; cum --; not a particularly good well; in fact, early production data very poor for a Sanish well after all these years;
  • 35483, conf, Oasis, Nikolai Federal 5397 42-33B, Banks, a nice well; first production, 5/21; t--; cum 83K 9/21;

RBN Energy: built-in advantages help drive shift to renewable diesel.

The U.S. is poised for a massive build-out in renewable diesel production capacity — a boom spurred by capacity rationalization amongst traditional refineries, increasingly supportive government policies, and a big push by ESG-minded refiners wanting to reduce the carbon footprint of their operations. It also hasn’t hurt that while renewable diesel is produced from used cooking oil, tallow, and other renewable feedstocks, it meets or exceeds the fuel specifications of traditional ultra-low sulfur diesel and thus is considered a “drop-in” replacement for ULSD — there’s no “blend wall” that limits its use. In today’s RBN blog, we discuss highlights from our new Drill Down Report which looks at why renewable diesel is a hot topic, what we can learn from California’s Low Carbon Fuel Standards program, and how much new renewable diesel capacity is in the works.

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