Sunday, December 19, 2021

Reminder: Focus on Fracking -- Weekly Edition Posted — December 19, 2021

 Link here.

The lede:

  • total supplies at an 83-month low (almost seven years)
  • SPR approaching a 19-year low;
  • total demand at a record high;
  • distillates demand at 18+ year high;
  • global shortage at 1.2 million bopd -- that's per day, over one million bbl shortfall
  • at relatively high prices -- some folks might remove the "relatively" and just say "high prices" -- OPEC output falls 563,000 bopd short of quote
  • demand revisions now indicate oil shortage for all of 2021

Bakken-specific news

Pipeline:

North Dakota's Bakken production is lagging pre-pandemic levels, and Energy Transfer LP's Dakota Access Pipeline, which can carry about 570,000 bpd out of the region, is at about 77% of utilization, compared with nearly full utilization before the pandemic, Saxton said. However, Dakota Access' uncommitted tariff rate is $6.64 per barrel, above the around $6.28 per barrel before the pandemic, Saxton said. There are fewer pipes out of the Bakken than in the Permian.

Natural gas: Bakken production will continue to grow.

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