WTI Trending Toward $78; Mexico To Phase Out Crude Oil Exports -- January 5, 2022

ND governor: has eased some driving restrictions for truckers hauling propane. 

US shale: equities jump as demand swells revenue. Rigzone. Link here. 

US shale: Spain's Repsol buys US shale oil and gas assets from Rockdale Marcellus for $222 million. Link here.

Mexico: to phase out crude oil exports over the next two years (2022 - 2023). I knew this was going to be a big story, and that hunch corroborated with blog on the subject from RBN Energy. See below. 

• US oil imports;
• US imports from Mexico;
• about twenty million bbls oil and petroleum products each month; 700,000 bopd
• the total volume is inconsequential; the problem: it's "the kind of oil" the US refiners needs
• US imports from Canada:
• about 130 million bbls oil and petroleum products each month; 4 million bopd
• again, Canadian oil is the "right" kind of oil

US gasoline prices continue to rise.

Huge ADP payrolls report. Good growth; smashed expectations. Dow goes from red to green as news is being reported, but then back to red.

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Back to the Bakken

Active rigs:

$77.49	1/5/2022	01/05/2021	01/05/2020	01/05/2019	01/05/2018
Active Rigs	32	13	55	63	54

Wednesday, January 5, 2022: 4 for the month, 4 for the quarter, 4 for the year

• 26824, conf, Bruin, WM Polar 157-101-25B-36-6B, Otter, nice production

Tuesday, January 4, 2022: 3 for the month, 3 for the quarter, 3 for the year;

• 37900, conf, CLR, JDT Federal 24-10RH, Cedar Hills, small production;
• 37000, conf, CLR, LCU Reckitt Federal 7-22H1, Long Creek, no production data,

RBN Energy: how Mexico's plan to phase out crude oil exports may impact US refineries. Archived.

Mexico’s state-owned Petróleos Mexicanos, the second-largest exporter of crude oil to the U.S. after Canada, said in late December that it will slash its export volumes in 2022 and eliminate them completely in 2023. The plan is premised on Pemex’s expectation that, with increased utilization of the company’s six existing refineries and the impending start-up of a new one, it will need every barrel of the Maya, Isthmus, Olmeca, and other varieties of oil it produces. While at first glance it may seem that Mexico phasing out exports of crude would pose a major challenge to some U.S. refineries, there’s good reason to believe that in reality it won’t. In fact, as we discuss in today’s RBN blog, there may be less to Pemex’s planned export phase-out than meets the eye.