Radarflight24: I see the Russians have taken down this site.
Is there a war going on? In general, my only news source is my twitter feed. Yes, I surf the net relentlessly and I do subscribe to The WSJ, but in general I pay no attention to "news" as the mainstream news frames it. I do google searches on items that interest me and rely on readers to provide "news" that I might have missed.
It is quite astonishing, then to go through pages of twitter feed and hardly realize there's a war going on. Yes, the Ukraine story is mentioned, but it's hardly getting any more attention than anything else going on in the world. Quite remarkable, and really quite refreshing, considering millennial journalists have no historical context in which to put the story.
Much could be said, but need to move on. The Bakken is beckoning.
Global LNG gas exports, link here:
- global: 53 Bcf/d this year
- Russia: 23 Bcf/d this year
- I think most readers can "do" the math
Global crude oil exports:
- global: 41 million bopd
- Russia: 5 million bopd
- again, I think most readers can "do" the math
Bernie Sanders, Pocahontas: cannot afford to sanction Russia. Period. Dot. ISO NE.
Unread: oil's journey from worthless during the pandemic to $100 / bbl. Link to Reuters.
Saudi Aramco: hey, that golf thing might not turn out so well, but wow, this oil stuff is looking great. Aramco shares rise to a record high as oil tops $100 for first time since 2014.
Phil Mickelson: the best thing that ever happened for this golfer -- war breaks out in Ukraine and he won't be missed.
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Back to the Bakken
Active rigs:
| $97.49 | 2/24/2022 | 02/24/2021 | 02/24/2020 | 02/24/2019 | 02/24/2018 |
|---|---|---|---|---|---|
| Active Rigs | 31 | 15 | 49 | 66 | 57 |
No wells coming off confidential list today.
RBN Energy: another setback for Canada's Trans Mountain Expansion and crude oil producers. One would think Trudeau's "emergency war powers" could solve this problem. Apparently, the Canadian emergency war powers act only targets truckers.
It seems that, once again, Canada is struggling to build crude oil pipeline export capacity fast enough to keep pace with production growth. The latest setback came with the announcement that completion of the Canadian government-owned Trans Mountain Expansion (TMX) will be delayed until the third quarter of 2023 and that the 590-Mb/d project will cost almost twice as much as previously estimated. The latest six-to-nine-month delay appears to set the Canadian oil industry on a path to exhausting its spare export capacity by later this year. And that’s not good news for producers. In today’s RBN blog, we consider this latest TMX announcement and what it might mean for pipeline constraints and heavy oil price differentials.
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