One Well Coming Off Confidential List; Oil Continues To Melt Up -- March 23, 2022

The astronomy note: what a treat. In the eastern sky this morning, Saturn, Venus and Mars are grouped together and easily seen, while Jupiter and Mercury are not far behind. If there is nothing to obstruct the horizon, one might see Jupiter, but it's likely it will "get light" too quickly and one won't be able to see Jupiter.

Hershey. I'll come back to this later. I learned two things from readers.

• painting the tape: I was very aware of the phenomenon. I just never had any idea;
• Hershey closed on its acquisition of Dot's Pretzels, last December, 2021; a natural fit -- chocolate-covered pretzels by Christmas, 2022?

Hedging: Hess paid $325 million to get out of a $100 / bbl hedge. Link here.

Bankers: I get a kick out of watching the banks ignoring the oil sector; "woke."

• today, pre-market, the indices are all red; but,
• dive deeper and oil stocks are all up;
• Bison Interests: featured in Barrons --
• oil investor Josh Young made 390% last year explains three stock picks. 
• if one runs into paywall, one can pretty much guess at his three stock picks through google: SandRidge (?); Suncor (?); Journey Energy (?). 
  

Demand destruction: the phrase is bandied about a lot. Not defined. I don't see it. Now, Josh Young weighs in:

• substantial demand increase for US gasoline;
• despite higher prices, highest ever recorded demand for a Sunday.
• we will see the EIA numbers later today.
• my hunch: EIA won't reflect that demand.
  

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Oil: melting up. As I said yesterday, this time "it feels real."

• Brent: up 2.7%; up $3; trading at $118.60.
• WTI: up 2.5%; up $2.70; trading at $112.00.

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Back to the Bakken

Active rigs:

$112.00	3/23/2022	03/23/2021	03/23/2020	03/23/2019	03/23/2018
Active Rigs	35	15	49	69	60

Wednesday, March 23, 2022: 38 for the month, 147 for the quarter, 147 for the year

• 38298, conf, CLR, Rolf Federal 8-17H1,
  

RBN Energy: could Europe's gas needs revive eastern Canada's LNG export prospects, part 2. [LOL, not with the Trudeau administration.]

The European natural gas market has been in crisis this winter, with prices skyrocketing north of $100/MMBtu recently. Tight supplies, low storage levels, and a new gas-supply-security issue sparked by the war in Ukraine has many European nations, especially Germany, embarking on a crash course to increase supplies and diversify away from Russian gas imports. 

In this quest, increasing gas supplies in both the short- and long-term is a top priority and will require substantially more LNG capacity to replace — and eliminate the need for — Russian gas. With Europe’s gas-supply urgency on the rise, long-dormant prospects for exporting LNG from Canada’s East Coast are being re-examined. In today’s RBN blog, we look at the potential for repurposing the region’s only LNG import terminal into one that is geared toward exports.

Reminder: CLR reported a very nice well yesterday --

• 36865, conf, CLR, LCU Truman 10-23H1, Long Creek, huge well for CLR; cum 78K in less than two months;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2022	31	50959	51040	43019	80611	76756	3855
BAKKEN	12-2021	22	27010	26777	22716	45219	42919	2300
BAKKEN	11-2021	0	0	0	0	0	0	0
BAKKEN	10-2021	0	0	0	0	0	0	0
BAKKEN	9-2021	2	308	308	2283	0	0	0