One Well Coming Off Confidential List -- EU Hasn't Banned Russian Oil -- Nothing To See In Ukraine -- March 29, 2022

Grass is always greener: Exxon again finds no oil in Brazil, but wants to sell its assets in the Bakken. 

Venezuela: rumors Chevron getting closer to pumping, marketing, shipping Maduro oil. Apparently the only thing holding this up is trying to figure out how to explain it to President Biden so he can explain it to the American public.

Austin airport: piss-poor planning. Not enough jet fuel for scheduled flights. This cannot possibly be rocket science. 

Operators must be furious, to say nothing of the passengers. Apparent some inbound flights are landing at Houston first to re-fuel so they have enough for take-off after arriving at Austin. This is truly bizarre. Link here. I wasn't going to post this, but readers have sent me links so I have no choice.

ISO NE: hitting an all-time record for March? Link here.  $500 / MWh electricity.  

OPEC: re-prices -- to the upside -- despite Russian oil being sold at huge discount? Isn't Russia part of OPEC+? Asking for a friend.

Oil:

• Brent: $113.60, in the sweet spot; at risk of overshooting;
• WTI: $106.70, in the sweet spot; at risk of overshooting;

No short-term solution to Europe's oil addiction: link to Irina Slav. The EU continues to finance Putin's war.

• every time oil trends lower, oil bulls panic;
• price of oil no longer matters (don't take that out of context);
• truly unfortunate: while the US and UK have both announced bans on Russian oil imports, the EU has not been able to agree on any such boycott
• but wow, they are fast to fine Apple, Inc, for "app" policies
• Russia provides 29 percent of the crude oil that Europe consumes, as well as 51 percent of the oil products that the continent consumes. And Europe consumes a lot of oil and oil products despite its eager energy shift. But that's not all. Two years ago, the European Union received almost 97 percent of the oil and oil products it consumed from external sources
• in other words, the EU is more import-dependent than India when it comes to oil.
• wow, I remember that post more than ten years ago that Europe would find itself in trouble with regard to this very issue
• this is so incredibly bad, it's beyond the pale; bad decision after bad decision after bad decision; 
• my hunch: Greta won't be on the EU lecture circuit this month; by the way, where's John Kerry?
  

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Back to the Bakken

Active rigs:

$99.60	3/29/2022	03/29/2021	03/29/2020	03/29/2019	03/29/2018
Active Rigs	34	13	45	67	60

Tuesday, March 29, 2022: 48 for the month, 157 for the quarter, 157 for the year

• 37860, conf, CLR, Clear Creek Federal 10-35H2,

RBN Energy: could the US alone meet Biden's call for 15 Bcm more LNG to the EU? 

The Biden administration said last Friday it would help ensure deliveries of an additional 15 billion cubic meters (Bcm) of LNG to the European Union (EU) market in 2022. A frenzy of media articles followed and the targeted increase was widely cited. The April CME/NYMEX Henry Hub futures contract rallied nearly 3% to $5.55/MMBtu on Friday, and the stock price for Cheniere Energy, the largest LNG producer in the U.S., jumped 5.5% the same day. But U.S. liquefaction facilities have already been running full tilt and sending record volumes to Europe. So, what does the news really mean for U.S. LNG exports and the domestic gas market? In today’s RBN blog, we put that 15 Bcm in perspective and distill the key takeaways for U.S. LNG production.