Agree completely: the BPM is getting the timeline mixed up. From Irina Slav:
West Texas Intermediate is currently trading above $100 per barrel. Many would argue that this price surge is a result of the war in Ukraine, and there is indeed a big war-related premium to all world oil benchmarks.
However, one thing many are currently forgetting as the war hogs headlines is that oil’s fundamentals were taking it on the way to $100 a lot earlier. [The Biden administration is promoting this timeline.]
Investment banks forecast oil above $100 months before the war began, and they were basing these forecasts on oil’s fundamentals, which included limited supply growth and strong demand rebound.
OPEC+ has been adamant it would not pump more than it agreed to under its output recovery plan, and Big Oil has been basically shrinking its core business to stay on the good side of shareholders apparently more concerned about emissions than returns. [Wrong: shareholders are more concerned about returns.]
$6 gasoline in Los Angeles. Link to Charles Kennedy.
- for the state: $5.86
- the state will probably provide rebate checks to offset high price of gasoline
- everyone will get a check: even those who don't drive and those who drive EVs
Flashback: it appears I can recycle my old posts -- simply cut, paste, and re-date. From April 28, 2011. Almost exactly one decade ago. WTI, that day, up $1.05 to $113.81.
Crude oil price / weekly inventories: completely disconnected. Headlines suggesting the price of crude oil is / was related to the weekly draw / build is entirely wrong, lazy, and irrelevant. As Perry Mason would say:
Objection, your Honor. Incompetent, irrelevant and immaterial, and improper headlining in that it takes up matters not part of the explanation.
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Back to the Bakken
Active rigs:
| $111.30 | 3/22/2022 | 03/22/2021 | 03/22/2020 | 03/22/2019 | 03/22/2018 |
|---|---|---|---|---|---|
| Active Rigs | 35 | 15 | 51 | 68 | 60 |
Here we go -- three new permits, #38842 - #38844, inclusive:
- Operator: Slawson
- Field: Big Bend (Mountrail)
- Comments:
- Slawson has permits for two Phatkat Federal wells and one Vixen Federal well,
- all to be sited NENE 19-152-91;
- to be sited 715 FNL and between 1035 FEL and 1109 FEL
Two producing wells (DUCs) reported as completed:
- 31363, TA-->A-->2,062, Grayson Mill, Topaz 20-17 6H, Banks, no production data,
- 35498, loc/A-->854, Whiting, Cvancara 11-14TFH, Alger, no production data,
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