Ally: I don't know if there was any one link, or if I have the link, or whether the story will gain traction, but Saudi says it can't cut its ties with the US, but the US, unlike Russia, seems to be quite untrustworthy. Or something to that effect. Thinking out loud. Probably because of the next bullet.
Mideast on edge: yup, the drones and missiles are starting to fire again. Link here.
Yup: they're reading the blog. The only thing really moving the market right now. I'm shocked. Shocked. Link here. I'm sure you can guess.
Russian tankers: as long as they can get out of the Black Sea. Link here to Rigzone -- Russian oil tanker fleet coming to a standstill.
RIVN: cuts planned production in half. Pre-market, RIVN down 11%. Link here.
Why aren't US producers responding to high prices? Windfall profits tax.
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Back to the Bakken
Active rigs:
| $106.70 | 3/11/2022 | 03/11/2021 | 03/11/2020 | 03/11/2019 | 03/11/2018 |
|---|---|---|---|---|---|
| Active Rigs | 32 | 15 | 56 | 65 | 59 |
Friday, March 11, 2022: 12 for the month, 121 for the quarter, 121 for the year
- 38494, conf, CLR, Whitman FIU 7-34H1,
- 38437, conf, Denbury Onshore, CHSU 11-35NHR 15,
RBN Energy: prices popping, crude oil tank tops keep dropping down in Cushing.
Russia’s war on Ukraine turbocharged global crude oil prices and spurred price volatility the likes of which we haven’t seen since COVID hit two years ago. The price of WTI at the Cushing hub in Oklahoma — the delivery point for CME/NYMEX futures contracts — has gone nuts, and the forward curve is indicating the steepest backwardation ever. In other words, the market is telling traders in all-caps, “SELL, SELL, SELL! Sell any crude you can get your hands on. It’s going to be worth far less in the future.” So anyone with barrels in storage there for non-operational reasons is pulling them out, and fast! In today’s RBN blog, we look at the recent spike in global crude oil prices and what it means for inventories at the U.S.’s most liquid oil hub.
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