Focus on fracking: latest edition posted.
Oil:
- Most interesting number to watch this week:
- change day/day and week/week, WTI.
- at 6:26 a.m. this morning, Monday: up 0.45%; trading at $99.72
- call it what you want, it's $100 in my book
ISO NE: spiked to $102 / MWh earlier this a.m.
- now down to $51
- at 18% hydro is carrying a significant load
- demand is the usual 13,457 MW
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Back to the Bakken
Active rigs:
| $9.72 | 4/4/2022 | 04/04/2021 | 04/04/2020 | 04/04/2019 | 04/04/2018 |
|---|---|---|---|---|---|
| Active Rigs | 33 | 13 | 44 | 62 | 56 |
Monday, April 4, 2022: 7 for the month, 7 for the quarter, 166 for the year
- 38518, conf, CLR, Thorp Federal 8-28H,
- 37015, conf, CLR, LCU Ralph 2-27H,
Sunday, April 3, 2022: 5 for the month, 5 for the quarter, 164 for the year
- 38548, conf, Ovintiv, Wisness State 152-96-16-21-6H,
- 38526, conf, CLR, Thorp Federal 9-28HSL1,
- 38545, conf, Ovintiv, Wisness State 152-96-16-21-14H,
RBN Energy: drilling down into major E&Ps CAPEX and production guidance, part 3.
The Biden administration’s March 31, 2022, announcement that it will release an average of 1 MMb/d of crude oil from the Strategic Petroleum Reserve over the next six months was an acknowledgement of sorts that U.S. E&Ps won’t be ramping up their production enough in the near term to bring down oil or gasoline prices. [Agree completely; it was also a sign that Saudi Arabia wasn't going to toss Biden a lifeline.]
It seems like a good assumption because, while the 40-plus crude oil and natural gas producers we monitor have indicated they are planning a 23% increase in capital spending this year and an 8% increase in production, further examination reveals that those numbers are somewhat misleading — the real gains will be significantly smaller. In today’s RBN blog, we scrutinize producers’ spending plans and production outlooks by peer group and company-by-company.
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