No Wells Coming Off Confidential List; BAC Has Big Day -- April 19, 2022

Write-offs: the other day, JPM said credit card write-offs were not yet a problem. Now, from Bank of America, another corroborating report:

• Earnings of 80 cents a share vs 75 cents a share.
• Revenue: $23.33 billion vs $23.2 billion estimate.
• Net loan charge-offs, an industry term for what happens when borrowers fall behind on their payments, dropped 52% from a year earlier to $392 million.

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Back to the Bakken

Active rigs:

$106.50	4/19/2022	04/19/2021	04/19/2020	04/19/2019	04/19/2018
Active Rigs	0	16	32	63	59

No wells coming off confidential list until Thursday.

RBN Energy: could Gulf coast terminals handle a rise in crude oil exports? Archived.

Vladimir Putin’s fateful decision to invade Ukraine and the ongoing brutality have made Russia a pariah state to many leading hydrocarbon-consuming nations, which in turn has caused cuts in Russian crude oil production and exports. That raises a few important questions, chief among them the degree to which other producers — including the U.S. and the non-Russian members of OPEC+ –– can ramp up their production and displace Russian oil. U.S. output has been increasing recently, albeit only gradually, and production could rise much more quickly under the right circumstances. But if it does, would there be enough crude export capacity available along the Gulf Coast to handle, say, another 500 Mb/d or 1 MMb/d? In today’s RBN blog, we examine the ability of key U.S. export facilities to stage, load and ship out increasing volumes of oil.

Last week, the International Energy Agency (IEA) forecast that, on average, 1.5 MMb/d of Russian oil production will be shut in during April and double that amount — a staggering 3 MMb/d — may be offline in May. There are three primary drivers behind the decline, according to IEA: (1) more run cuts by Russian refiners as the economy there slows, (2) Russian storage capacity filling up and (3) more foreign buyers shunning Russian barrels. To many — including the U.S., Canada, the UK and Australia — the stuff is tainted, not in a physical sense but because Russian oil sales help to finance a disgusting, immoral war. The 27 member nations of the European Union (EU) feel the same way, and it was reported Thursday by The New York Times that EU officials are drafting an embargo under which they would quickly wean themselves off Russian oil too –– a challenging task, given what has become continental Europe’s heavy dependence on crude from the east.