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Wednesday, April 6, 2022

One Well Coming Off Confidential List; WTI Melting Up -- April 6, 2022

Russia:

  • Russia will find it needs the West a lot more than the West needs Russia;
  • once the oil income starts to fall, it's all over
  • every week this war drags on, sets Russian economy back another year;
  • the Vietnam War was a huge drag on the US economy; Putin's War will be exponentially worse for Russia
  • now Charles Kennedy suggests that Russian oil production dipped for the first time since August, 2021; link here.
    • marker: 11.01 million bopd (oil + condensate)
    • 0.6% lower than production in February
    • under OPEC+ agreement, Russia allowed to increase production by 100,000 bopd; did not "take advantage of that"
  • Russia needs western technology to keeps it oil industry operating at peak capacity;
  • at least they have pipelines, something the US would like more of. LOL.

Oil:

  • OPEC basket: continues to move up
  • Brent: up 1%; up $1.18; trading at $107.80
  • WTI: up 1.4%; up $1.43; trading at $103.40

New Mexico rig count: 96 (link here)

  • North Dakota: 36

Average automobile fuel cost by state: updated as of early March, 2022

  • most expensive: three guesses and the first two don't count
  • least expensive: Arkansas - Oklahoma - Texas in that order
  • most expensive: $4.94 (at least it's not over $5)
  • least expensive: $3.34

Immigration: wow, wow, wow! I hinted at this data point some years ago, but I'm not going to expand. I don't need the pushback. LOL.

  • from The WSJ: add declining immigration to problems weighing on the labor market
  • industries that depend on foreign-born employees face high job vacancy rates and wage pressures;

*******************************
Back to the Bakken

Active rigs:

$103.40
4/6/202204/06/202104/06/202004/06/201904/06/2018
Active Rigs3613406257

Wednesday, April 6, 2022: 11 for the month, 11 for the quarter, 170 for the year

  • 37601, conf-->loc/A, Whiting, Littlefield 41-2H, Sanish, first production, 11/21; t--; cum 107K 2/22;

RBN Energy: can green methanol help clean up global shipping? 

When the world’s second-largest container-ship company makes a massive, long-term commitment to a carbon-neutral shipping fuel, you can’t help but take notice. Over the past few months, A.P. Moller-Maersk has placed orders for a dozen large, ocean-going container vessels that will be fueled by “green” methanol, which can be produced by “breaking up” water to produce hydrogen, then combining the H2 with captured CO2 to “make up” enviro-friendly bunkers. And, to ensure an ample supply of the climate-friendly fuels for its first 12 “boxships,” the shipping giant also has entered into strategic partnerships with six alternative fuel companies that by 2025 will be producing a total of at least 730,000 metric tons (MT) a year of either bio-ethanol or e-methanol — two chemically identical forms of green methanol. In today’s RBN blog, we discuss why Maersk thinks bio-methanol and e-methanol may be the carbon-neutral shipping fuels everyone’s been searching for.

The global shipping industry spent the 2010s ratcheting down emissions of old-school pollutants — mostly sulfur dioxide (SO2) — from the 50,000-plus tankers, dry bulkers, container ships, tankers, cruise ships, and other commercial vessels plying international waters. As we said in a number of blogs on the International Maritime Organization’s (IMO) ever-tightening environmental rules, the maximum allowable sulfur content in marine fuel (or bunkers) used around most of the world plummeted from 4.5% in January 2010 to only 0.5% in January 2020, when IMO 2020 was implemented. As of January 1, 2015, the allowable sulfur content in bunkers used in the IMO’s Emission Control Areas (ECAs) — which include Europe’s Baltic and North seas and areas within 200 nautical miles of the U.S. and Canadian coasts — was slashed from 1% to 0.1%.

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