WTI Down In Early Morning Trading; Eight Wells Coming Off Confidential List -- May 9, 2022

WTI: sharp drop early Monday morning -- down 2.04%; down $2.24; trading at $107.50.

US shale swings from losses to record cash flows: previously posted, link to Tsvetana Paraskova.  

Fitzsimmons on EOG, link here:

• 1Q22
• "gushing FCF"
• a new "60% return" commitment

SPR release: IEA calling "foul."  Archived.

Putin's War: more and more stories of major fires inside Russia. This has been going on for some time now. Today, reports that Ukraine is pushing back (or advancing) to the Russian border. We've talked about this before. Those Russian fires:

• Aviation College, Perm, Russia, went up in flames;
• munitions factory in Perm, Russia, also on fire

Favorite cartoon from Powerline over the weekend:

On tap today:

On tap Tuesday, link here:

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Back to the Bakken

Active rigs:

$107.50	5/9/2022	05/09/2021	05/09/2020	05/09/2019	05/09/2018
Active Rigs	39	16	19	66	61

Monday, May 9, 2022: 28 for the month, 93 for the quarter, 253 for one year

• 38360, conf, CLR, Springfield FIU 10-8H1,
• 38239, conf, Ovintiv, Kramer 150-97-18-19-11HLW,
• 37702, conf, Whiting, Lacey 43-2H,

Sunday, May 8, 2022: 25 for the month, 90 for the quarter, 250 for one year

• 38240, conf, Ovintiv, Kramer 150-97-18-19-1HLW,
• 34236, conf, Oasis, Borden Federal 5300 34-36 6BX,

Saturday, May 7, 2022: 23 for the month, 88 for the quarter, 248 for one year

• 38361, conf, CLR, Springfield FIU 9-8H,
• 38241, conf, Ovintiv, Kramer 150-97-18-19-12H,
• 34235, conf, Oasis, Borden Federal 5300 34-36 7B,

RBN Energy: what's driving US refiners' sky-high crack spreads? 

Over the past few weeks, many U.S. refiners reported even-stronger-than-expected first-quarter results, and it’s likely their good fortune will continue. Why? Despite the skyrocketing price of crude oil — refiners’ primary feedstock — the prices of the gasoline and diesel they produce have risen even more. And it’s that now-yawning gap between crude oil and refined-products prices that’s been driving refining margins — and refiners’ profits — to near-historic levels. Refining margins, like the character and capabilities of thoroughbreds like “Rich Strike” in Saturday’s amazing Kentucky Derby, are unique to each refinery because of their different sizes, equipment and crude slates (among other things), but there’s a tried-and-true way to estimate the refining sector’s general profitability, as we discuss in today’s blog on U.S. refiners’ sky-high crack spreads.