ERCOT: in Texas today, it could be close but in the last hour or so things are looking better.
Focus on fracking: Link here.
No new EIA oil data; lowest DUCs on record; DUC backlog at 4.4 months; completions 16% below 2019 average. This week's EIA oil data was not updated; natural gas rigs at a 33 month high; DUCs lowest on record; 4.4 month DUC backlog is lowest in 7 years; completions still 16% below the prepandemic average..
Also, from the link:
The Latest US Oil Supply and Disposition Data from the EIA (not) as you know, I've been covering the Weekly Petroleum Status Report from the EIA in this weekly newsletter for several years now. but this week there wasn't any; the header on the report's main access page (https://www.eia.gov/petroleum/supply/weekly/) simply says Next Release Date: TBD the following notice was on top of all the EIA oil websites I usually access all week:
Several U.S. Energy Information Administration product releases scheduled for the week of June 20, 2022, will be delayed as a result of systems issues.
My hunch: EIA has hired the same IT service used by the NDIC.
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Back to the Bakken
WTI: $107.20
Active rigs: 45 or thereabouts.
Tuesday, June 28, 2022: 39 for the month, 177 for the quarter, 336 for the year
- 38659, conf, CLR, LCU Reckitt Federal 9-22H1X,
Monday, June 27, 2022: 38 for the month, 176 for the quarter, 335 for the year
- None.
Sunday, June 26, 2022: 38 for the month, 176 for the quarter, 335 for the year
- 38601, conf, Murex, Borstad 34-10H-1 1MB,
- 38179, conf, Hess, AN-Norby-152-94-0409H-8
- 38003, conf, Hess, CA-E Burdick-155-95-2932H-8,
Saturday, June 25, 2022: 35 for the month, 173 for the quarter, 332 for the year
- 38660, conf, CLR, LCU Reckitt 10-22H1X,
As the price of gasoline continues its seemingly never-ending upward path in the U.S. (not withstanding a bit of a pause in the past week), the cause (or blame, if you prefer) continues to shift. Of course, the Biden administration has heavily promoted the phrase “Putin’s price hike,” and the Russian president can certainly claim some of the blame. His invasion of Ukraine and the subsequent sanctions on the world’s second-largest exporter of refined products (after the U.S.) have led to the loss of several hundred thousand barrels per day of product supply. However, prices for refined products were already rising before his late February invasion due to a variety of other factors, both on the supply and demand sides of the equation. Perhaps the most important factor has been the loss of significant U.S. refining capacity over the last few years, which is limiting the ability of refiners to respond to the strong demand recovery and loss of supply. In its highly publicized June 15 letter to U.S. oil executives, the administration acknowledged this as it demanded refiners reactivate lost capacity and increase production. In today’s RBN blog, we summarize the shutdowns which have taken place in the U.S. and discuss the reasons behind those closures.
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