Under-investment: people keep talking about "under-investment" in oil over the past twenty years -- then reconcile this --
- bearish sentiment has taken hold of the markets;
- fears of demand destruction have combined with strong supply to push oil prices lower;
- strong supply
- what am I missing?
- link to Tsvetana Paraskova over at oilprice;
A volatile day in the energy markets. Link here.
Focus on fracking: link here --
- natural gas price: 14-year high
- US oil exports at a record high
- US oil supplies (SPR + commercial): at an 18.5 year low
- DUCs: at a record low
US SPR: falls to 35-year low. It doesn't matter. Shale is the new SPR.
- in days supply:
- US SPR: 21 days or thereabouts
- US commercial reserves of oil in storage: 26 days
- shale oil in the ground: four weeks if push comes to shove
- Permian: largest shale basin in the world
- Bakken: second largest productive shale basin in the world
- Powder Horn: developing
COP: US court orders Venezuela to pay COP almost $9 billion for asset seizures.
- upheld a World Bank tribunal's $8.75 billion award
- the original award granted in 2019;
- interest adds at least $1 billion;
****************************
Back to the Bakken
WTI: $90.23. Saudi's alarm over falling oil prices; gave vocal support for maintaining stability in the oil market (euphemism: keep prices high).
Natural gas: $9.680. Only a matter of time.
Active rigs: 47.
Three new permits, #39182 - #39184, inclusive:
- Operator: Ragnar Explortation
- Field: Fryburg (Billings County)
- Comments:
- Ragnar has permits for a Danneskjold well; a Dagny well; and a Galt well, in NWNW 28-138-100; SESW 35-139-100; and NENE 28-139-100.
Nine oil and gas permits renewed:
- Bowline (3): three Sanders permits in McKenzie County;
- Sinclair (2): two Bighorn permits in Dunn County;
- BR: a Mancord permit in Dunn County;
- Zavanna: a King Charles permit in Williams County;
- Enerplus: a Wallaby permit in McKenzie County;
- Iron Ore: a Bear Butte permit in McKenzie County;
Two producing wells (DUCs) reported as completed:
- 38453, 2,185, Slawson, Lightning Federal 3-24-13H, Big Bend, no production data;
- 38534, 798, Hunt, Quill 145-93-10-3H 3, Lake Ilo, no production data,
Change of operator, from RimRock to WPX:
- 36479 - 36484, inclusive: six Skunk Creek wells in Dunn County
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