Back To The Bakken -- October 27, 2022

The Far Side: link here.

Active rigs: 44.

WTI: $89.40. Will we be back over $90 next week?

Natural gas: $5.521.

Monday, November 1, 2022: 1 for the month, 37 for the quarter, 482 for the year.
38891, conf, CLR, Lime Rock Resources, Hansen B 18-19-2TFH,

Sunday, October 30, 2022: 36 for the month, 36 for the quarter, 481 for the year.
38892, conf, Lime Rock Resources, Hansen B 18-19-3TFH,
38400, conf, CLR, Hess, EN-J Horst-154-93-1112H-4,

Saturday, October 29, 2022: 34 for the month, 34 for the quarter, 479 for the year.
38893, conf, Lime Rock Resources, Hansen B 18-19-4TFHL,
38817, conf, CLR,Bonneville 11-23HSL,
38399, conf, Hess, EN-J Horst-154-93-1112H-3,

Friday, October 28, 2022: 31 for the month, 31 for the quarter, 476 for the year.
None.

Thursday, October 27, 2022: 31 for the month, 31 for the quarter, 476 for the year.
None.

RBN Energy: another wild ride for Western Canadian Select - WTI differentials. 

Earlier this month, the price discount for Western Canadian Select (WCS) versus WTI at Cushing blew out to more than $30/bbl — 2.5x what’s typical and a signal that something was seriously out of whack. 

Well, it turns out that several hings were — and to some degree still are — off-kilter, combining to drive down the price of Western Canada’s benchmark heavy-oil blend to its lowest levels relative to WTI in four years. The culprits? Everything from renewed pipeline constraints to a deadly refinery fire in Ohio to the aftereffects of Russia’s invasion of Ukraine, including releases from the U.S.’s Strategic Petroleum Reserve (SPR). In today’s RBN blog, we discuss the recent ups and downs in WCS pricing and the prospects for WCS-WTI differentials to return to a more normal range in the weeks to come. (Hint: This roller-coaster ride ain’t over.)