NDIC: premium oil development acreage continues to expand in North Dakota -- March 29, 2022. Source: pdf.
I was hoping to provide some comments, but I just got too far behind.
"Inside" the pdf is a link to the most recent presentation, or go direct here.
A reader sent me this yesterday but wanted to get it posted before it "got stale."
I will come back to this later.
CLR: Jack Stark entered into Consulting Agreement, steps down effective today as President. Source. I have no idea what this is all about, but the comments at the link might provide more detail. Or not.
AMLO vs Biden:
Biden's Surge: I do believe "everyone" agrees that the Biden Surge will have unintended circumstances. Source. The Biden Surge is tracked here.
The executive order: the whole enchilada.
SPR: one giant spread trade. We actually talked about this on the blog earlier. The link is to Reuters. And here, also. Most interesting: we talked about this earlier when we mentioned backwardation vs contango.
Fun fact: there's still Iranian crude oil in the SPR caverns. Source. If you look at the graphic at this post, it makes sense.
Russian oil production: already signs of a decline. Source.
The myth of spare capacity:
Capitalization: source.
Texas High School Girls Soccer State Playoffs and Championship
Soccer 5A, Regions 1 & 2
Quarterfinals, left-side bracket
Grapevine, TX defeats Wichita Falls, 2 - 0.
If Grapevine reaches the championship game, the championship game for region 1 and region 2 will be the sixth and penultimate game in this series of playoff and championship.
This was the third game of six region 1 and region 2 for Olivia's team.
Next game: regional semi-finals.
Then: regional finals for region 1 and region 2.
Sixth game: region 1 vs region 2 to determine the team that will play winner of regions 3 & 4 to go to final game and state championship.
Meanwhile, Soccer 5A, Regions 3 & 4 are competing in the same manner.
The seventh game: the winner of Regions 1 & 2 will play the winner of Regions 3 & 4 for the state championship. However, I don’t think there is actually a seventh game. If not, there are two 5A state champions.
Top story of the week:
Top international non-energy story:
Top international energy story:
Top national non-energy story:
Top national energy story:
Top North Dakota non-energy story:
Top North Dakota energy story:
Geoff Simon's top North Dakota energy stories:
Wells:
Fracking:
Natural gas:
Pipelines:
Bakken economy:
Active rigs:
| $99.27 | 4/1/2022 | 04/01/2021 | 04/01/2020 | 04/01/2019 | 04/01/2018 |
|---|---|---|---|---|---|
| Active Rigs | 34 | 13 | 43 | 65 | 60 |
Three new permits, #38864 - #38866, inclusive:
Ten permits renewed:
One producing well (DUC) reported as completed:
See how many personalities you can identify.
The video:
Personnel:
From the wiki entry: According to Simon Leng (except where noted), the following musicians played on Harrison's original version of "My Sweet Lord". Leng states that his keyboard credits for All Things Must Pass are "more indicative than authoritative."
If you are not familiar with the personnel, recommend checking in on Pete Ham and Tom Evans.
The personnel who played on this song is quite remarkable.
Other items of note from the wiki entry:
According to a chart published by PPL in August 2018, coinciding with the 50th anniversary of Apple Records' founding, "My Sweet Lord" had received the most airplay in the 21st century of any song released by the record label, ahead of Lennon's "Imagine" and the Beatles' "Hey Jude."
Regarding the video above:
To promote the 50th anniversary reissue of All Things Must Pass in December 2021, the Harrison estate released a music video for the 2020 mix of "My Sweet Lord". Executive produced by Dhani Harrison and David Zonshine, it was written and directed by Lance Bangs, and stars Mark Hamill, Vanessa Bayer and Fred Armisen as secret agents investigating a mysterious phenomenon around Los Angeles. Much of the video follows Armisen's perspective, from a room filled with books to a large cinema showing a fictional film of George Harrison's home footage, titled All Things Must Pass. The video features cameos from many celebrities – including Starr, Jeff Lynne, Joe Walsh, Dhani and Olivia Harrison – and ends with Armisen and Bayer's characters solving the mystery by hearing the song for the first time on their car radio.
You might recognize Fred Armisen and Vanessa Bayer from SNL's The Californians, which may simply be the best skit series ever seen on SNL. Briefly here.
The Californians is a recurring sketch on Saturday Night Live which parodies a soap opera and features Karina (played by Kristen Wiig), Devin (played by Bill Hader), Stuart (played by Fred Armisen), Trey (played by Kenan Thompson) and Rosa (played by Vanessa Bayer), who is also the only brunette, as wealthy blondes with Valley Girl accents exaggerated to the point of incoherence.
Throughout the melodramatic plot developments in the sketch, much of the dialogue consists of descriptions of freeway routes taken from place to place. Each installment includes three scenes, each of which ends with all of the characters in the room crowded around a single mirror and gazing at their own reflections.
March jobs:
Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.
The market: similar today to what happened yesterday. Oil companies doing better than market in general before the big afternoon sell-off. And then they all did badly.
The buzz:
UK energy crisis: the number of "fuel-stressed households" in the UK doubled overnight; link to Charles Kennedy. If it's being reported by Charles Kennedy, you can take it to the bank.
EU: inflation hits new peak; ECB's dilemma; source.
Semiconductors, chips:
Autos:
Ford Mustang Mach-E Ford Mustang Mach-E sales in February amounted to 2,001, which is surprisingly 46.5% less than in February 2021.We hoped that the Mach-E would improve as the demand is high, but the company is clearly struggling on the production side.We heard that in February production was halted due to a lack of semiconductors, which means that the situation will not likely improve significantly in the near future.
Nonetheless, the Ford Mustang Mach-E was responsible for 1.6% of the total Ford sales volume in the US.
The WarnerBros.Discovery company: update here. It will be fascinating to see if CNN changes.
April 1: a reader suggested re-naming "April Fool's Day" -- President Biden's Day.
NYTimes "Wordle": has announced "sensitive words" will no longer be used; as a five-letter puzzle this means "biden" as a word can never be used, as in "biden' time until things change."
One of the themes for 2022 (tabbed at top of blog; link here):
The energy transition is dead. Tracked here.
A reader, this morning, submitted this, a perfect example of what Peter Zeihan means when he said "energy transition is dead." We simply can't afford it (and it won't save the world anyway):
I admire their use of the term renewable energy.
The lifespan of the new, high output windmills is drastically lower than ones built just a few generations ago. The dynamic loads are nearly impossible to deal with so the generators and blades are prone to failure at an alarming rate.
If only they had a time machine to suspend us until the actual renewable energy replacement system is fully built and as reliable as the system we have. I believe they have met their demise and are just playing out the last act.
We the people and our economy can’t cover the expense of the renewable energy transformation at the current rate, let alone one that would actually replace the current system. We have met the intersection of the climate dogma verses reality.
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For The Archives
Mileage / gasoline costs for the two cars I drive.
Brazil: Petrobas CEO removed amid rising fuel prices.
Decisions, decisions:
Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.
Previously posted, earlier this morning:
SPR:
33813, 1,595, Petro-Hunt, USA 153-95-23D-14-2H, t7/18; cum 548K 11/20; off line 12/20; remains off line 3/21; back on line 5/21; cum 597K 1/22;
31492, SI/NC-->F/A, Petro-Hunt, USA 153-95-1A-7-5H, Charlson, producing nicely; first production, 12/19; t--; cum 213K 3/21; back on line 12/21; cum 284K 1/22;
32809, IA/IAW/1,086, CLR, Oakdale 10-13H1, Jim Creek, a nice well; Three Forks B2; four sections; 63 stages; 14.1 million lbs; t1/18; cum 27K after 39 days; cum 216K 2/19; off line 2/19; remains off line 2/22;
33130, 1,220, Oasis, Peregrine 5401 42-24H, Todd, 50 stages; 10.1 million lbs; mesh/large/ceramic, a huge well; on the south side of the tracks on the south side of Williston; t10/17; cum 533K 3/21; cum 569K 2/22;
32141, AL/A, Berenergy, Borstad 30-4, Chatfield, a Madison well, stimulated formation: Wayne; t10/17; cum 21K 12/18; cum 48K 3/21; cum 56K 1/22;
29562, 230, Foundation Energy, Lardy 44-6, a wildcat, producing nicely, southwest corner of the state; about 50 miles due west of Dickinson; a Red River well; t12/17; cum 81K 3/21; cum 91K 2/22;
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The Anna Wells
The wells:
SPR:
High road: I know none of the issues on this one, but for the headline, the Dems hold the high road. If there's a wedge issue for me, this would be it.
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Back to the Bakken
Active rigs:
| $100.00 | 4/1/2022 | 04/01/2021 | 04/01/2020 | 04/01/2019 | 04/01/2018 |
|---|---|---|---|---|---|
| Active Rigs | 33 | 13 | 43 | 65 | 60 |
Friday, April 1, 2022: 2 for the month, 2 for the quarter, 161 for the year
RBN Energy: the real-life impacts of the planned crude oil releases from the SPR. Archived.
At first glance, it would appear that President Biden’s announcement regarding the release of up to 180 MMbbl of crude oil from the Strategic Petroleum Reserve over the next six months could have a significant impact. After all, it would, in a sense, increase the flow of U.S. oil into the market by almost 9% –– 11.7 MMb/d of current U.S. production plus an incremental 1 MMb/d from the SPR — and boost global supply by about 1%, which is no small thing.
There are a few unknowns, though, such as (1) how much sweet crude oil and how much sour will be released, (2) where the pipelines connected to the four SPR sites could take that oil, (3) whether those pipelines have sufficient capacity to absorb the incremental flows out of SPR, and (4) what the ultimate market impacts of the SPR releases will be.
In today’s RBN blog, we look at the president’s announcement and its implications.
Data points from the essay: