WTI Trading At $82 Before Market Opens -- January 24, 2023

Microsoft: reports after close today. 

Walmart: raises minimum wage. 

JNJ:

• revenue:
• revenue fell 4.4%
• revenue, $23.71 billion vs $23.9 billion
• EPS:
• $1.33, down from $1.77 a year ago;
• adjusted: $2.35; forecast, $2.23
• spin-off
• Kenvue, its consumer-health business spin-off in process
  

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Back to the Bakken

The Far Side: link here.

Active rigs: link here.

WTI: $82.08.

Natural gas:$3.532

Note: the CLR Kelling wells are tracked here.

Wednesday, January 25, 2023: 58 for the month; 58 for the quarter, 58 for the year
39048, conf, CLR, Kelling 8-4H,
39000, conf, Hunt, Alexandria 161-100-24-13H-5,
38867, conf, Prima Exploration, Yogi Bear State 3H,
34525, conf, Slawson, Armada Federal 7-14-18H,

Tuesday, January 24, 2023: 54 for the month; 54 for the quarter, 54 for the year
38999, conf, Hunt, Alexandria 161-100-24-13H-3,
38889, conf, Koda Resources, Stout 2918-3BH,
38888, conf, Koda Resources, Stout 2918-4BH,

RBN Energy: exports are now the driving force in US crude, gasoline, and distillate markets. Archived.

Sixty percent of crude oil produced in the U.S. is exported, either as crude or in the form of gasoline, diesel, jet fuel or other petroleum products. Sure, a lot of crude and products are still imported, but the net import number is dwindling toward zero — and if you throw NGLs into the liquid fuels balance, the U.S. has been a net exporter since 2020. Yes, exports are now calling the shots in U.S. liquid fuel flow patterns, price differentials, infrastructure utilization and, to a great extent, the winners and losers in crude oil and product markets. It’s going to get way more intense as export economics increasingly dominate which pipelines, refineries and port facilities capture production growth from the Permian and other basins. In today’s RBN blog, we begin a series to explore this revolutionary shift in fortunes, why barrels move where they do and what it all means for U.S. producers, midstreamers, refiners, marketers, and exporters. And a warning! This is a subliminal advertorial for our upcoming xPortCon-Oil conference.

Here's how we calculate our export numbers. In 2022, the U.S. produced 11.8 MMb/d of crude oil and exported 3.5 MMb/d of crude and 3.6 MMb/d of petroleum products — 7.1-MMb/d of crude and products exports in total, or 60% of crude production. Of course, some of those petroleum products are produced from the 6.3 MMb/d of crude oil the U.S. imports or are made available for export due to 1.9 MMb/d of product imports. But even if we add those volumes into the balance, the U.S. was a net importer of only 1.1 MMb/d of crude and petroleum products last year. As U.S. crude production continues to grow, that number is falling inexorably toward zero and beyond — to a world where the U.S. is a net exporter of crude and products no matter how you slice and dice the numbers.