WTI Drops Almost $3 / Bbl; One Well Coming Off Confidential List Today -- March 24, 2023

Reminder: second day of "Sweet 16," NCAA Men's tournament. Four games starting after 6:00 p.m. tonight. Updated bracket here.

Retirement: link to The WSJ.

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Back to the Bakken

Active rigs: 46.

Peter Zeihan newsletter.

WTI: $67.23.

Natural gas: $2.215.

Sunday, March 26, 2023: 80 for the month: 244 for the quarter, 244 for the year
39220, conf, Crescent Point, CPEUSC Charlotte Elizabeth 2-34-27-159N-100W-MBH,
39196, conf, CLR, Boe State 5-16H,

Saturday, March 25, 2023: 78 for the month: 242 for the quarter, 242 for the year
39219, conf, Crescent Point, CPEUSC Charlotte Elizabeth 34-27-159N-100W-MBH,
39197, conf, CLR, Boe State 6-16H,
30860, conf, BR, Rollacleetwood 11-27MBH ULW,

Friday, March 24, 2023: 77 for the month: 239 for the quarter, 239 for the year
39198, conf, CLR, Boe State 7-16H,

RBN Energy: pulling back the curtain on North America's crude oil trading market. By Rusty Braziel.

Trading in the highly integrated US/Canadian crude oil market is undergoing a profound transformation, driven mostly by the pull of exports off the Gulf Coast. But the shifts in flows, values and even the trade structures being used today are not well understood outside a small cadre of professional traders and marketers.

Consider a few examples: Domestic sweet oil traded at Cushing on NYMEX is not West Texas Intermediate — WTI at Cushing has averaged a hefty $1.80/bbl over NYMEX for the past year. Most spot Houston and Midland crudes trade as buy-sell swaps. WTI in Houston trades at a discount to Corpus Christi and sweet crudes in Louisiana. Crude in Wyoming trades at a premium to Cushing. And the Gulf Coast is the highest-value market for Canadian heavy crude.

This is not your father’s (or mother’s) oil trading game. Our mission in this blog series is to pull back the curtain on physical crude trading in North America, explain how it works, what sets the price, and who is doing the deals.

From the daily activity report yesterday, March 23, 2023:

No new permits.

Five permits renewed:

• Formentera Operations (4): Marauder and Shorty (Divide), RNL1-A and RNL1-C (Burrke)
• Enerplus: Morgan (incomplete data on daily activity report)

Seven producing wells (DUCs) reported as completed:

• 38514, 1,810, CLR, Dunn County;
• 37008, 490, CLR, Williams County;
• 36998, 541, CLR, Williams County;
• 37420, 392, Petro-Hunt, Burke County;
• 39262, 1,962, Grayson Mill, Williams County;
• 38713, 448, Murex, Williams County;
• 38714, 475, Murex, Williams County;