Focus On Fracking -- May 21, 2023

Locator: 44714B. 

Link here. 

Focus on fracking.

Lede:

• oil rigs are below year ago levels for first time of pandemic recovery; 
• April DUC well backlog fell to 4.6 months 
• April DUCs down 32nd time in 34 months
  
• Strategic Petroleum Reserve is at a new 39½ year low; 
• oil and horizontal rigs fell below year ago levels for the first time of the pandemic recovery era; 

The "EIA discrepancy":

... the EIA just inserted a [+1,614,000] barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet in order to make the reported data for the daily supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil,” thus suggesting there was an omission or error of that magnitude in the week’s oil supply & demand figures that we have just transcribed…..

... furthermore, since last week’s “unaccounted for crude oil” was at (+771,000) barrels per day, that means there was a 842,000 barrel per day difference between this week's oil balance sheet error and the EIA's crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week's report are complete nonsense...

****************************
A Musical Interlude

Link here. 

Released, September 1967. I must have been a junior in high school, or thereabouts. The song probably "got to" Williston in September, 1968. LOL.

Link here. May, 1967; and, 1965.


I saw the show in December, 1969, along with three college friends -- an incredible cross-country trip over Christmas break -- four guys, two gals -- Sioux Falls, SD, to southern California -- the guys: Rich N, Richard M, John H and me.

Link here. The Aquarius Theater.