Now That Oil Is Well Below $70, The Administration Will Begin Refilling The SPR -- ROTFL -- May 4, 2023

Locator: 44537I. 

Wow, this week went fast. And I learned a lot. Ablemarle.

Intel:

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Back to the Bakken

Active rigs: 41.

WTI: $68.79.

Natural gas: $$2.165.

Peter Zeihan newsletter.

Friday, May 5, 2023: 10 for the month; 62 for the quarter, 317 for the year
38774, conf,  Whiting, Crane Creek Sstate 11-16-2TFH,
31258, conf, BR, Gladstone 7-1-13TFH,
Thursday, May 4, 2023: 8 for the month; 60 for the quarter, 315 for the year
38856, conf,  Whiting, Littlefield 11-21-2HU,
36401, conf, WPX, Skunk Creek 4-24-26-16HU,

RBN Energy: crude oil exports will drive US production growth.

May the 4th be with you! Today — Star Wars Day to many of us — we borrow (and bastardize) one of the most memorable quotes from that epic collection of movies, “May the Force be with you,” to make the point that, like the “Force” that shapes events in the Star Wars universe, for the U.S. oil patch, exports are the lifeblood of today’s market.

U.S. refineries are operating at more than 90% of their rated capacity and using as much domestically produced light-sweet shale oil as their sophisticated equipment will allow. That means that virtually all of the incremental U.S. unconventional light-sweet crude oil production will need to be piped to export terminals along the Gulf Coast, loaded onto tankers, and shipped to refineries overseas. In today’s RBN blog, we discuss what this undeniable link between crude oil exports and production growth means for U.S. E&Ps and midstream companies — and the future of the oil and gas industry.