Monday, Monday -- September 18, 2023

Locator: 45688B.

Wind sucks: literally and figuratively. Link here.

• recent UK offshore wind auction did not attract a single bid;
• huge setback for UK's green transition goals;
• costs of wind energy have gone up;
• the bigger problem: wind is not dispatchable or predictable or "big enough."
  

Trans Mountain Pipeline route change? Link here. Also at Reuters. I'm not gonna say this pipeline is dead ... but ... "death by a thousand paper cuts comes to mind." The indigenous saying: "A blanket with a thousand holes is no blanket."

WMB not interested in companies being pursued by ENB. Link here.

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Back to the Bakken

WTI: $91.44.

Tuesday, September 19, 2023: 97 for the month; 299 for the quarter, 544 for the year
39558, conf, CLR, Fuller 11-2H1,
34033, conf, Formentera Operations, FLX3 21-16 163-91-B,
34026, conf, Formentera Operations, FLX5 27-34 163-91D,
34025, conf, Formentera Operations, FLX5 27-34 163-91 B,
21535, conf, Formentera Operations, Tafelmeyer C-3625-6490,

Monday, September 18, 2023: 92 for the month; 294 for the quarter, 539 for the year
39620, conf, Crescent Point Energy, CPEUSC Clermont 2-19-18-158N-100W-MBH,
39065, conf, Hess, TI-Fossaa-LE-158-94-1819H-1,

Sunday, September 17, 2023: 90 for the month; 292 for the quarter, 537 for the year
39559, conf, CLR, Fuller 12-2HSL,
39028, conf, Liberty Resources, Overdorf 158-96-1-12-3MBH,

Saturday, September 16, 2023: 88 for the month; 290 for the quarter, 521 for the year
None.

RNB Energy: has the natural gas market averted an injection season meltdown?

The CME/NYMEX Henry Hub prompt natural gas futures prices have been relatively rangebound this injection season and have averaged around $2.60/MMBtu since June — a third or less of where prices stood during the same period last year, in the $7-$9/MMBtu range, and at or below most natural gas producers’ breakeven costs. Yet, this is a much rosier scenario than it could have been considering that the first quarter of 2023 was one of the most bearish in over a decade and led to a massive storage surplus vs. last year that persisted through much of the summer. Since setting the year-to-date monthly average low of $2.19/MMBtu in April, prompt futures rose to an average of nearly $2.50/MMBtu in June, ~$2.65/MMBtu in July and August, and have mostly stayed in the $2.50-$2.75 range in September to date. In today’s RBN blog, we break down the factors that kept prices from unraveling this injection season to date and the implications for the rest of the shoulder season.