Back To The Bakken -- November 15, 2023

Locator: 46054B.   

Weekly EIA petroleum report: link here.

• crude oil inventories: 439.4 million bbls; increased by 3.6 million bbls w/w; 2% below average
• imports: 3.3% more than y/y
• refiners: 86.1%
• distillate fuel inventories: 13% below five-year average
• jet fuel supplied: up 14.0% y/y
  

Report from November 1, 2023:

• crude oil inventories: 421.9 million bbls; increased by 0.8 million bbls w/w; 5% below average

Back-of-envelope:

• there was no report last week
• API reported a huge build in crude oil supplies last week;
• let's see what EIA would have reported
• November 15: 439.4
• November 8: ?
• November 1: 421.9
• November 15: up 3.6
• November 8: 439.4 - 3.6 = 435.8
• November 8 435.8 - November 1 421.9 = a whopping build of 13.9 million bbls which was in line with the API data and this was the week EIA decided NOT to issue a report suggesting they need to revise their definitions and formulas:

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Back to the Bakken

WTI:  $77.52.

Thursday, November 16, 2023: 120 for the month; 120 for the quarter, 690 for the year
39586, conf, WPX, Spotted Rabbit 14-23HI,

Wednesday, November 15, 2023: 119 for the month; 119 for the quarter, 689 for the year
39852, conf, SOGC (Sinclair), Hovden Federal 5-20H, 

RBN Energy: midstream business strategies differ depending on their corporate structure.

Much like their upstream counterparts, midstream companies have shifted to fiscal conservatism over the past few years, focusing less on growth and capital investment and more on shareholder returns, acquisitions and debt reduction. But there are significant differences between the strategies of midstream companies set up as traditional corporations, or C-corps, and those established as master limited partnerships, or MLPs. In today’s RBN blog, we continue our short series on midstream company cash flow allocation with an analysis of their reinvestment rates vs. their shareholder payouts.