Boom! Follow Me! September 1, 2023

Locator: 45521RETAIL.  

Walmart vs Target: link here.

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Another Musical Interlude

Link here.

Slawson With Four New O&G Permits; XTO Renews Six Permits; And, Kraken Reports Completion Of Five Orbit Wells In Williams County -- September 1, 2023

Locator: 45520B. 

Active rigs: 33. 

WTI: $85.55.

Six new permits, #40173 - $40178, inclusive:

• Operators: Slawson (4); Five States Operating, Summit Carbon Storage,
• Fields: Arnegard (McKenzie); Rocky Hill (Stark); and, wildcat (Olilver)
• Comments:
• Five States has a permit for an RH well, SESW 9-138-99, 
• to be sited 250FSL and 1370 FWL
• Slawson has permits for four Cyclone wells, NWNW 28-150-100; 
• to be sited 735 FNL and between 1958 FWL and 2108 FWL

Six permits renewed:

• XTO: four Ruby Federal (McKenzie County) and two Abby Federal (Dunn County)

Five producing wells (DUCs) reported as completed:

• 39438, 564, Kraken, Orbit 24-13-12 1H,
  
• 39439, 558, Kraken, Orbit 24-13-12 2H,
  
• 39440, 684, Kraken, Orbit 24-13-13-3TFH,
  
• 39441, 484, Kraken, Orbit 24-13-12-4H
  
• 39442, 538, Kraken, Orbit 24-13-12 5H,
  

Thirteen Wells Coming Off Confidential List Through Labor Day Weekend, Today Through Next Tuesday -- September 1, 2023

Locator: 45519B.  

GDPnow: yesterday, estimates for 3Q23 dropped from 5.9% to 5.6%. The next reading out later today. Hunch: 5.4%.

• economic numbers today: awesome!
• new jobs exceed estimates: ~190,000 vs 170,000 -- economy on fire
• unemployment ticks up to 3.8%; with rising unemployment and GDPNow dropping, I don't see Fed doing anything in September
• Goldilocks economy

WTI: $85.23. Whoo-hoo!

Tuesday, September 5, 2023: 65 for the month; 267 for the quarter, 512 for the year
39295, conf, Slawson, Banshee 3-1H,
39032, conf, Liberty Resources, McGinnity 159-95-31-30-10MBH,
37929, conf, BR, Parrish 3A TFH,
37473, conf, SOGC (Sinclair), Saetz Federal 2-36H,
36573, conf, Hess, EN-Kiesel-155-94-1918H-6,

Monday, September 4, 2023: 60 for the month; 262 for the quarter, 507 for the year
39653, conf, WPX, Stratus 14-33H,
39615, conf, Kraken, Gladys LE 29-20-17 11H,
36572, conf, Hess, EN-Kiesl-155-94-1918H-7,

Sunday, September 3, 2023: 57 for the month; 259 for the quarter, 504 for the year
39665, conf, WPX, Cumulus 14-33TFH,
39296, conf, Slawson, Banshee 4-1H,
37936, conf, BR, Boxer 3C TFH,

Saturday, September 2, 2023: 54 for the month; 256 for the quarter, 501 for the year
35472, conf, Oasis, MHA 6-29-30H-150-92,

Friday, September 1, 2023: 53 for the month; 255 for the quarter, 500 for the year
37935, conf, BR, Boxer 3B MBH,

RBN Energy: Examining the odds and timing of a potential RINs price crash, part 3.

U.S. production of hydrogenated renewable diesel (RD), which is made from soybean oil, animal fats and used cooking oil, is growing faster than expected. That may sound like good news for the renewable fuels industry, but it comes with the fear that the rapid growth might push RD production levels well past the mandates set by the Renewable Fuel Standard (RFS), potentially triggering a sudden crash in Renewable Identification Number (RIN) prices that — if it happens — would rock the market. In today’s RBN blog, we estimate the likelihood and possible timing of such a market-shaking event.

As we discussed in Part 1 of this series, hydrogenated RD is a type of biomass-based diesel being produced either in greenfield facilities or in repurposed refinery units previously used to make petroleum-based diesel and gasoline. RD has quickly overtaken the other type of biomass-based diesel — FAME biodiesel — in market share. (FAME biodiesel is produced by reacting triglycerides with methanol to make oxygen-containing fuel molecules called fatty acid methyl ester, or FAME.) In fact, RD’s rapid growth may soon bring U.S. biomass-based diesel supply beyond the mandated levels set by the Environmental Protection Agency (EPA). That would be uncharted territory for the fuels market, which has been under the grip of binding renewable fuels volume mandates for 10 years.