Locator: 47148B.
Locator: 47147B.
$60 - $80 is the new trading range.
$60 - $80 is the new $40 - $60.
Thinking out loud, rambling: if WTI (not Brent) were to trend toward $90 this summer, that would be quite interesting. A lot of folks would suggest that will not be helpful for the Biden administration and withdrawing more oil from the SPR becomes more problematic, and probably wouldn't do much for price of WTI and gasoline. But I'm surprise that we're trending toward $80 again.
Pricing, California: the headline is incredibly misleading. Link here.
The "price you see" is NOT the price you will pay under this new law. It comes close, but the California politicians writing this law knew that there had to be one exception. Tipping is one exception but not the exception I'm thinking about. That one exception I noticed is in the fine print and it not mentioned at all in the article, again, except for tipping. See if you can spot the omission. Link here. Again, the headline is technically correct, but in my mind, very misleading. Certainly the overall tone of the article is very, very misleading. With all the attention on restaurants, California must have some peculiar restaurant pricing. I would think car rentals, air transportation, hotel / motels, concert tickets would be the low-hanging fruit for this law.
Legislation: more and more legislation appears to be laws to satisfy a single politician's personal pet peeve.
Silver lining in high restaurant prices: folks are finding how much money they can save by eating at home.
Exhibit A: $7.00 at Starbucks for a coffee and a croissant was tolerable two years ago; now, coffee and a croissant, all of a sudden, at $8.50 is not tolerable. As if $1.50 on top of $7 for coffee / croissant is deal-breaker. Exhibit B: $7.95 for Big Mac meal two years ago was tolerable; folks balk at $8.50 for same meal. Oh, give me a break.
I assume most folks won't understand the point I'm trying to make -- those folks are generally referred to as cupcakes -- just as folks did not understand the point Apple was trying to make with its iPad commercial, May 7, 2024, or the "5-7" commercial as it's now called, comparing it to "9-11," I guess.
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Hubbert's Peak Oil Theory
Link here. If it's by Charles Kennedy, you know it's good.
I thought peak oil happened ten years ago.
Glad to see wiki updated their page. Note the word "falsified."
Hubbert's theory, peak oil:
From the linked Kennedy article:
Locator: 46796B.
Locator: 46598B.
EIA dashboards:
Monthly increase in production from one average rig:
*******************************
The Charts
The Bakken
The Eagle Ford:
The Permian:
Locator: 46346B.
EIA dashboards:
The Bakken:
The Permian:
Locator: 46340B.
EIA dashboards:
The Bakken:
The Permian:
*********************************
Back to the Bakken
WTI: $72.52.
Active rigs: 35.
One new permit, #40401:
Four permits renewed:
One producing well (a DUC) reported completed:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2023 | 31 | 15580 | 15571 | 72390 | 9824 | 9710 | 57 |
| BAKKEN | 9-2023 | 28 | 15260 | 15220 | 107940 | 10570 | 10445 | 57 |
| BAKKEN | 8-2023 | 3 | 102 | 100 | 2672 | 250 | 244 | 2 |
Locator: 46057B.
The dashboards:
Locator: 46046DASHBOARDS.
EIA Dashboards:
Locator: 45796B.
The dashboards have just posted.
Bakken is #1 in 5 of 6 metrics.
EIA dashboards:
Change, month / month (crude oil):
Locator: 45504B.
All three tight plays: increased both oil and gas. Again, in oil, the Bakken, #1. Who-hoo.
EIA dashboards:
***********************************
Locator: 45498B.
All three tight plays: increased both oil and gas. Again, in oil, the Bakken, #1. Who-hoo.
One-on-one: compare the Permian with the Bakken. LOL.
EIA dashboards:
***********************************
Locator: 45460B.
Compare the Bakken with the Permian, and not the gassiness of the Eagle Ford.
EIA dashboards:
Locator: 45149B.
EIA dashboards:
The snapshots:
Locator: 45022B.
What we will be talking about in August: heat and drought in England.
EIA dashboards posted earlier.
Biggest story today: June 23 -- WTI is now, officially, a component of dated Brent.
Saudi, link here. The price of oil has plummeted ever since Saudi announced unilateral cuts in production some weeks ago to stop free-fall in price of oil. That free-fall seems to have accelerated.
*************************
Back to the Bakken
Dashboards, posted.
WTI: $68.31.
Monday, June 26, 2023: 37 for the month; 145 for the quarter, 400 for the year
None.
Sunday, June 25, 2023: 37 for the month; 145 for the quarter, 400 for the year
None.
Saturday, June 24, 2023: 37 for the month; 145 for the quarter, 400 for the year
None.
RBN Energy: sustainable aviation fuel can only fly with more incentives, part 2.
It seems logical that shifting over time to aviation fuel with a lower
carbon footprint would represent the most practical way for the global
airline industry to reduce its greenhouse gas (GHG) emissions. But for
that shift to happen, there needs to be an economic rationale for
producing sustainable aviation fuel and, despite a seemingly generous
production credit for SAF in the Inflation Reduction Act (IRA), that
rationale is a least a little shaky when compared to renewable diesel
(RD) credits available today. In today’s RBN blog, we conclude our
two-part series on SAF with an examination of RD and SAF economics
(which are remarkably similar), the degree to which existing SAF
incentives may fall short of RD, and what it all means for SAF producers
and production.
Jet fuel is the planet’s third-most consumed transportation fuel (after diesel and gasoline), and its considerable volume (7 MMb/d) is a meaningful target for carbon emissions reduction. Many airlines have set targets of “net-zero-by-2050” — which may be hard to fathom given the nature of an industry reliant on transportation fuels. If they are to have any degree of success in approaching their goals, lowering Scope 2 emissions through the increased use of SAF will be critical, particularly given the recent skepticism being heaped on the airlines’ other decarbonization strategy — carbon offsets.
Like RD, SAF is the chemical twin of its petroleum-based alternative and therefore can serve as a “drop-in” replacement for it. We also explained the processes most often used to produce RD — and from it, SAF. The most mature technology for producing RD from plant oils or other recycled fats uses hydrogen to remove oxygen (primarily hydrodeoxygenation, or HDO) to produce hydroprocessed esters and fatty acids (HEFA). This same HEFA process can be used to produce SAF (which contains the same molecules as petroleum-sourced jet fuel) by adding a hydrocracking processing step. SAF molecules are shorter chains of hydrocarbons; therefore, the diesel-sized molecules in RD must be broken (or “cracked”).
Locator: 45020B.
EIA dashboards:
Production gains in all three plays.
Locator: 44892B.
EIA dashboards:
For the third consecutive month, only the Bakken has "up" arrows and the arrows are "up" for both oil and natural gas. Compare the average Bakken well (oil and gas) with the average Permian well. For oil, 1,700 vs 1,000 and for natural gas, 2,500 vs 2,000.
Active rigs: 38.
WTI: $70.17.
Natural gas: $2.254.
Five new permits, #39964 - #39968, inclusive:
Seven permits renewed:
One producing well completed: