WTI: up 2.35%; up $1.33/bbl; and trading at $57.85. The new "Alfalfa" -- Prince ABS -- "hints" at new production cuts. One can only read the tea leaves, but there were three possibilities early on:
- do nothing, stay the course
- threaten the west with another stab at crushing US shale operators
- hint at cutting -- perhaps "jawbone" the price of oil up a bit while sorting things out
We might come back to this later. By the way, at the same time, Russia is looking at a national budget based on $25-oil next year as one of the possibilities.
Forecasting the price of oil is very similar to looking at the 150 possible tracks an early hurricane 250 miles off the coast of Florida might take --- anywhere from Alabama to New Jersey. And, yes, NOAA, was correct -- Hurricane Dorian was so huge it easily could have hit Alabama -- according to early tracks. It was a another front coming in from the west that pushed, thank goodness, Hurricane Dorian to the northeast, away from a direct hit on Florida. Unfortunately it also stalled the storm over the Bahamas.
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Back to the Bakken
Active rigs:
| $57.85 | 9/9/2019 | 09/09/2018 | 09/09/2017 | 09/09/2016 | 09/09/2015 |
|---|
| Active Rigs | 63 | 66 | 55 | 37 | 73 |
Three new permitss, #36945 - #36947, inclusive:
- Operator: Nine Point Energy
- Field: Sandrocks (McKenzie)
- Comment:
- Nine Point Energy has permits for a 3-well Sanders N pad in section 9-150-100; Sandrocks oil field
Three permits renewed:
- MRO: a Frances USA, a Doris USA, and an Esther USA all in Mountrail County
Naming: it appears Bruin is starting to change their alpha-naming method --
... in the old days, it was simply Fort Berthold 152-93-9B-10-10B, for example, but with all the "Fort Berthold" wells it was impossible to "easily" tell from the name where the well was located or if it was part of a family of wells. Now, Bruin is using this method: "FB Bonita 152-93-9B-10-10B" so that it's easy to tell that a particular well is part of a specific pad, such as "the Bonita pad" in this case. The "FB", of course, stands for "Fort Berthold." A very nice welcome improvement.
Continuing the example, from the file report for:
- 36654, loc, Bruin, FB Bonita 152-93-9B-10-10B: middle Bakken; 1280 acres; sections 9 & 10-152-93; sited in section 8-152-93; [the old name would have simply been "Fort Berthold 152-93 ----]
- 36657, loc, Bruin, FB Bonita 152-93-9B-10-14T: Three Forks first bench; 1280 acres; sections 9 & 10-152-93; sited in section 8-152-93;
Five producing wells completed:
- 35113, 1,113, Abraxis, Lillibridge 20-17-16H, Pershing, t7/19; cum 18K over 23 days;
- 35112, 952, Abraxis, Lillibridge 20-17-15H, Pershing, t7/19; cum 16K over 23 days;
- 35111, 768, Abraxis, Lillibridge 20-17-14H, Pershing, t7/19; cum 8K over 18 days;
- 35110, 968, Abraxis, Lillibridge 20-17-13H, Pershing, t7/19; cum 4K over 13 days;
- 32408, 1,547, Slawson, Slasher Federal 1 SLH, Big Bend, t8/19; cum -- ;
