Another Huge "Surprise" Crude Oil Build -- API -- November 26, 2019

The least "interesting" data point, at least for me, all week is the API US crude oil inventory estimate.

It's always a "surprise" it seems.

And, today, no "surprise." No surprise that it was another "surprise" build. API estimates US crude oil inventory grew by 3.64 million bbls vs a forecast of a small draw (less than half-a-million bbls).

But it is what it is. We're all waiting for the EIA data which will be released tomorrow morning. WTI held above $58, closing at $58.23/bbl.

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All Politics

One of the more "respected" pollsters has just come out with a new national democrat presidential nomination poll. Link here, Quinnipiac, 11/21 - 11/25.

Most notable: only one contender polls at zero percent. Zero percent. Steyer. 

Production Data And Completion Data For One Of The Slawson Torpedo Federal Wells -- November 26, 2019

The Slawson Torpedo Federal wells are tracked here. Completion strategies since 2018 are tracked here.

Here is the production data for one  of the twelve wells on this pad. The well:

•  31275, 3,632, Slawson, Torpedo Federal 7H, 70 stages; 12.95 million lbs; Big Bend, , t12/18; cum 158K 9/19; 

Production profile:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2019	13	11005	11104	10256	8043	6700	65
BAKKEN	8-2019	30	36713	36822	34255	24885	20429	379
BAKKEN	7-2019	16	21967	21908	722	16964	14450	79
BAKKEN	6-2019	30	49441	49380	48345	31178	21013	4740
BAKKEN	5-2019	24	31076	31233	20467	18438	11258	3782
BAKKEN	4-2019	0	0	0	0	0	0	0
BAKKEN	3-2019	0	0	0	0	0	0	0
BAKKEN	2-2019	0	0	0	0	0	0	0
BAKKEN	1-2019	0	0	0	0	0	0	0
BAKKEN	12-2018	6	7340	6721	15832	823	0	0

Hess With Four New Permits -- November 26, 2019

Active rigs:

$58.41	11/26/2019	11/26/2018	11/26/2017	11/26/2016	11/26/2015
Active Rigs	57	62	53	37	65

Four new permits, #37219 - #37222:

• Operator: Hess
• Field: Big Gulch (Dunn County)
• Comments: 
• Hess has permits for a 4-well LK-Bice pad in Big Gulch oil field, section 7-147-96; sited in section 7 but will be on the north side, and the 1280-acre drilling unit will be to the north, section 6-147-96; and, section 31-148-96. Currently in that drilling unit are two producing wells:
• 19093, 1,960, Hess, Bice .... , Big Gulch, t10/10; cum 396K 9/19;
• 22145, 844, Hess, LK-Bice .... , Big Gulch, t16/12; cum 347K 9/19;

Three permits canceled:

• Slawson (3): three Gunslinger Federal permits in McKenzie County

Five producing wells (DUCs) reported as completed:

• 35715, 2,442, WPX, Nancy Dancing Bull 1-36HW, Mandaree, t11/19; cum --;
• 35909, 2,703, WPX, Beaver 22-21HC, Squaw Creek, t10/19; cum --;
• 35907, 2,741, WPX, Beaver 22-21HB, Squaw Creek, t10/19; cum --;
• 35910, 2,619, WPX, Beaver 22-21HW, Squaw Creek, t10/19; cum --;
• 35908, 2,412,  WPX, Beaver 22-21HX, Squaw Creek, t10/19; cum --;

EOR -- Natural Gas Injection -- NDIC Approves Pilot Study -- November 26, 2019

Link here. Hess is proposing the project to target newer Bakken wells near Ross in Mountrail County. From the link:

• foam and natural gas
• in place of CO2 which is already used in some parts of the state
• if it works, the idea would spread quickly
• "would immediately end the flaring problem"

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XTO: EOR Pilot Operation -- Injection Wells

Case 28131, (not a permit) from November 21, 2019:

• XTO
• Cedar Coulee- Bakken
• section 33-148-96 and section 4-147-96
• to use existing wells in these sections as injection wells for an EOR pilot operation 
• wells: #25332, #25333, #25334, $25335, #16914 (these area all big wells; worth taking another look)

Case 28132, (not a permit) from November 21, 2019:

• XTO
• Bear Creek
• sections 27/34-148-96
• use existing wells as injection wells for an EOR pilot operation
• wells: #32502, #32501, #32500, #32499, #32481, #32480, #32479, #32367, #32366, #29673, #29672, #29871 (these are huge wells; worth taking another look)

Area of interest:

Notes From All Over, Part 1 -- November 26, 2019

Air traffic: soaring in North Dakota. The Bismarck Tribune.

Of the eight commercial airports in the state, seven have seen more passengers boarding planes over the previous year. The two largest operations, Fargo's Hector International Airport and the Bismarck Municipal Airport, have experienced greater than 10% growth, according to data from the state's Aeronautics Commission.

Williston experienced the largest annual growth in air travel with 20% more boardings over the past year. The city closed the more than 70-year-old Sloulin Field International Airport on Oct. 10 and opened the new Williston Basin International Airport to handle the greater demand.

Peak demand? What peak demand? Recently pundits have switched from "peak oil" to "peak demand." Whatever. From twitter today: China's Saudi crude oil imports rose 76% in October due to increasing demand. Whatever.

Trade update: last night, on twitter -- "China, US have reached broad consensus on Phase 1 trade deal, including the removal of tariffs but countries disagree on how far tariffs should be rolled back.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

The market, pre-market, on that news:

• Dow futures: up 34 points, extending gains from yesterday if the numbers hold
• Other pre-market news:
• Jeff Bezos, Bill Gates might slip in "richest-person" rankings; LVMH acquires Tiffany & Co.
• AAPL up slightly after huge jump yesterday
• T: had dropped back last week yesterday, up a bit today
• EW: :huge day yesterday; no trading yet today
• UNP: ditto
• ABBV: nice day yesterday; up a bit today
• OXY: might open above $40 today;