ISO NE: even if price of electricity doesn't spike to the 6th and 7th deciles, it is consistently running much higher in price than what I'm used to seeing.
- link here;
- earlier this a.m. surged to $120/MWh
- surged at same time as hydro "kicked in"; probably due to demand increasing as a new day begins, and wind, of course, does not respond
Oil surges:
- Brent: up 1.68%; up $1.81; trading at $109.40
- WTI: up 1.25%; up $1.32; trading at nearly $107
- diesel: average price hit a new record high overnight, $5.155 / gallon
- surpasses previous record of $5.153 / gallon set March 10, 2022
- helps explain the Pelosi-Schumer silliness yesterday
- White House monitoring the situation; all options on the table
- except:
- fewer regulations
- no new pipelines
- no new drilling
- no fracking
Price of oil surging:
- probably as much as a "short squeeze" as anything
- all things equal, expect crude oil to fall next week
- the fundamentals have not changed
- GDP suggests we are in a recession already
- plenty of oil in storage and in pipelines
- refiners working at 90+% capacity
- everything suggests plenty of oil (except perhaps "right" kind of oil -- see surging diesel prices; would be much worse if middle of winter and competing with heating oil)
White House: as much time spent on forgiving college loan debt as working to solve high-gasoline prices.
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Back to the Bakken
Active rigs:
| $106.70 | 4/29/2022 | 04/29/2021 | 04/29/2020 | 04/29/2019 | 04/29/2018 |
|---|---|---|---|---|---|
| Active Rigs | 36 | 16 | 31 | 64 | 62 |
Friday, April 29, 2022: 61 for the month, 61 for the quarter, 220 for one year
- 38137, conf, CLR, Flint Chips Federal 10-5H, Cedar Coulee, no production data,
- 37855, conf, Whiting, Lacey 43-2-2XH, Sanish, producing, a nice well,
- 37703, conf, Whiting, Lacey 43-2XH, Sanish, producing, a nice well,
- 37495, conf, True Oil, Northern State 31-36, North Branch, no production data,
- 36522, conf, Hess, BB-State A-151-95-1615H-5, Blue Buttes, a very nice well,
- 36107, conf, CLR, Gordon Federal 1-5H, Haystack Butte, a nice well;
RBN Energy: off-season blizzard slams Bakken natural gas production.
Extreme blizzard conditions wreaked havoc on North Dakota energy infrastructure last weekend, taking offline as much as 60% of the state’s crude oil production and more than 80% of natural gas output, and leaving utility poles and power lines strewn across the landscape.
On the gas side, the unprecedented supply loss is having never-before-seen impact on regional and upstream flows and storage activity.
It is also compounding maintenance-related production declines in other basins, leaving Lower 48 natural gas output at its lowest since early February. Moreover, the extent of the storm-related damage to local infrastructure could prolong the supply recovery. In today’s RBN blog, we break down the aftereffects of the offseason winter storm on regional gas market fundamentals.
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Initial Production
The wells:
- 37855, conf, Whiting, Lacey 43-2-2XH, Sanish, producing, a nice well,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 2-2022 | 25147 | 21583 |
| 1-2022 | 30430 | 21511 |
| 12-2021 | 28476 | 17133 |
- 37703, conf, Whiting, Lacey 43-2XH, Sanish, producing, a nice well,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 2-2022 | 21340 | 15237 |
| 1-2022 | 23431 | 13050 |
| 12-2021 | 17223 | 9990 |
- 36522, conf, Hess, BB-State A-151-95-1615H-5, Blue Buttes, a very nice well,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 2-2022 | 30316 | 54681 |
| 1-2022 | 27226 | 44196 |
| 12-2021 | 36387 | 59815 |
| 11-2021 | 41499 | 66551 |
| 10-2021 | 6224 | 9917 |
- 36107, conf, CLR, Gordon Federal 1-5H, Haystack Butte, a nice well;
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 2-2022 | 21227 | 37219 |
| 1-2022 | 31879 | 49596 |
| 12-2021 | 31539 | 45127 |
| 11-2021 | 27033 | 35235 |
| 10-2021 | 378 | 0 |
