Blinked:
China's Unipec to resume US oil purchases after tariff policy changes.
LOL. Did anyone think otherwise?
From oilprice:
The international trading arm of China’s refining major Sinopec,
Unipec, will resume U.S. crude oil purchases from October.
The
company had suspended crude oil imports from the United States amid the
trade spat between Washington and Beijing in anticipation of crude oil
making it onto the tariff list. When this did not happen, Unipec started
buying U.S. crude again despite the trade dispute escalation that saw
China slap 25-percent tariffs on U.S. oil products and coal.
Peak oil, what peak oil:
analyst suggests Alaska's North Slope is an "arrested, late-emerging-phase 'super basin' rather than a mature basin."
- analysis doe not provide "actionable" intel
- data points of interest, remaining reserves:
- 38 billion bbls boe
- that figure includes 50 trillion cubic feet of natural gas
- 28 billion bbls of oil
- EUR of the North Slope: 55 billion boe (specifically the analyst suggests 54.8 billion boe, not 54.7 or 54.9 but 54.8 -- that's when you know ...)
- 38 boe yet to be produced, combined with the 16.8 billion that has already been extracted
- let's see what the divisor was
- 38 billion boe - 28 billion = 10 billion NG boe
- 50 trillion / 10 billion NG boe = 5,000 (I've always used 6,001
- compare the estimated natural gas reserves in the North Slope with other global reserves at this post: https://themilliondollarway.blogspot.com/2018/08/us-remains-natural-gas-king-oilprice.html.
- the US: 341 trillion cubic feet
- although one source suggest the Marcellus-Utica could produce a quadrillion cubic feet (1,000 x trillion)
NG exports:
will triple over the next 12 months (2019). Will account for 10% of US production.
WTI: trending toward $69. OPEC basket" $71.75.
Burnaby update:
Canada's Supreme Court rules against Burnaby, for the pipeline. Time to start bringing in the sacred bulldozers.
Saudi Aramco IPO: in case folks have lost the bubble on the IPO -- bottom line, the Prince will shelve the Saudi Aramco IPO and take a stake in Sabic, becoming
perhaps the world's largest petrochemical company?
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Back to the Bakken
Only one well coming off the confidential list today --
- 30524, 884, CLR, Burr Federal 23-26H2, Sanish, fracked 10/23/17 - 10/23/17 -- problem? only one day frack; 7.8 million gallons of water; 88% water; t5/18; cum 32K over 47 days; apparently no problem with the frack; Three Forks 2; 63 stages; 8.1 million lbs;
Active rigs:
| $68.55↑↑ | 8/24/2018 | 08/24/2017 | 08/24/2016 | 08/24/2015 | 08/24/2014 |
|---|
| Active Rigs | 62 | 54 | 31 | 74 | 192 |
RBN Energy:
northeast gas pulled south by Florida power plants and Sabal trail.
- Florida’s increasing demand for natural gas for power generation isn’t
new, but like a young alligator in the Everglades, its appetite is
voracious and growing. More and more gas-fired power plants have been
coming online, increasing gas demand and spurring the development of new
gas pipeline capacity into the state. And, because of big shifts in
where gas is being produced and where it’s flowing, the Sunshine State
will soon be receiving an increasing share of its gas needs from the
Marcellus region. Today, we begin a two-part look at how rising
generation-sector demand for gas and a new pipeline are changing
gas-flow dynamics in the U.S. Southeast.
One doesn't have to read much more to see who the winners are, who the losers are. As to paraphrase, the NY governor, NY never was that great. Certainly not when it comes to strategic planning.
