Supply overhang not going away any time soon --
Bloomberg.
Fuel demand may be staging a gradual comeback in the world’s biggest
economy, but that doesn’t mean the huge supply glut is going away
anytime soon.
Gasoline and distillate inventories fell last week, according to a
report from the Energy Information Administration, reflecting a slight
pick-up in demand during the summer driving season with coronavirus-led
lockdowns easing in some parts of the U.S. Stubbornly high crude
inventories still threaten to put a floor under crude’s rally from
historic lows in April.
From Moscow Mitch:
And the Saudis are "fine" with $30-oil.
From a reader:
As expected. A lot of the contango oil being delivered to the gulf
coast. Domestic production down by 2 million barrels a day in the past
10 weeks, pretty much a linear drop week to week, reflecting the
combination of shale well depletion and rig count drop of nearly 80%.
Good information source is this link.https://www.eia.gov/petroleum/weekly/crude.php#menu
Gasoline demand,
link here. This is a great graph today. Exactly what I "predicted" a week ago. Woo-hoo. Attaboy.That and 69 cents will get you a copy of senior coffee at McDonald's.
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Back to the Bakken
Active rigs:
| $38.28 | 6/18/2020 | 06/18/2019 | 06/18/2018 | 06/18/2017 | 06/18/2016 |
|---|
| Active Rigs | 12 | 62 | 64 | 57 | 28 |
Wells yet to report:
Thursday, June 18, 2020: 43 for the month; 188 for the quarter, 415 for the year:
- 36877, drl/TASC, Equinor, Jack Cvancara 19-18 8TFH, Alger, t--; cum --;
- 35667, SI/NC, Zavanna, Stranger 28-21 3TFH, Poe, t--; cum 81K 4/20; nice well;
Wednesday, June 17, 2020: 41 for the month; 186 for the quarter, 413 for the year:
- 36234, A, Whiting, Lidseth 11-1H, Sanish, t--; cum 75K 4/20;
- 36074, drl/drl, BR, CCU Plymouth 44-29MBH, St Demetrius, t--; cum --;
Tuesday, June 16, 2020: 39 for the month; 184 for the quarter, 411 for the year:
- 37214, drl/drl, CLR, Burian 3-27H1, St Demetrius, t--; cum --;
- 36878, drl/TASC, Equinor, Domaskin 40-31 4TFH, Alger, t--; cum --;
- 36075, drl/A, BR, CCU Zephyr 14-29TFH, Corral Creek, t--; cum --;
Monday, June 15, 2020: 36 for the month; 181 for the quarter, 408 for the year:
- 36879, drl/TASC, Equinor, Jack Cvancara 19-18 XE 1TFH, Alger, t--; cum --;
- 36076, drl/A, BR, CCU Zephyr 14-29MBH, Corral Creek, t--; cum --;
Sunday, June 14, 2020: 34 for the month; 179 for the quarter, 406 for the year:
Saturday, June 13, 2020:
34 for the month; 179 for the quarter, 406 for the year:
- 37193, drl/drl, CLR, Wiley 14-25HSL, Pershing, t--; cum --;
- 35959, SI/NC, Whiting, Arndt 14-5-2XH, Sanish, t--; cum 96K 4/20; a nice well;
RBN Energy:
Ingleside's quick rise to crude exports prominence, part 8.
Archived.
Since last summer, the Corpus Christi area has emerged as the U.S.’s
leading crude export venue. In the first five and a half months of 2020,
it accounted for an astounding 45% of the barrels being shipped abroad —
astounding because in the same period last year, the Corpus area held
less than a 20% share. What is sometimes forgotten, though, is that
little Ingleside, TX, located across Corpus Christi Bay from Corpus
proper, is the area’s crude-export leader, with the Moda Midstream and
Flint Hills Resources terminals responsible for just over half of
Greater Corpus’s total export volumes. And, with the new South Texas
Gateway Terminal nearing completion, Ingleside’s role will only increase
in the coming months. Today, we conclude a series on Gulf Coast export
terminals with a look at what has been going on in Ingleside.
