OPEC basket, link here: stabilized at $41.40. About half what Saudi needs.
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Back to the Bakken
Active rigs:
$39.78
| 9/24/2020 | 09/24/2019 | 09/24/2018 | 09/24/2017 | 09/24/2016 |
|---|
| Active Rigs | 11 | 57 | 64 | 57 | 33 |
Two wells coming off the confidential list:
Thursday, September 24, 2020: 138 for the month; 209 for the quarter, 655 for the year
- 37229, loc/NC, Red Trail Energy, LLC, RTE 10, wildcat, AMSDEN pool, see this note; API: 33-089-00904; stratigraphic map at sidebar at the right; Amsden pool;
- 34915, SI/A, Wold Federal 44-1-3TFH, Sand Creek, t--; cum 70K 3 months; a 25Kmonth;
RBN Energy: California's plan to shift to renewables hits a snag; gas-fired power rebounds; archived; will be a stand-along post later.
There’s no doubt about it: California’s decade-long efforts to expand the
use of solar, wind, and other renewable energy and improve energy
efficiency have enabled the state to significantly reduce its
consumption of natural gas for power generation. But the Golden State’s
rapid shift to a greener, lower-carbon electricity sector — and its push
to shut down gas-fired power plants — has come at a cost, namely an
increased risk of rolling blackouts, especially during extended heat
waves in the West when neighboring states have less “surplus”
electricity to send California’s way. The main problem is that while
solar facilities provide a big share of the state’s midday power needs,
there’s sometimes barely enough capacity from gas plants and other
conventional generation sources to take up the slack when the sun sinks
in the late afternoon and early evening. Today, we discuss recent
developments on the power front in the most populous state, and what
they mean for natural gas consumption there.
The biggest news out of California these days, of course, is the
wildfires that have devastated parts of the state and blanketed much of
the region in an eerie orange haze. And there’s COVID-19 — no small
matter. As if these weren’t enough, another leading concern of state
officials, businesses, and individuals alike is the heightened potential
for power interruptions. In the midst of a prolonged heat wave last
month, the state’s electric grid operator, faced with sky-high power
demand and insufficient power supply, ordered rolling blackouts for the
first time since 2001. The impacts may not seem huge from the outside
looking in — a few hundred thousand customers without electricity for an
hour or two at a time — but tell that to the manager of an affected
factory, Home Depot, or supermarket, or to parents wanting to prepare
dinner on an electric range in their normally air-conditioned home when
it’s 104° outside. More importantly, the rolling blackouts confirmed the
fears of many that California’s plan to de-carbonize the power sector,
while well-intentioned, may be too aggressive and may fail to adequately
ensure grid reliability.