Notes From All Over -- Early Afternoon Edition -- June 21, 2021

Ten-year chart, WTI at this link.

It's a fool's errand to predict the price of oil but when looking at this chart, two things jump out at me:
the price of oil can remain in a trading range for quite some time; and,
once the price of oil starts to move, it can move very, very quickly.

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Updates

June 22, 2021: after the following photos were posted, a reader replied --

I always like to quantify the absurd actions from Washington. 

In the case of EV vs ICE, we use 10 million barrels of gas and 5 million barrels of diesel daily. 

At 38kw/gallon that is 8 trillion KW of electricity that will have to be produced and transmitted in addition to what we do now. At 2.2 MW per windmill that is over 3.6 million windmills needed, and ??? how many huge power lines, transformers distribution centers etc… 

P.T. Barnum was correct, there is a sucker born every minute. The insane part of all of it is there is no demand for electric cars, no power production or distribution and yet all the major auto manufacturers are investing billions in electric cars. I’ll stand by and watch what happens next.

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Original Post
Faux Environmentalists Prefer EVs To ICE

What the EVs require, link here (https://www.foxbusiness.com/energy/us-plans-to-spend-big-on-critical-minerals-choosing-where-isnt-easy); among everything else, no dual use:

What ICE require, link here:

In addition, over time, the pads will be returned to their original prairie state. And lots of dual use, and lots of mom-and-pop mineral owners receiving royalties.

Notes From All Over -- The Mid-Afternoon Edition -- June 21, 2021

What is it? Link here. 

Let's see:

• the trailer: 3 x 3 x 4 = 36 wheels or 9 x 4 = 36 wheels
• truck: 2 x 4 = 8 plus 4 (?) = an additional 12 wheels
• anything this big and this long and this strange has to be associated with wind energy

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Covid

US Covid-19 vaccination rollout: the numbers for the Monday report are pending, but the Sunday report was very, very dismal. 

Generally above 1.2 million, the Sunday report showed only 848,611 vaccinations given in the previous twenty-four hours. Last Sunday, exactly one week earlier, it was reported that 1,209,817 vaccinations were given (this would include one-time injections as well as second-dose injections. The decrease in number of vaccinations reported yesterday represents a 29.86% decline form the prior Sunday. Percent of Americans over the age of 18 considered fully vaccinated is running about 55%. That's a dismal number but compared to the global percentage of about 4%, the US is doing quite well, thank you. 

The president's goal: having 70% of all Americans over the age of 18 (or is it over the age of twelve, now?) to be fully vaccinated by July 4, 2021. Not gonna happen at this rate. 

Safety and efficacy? This appears to be the largest study of any vaccine ever developed and both safety and efficacy seem to be "proved."

PGA: the story seems to have changed a bit. Previously, about two weeks ago, the articles suggested PGA players were not getting their Covid-19 vaccinations. Now, it appears that that may not be entirely accurate. See today's WSJ article on Rahm winning the US Open. See this blog from June 5, 2021. I'm not sure the "stories" add up. But then that's just me. And remember, if this is accurate, the vaccines have been available for more than six months. 

From the linked WSJ article:

Over the course of 15 days, Rahm rode a pandemic roller coaster unlike anything else in sports since the onset of the pandemic. He received the results of a positive Covid-19 test on national television when he was on the verge of winning another tournament. Instead of collecting a $1.7 million prize, he quarantined. And this weekend he emerged in the most dramatic way possible: Rahm actually won the US Open.

Say What? -- June 21, 2021

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"Where Are All The $70-Brent Bulls Now?"

From May 20, 2021:

Over on twitter earlier today, someone asked, "where are all the $70-Brent bulls now?"

My reply: "Quietly buying Chevron stock."

Brent today: flat, down 3 cents. Trading at $65.

See ten-year history here.

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For A Reader

There are a series of these, probaby about a dozen. Produced for the BBC, used as "fillers" between the British comedies when they aired  here in the states, late Sunday night.

Bang, Bang -- And Just Like That, MRO Has Another Gusher -- June 21, 2021

Constitutional carry: Texas - permitless carry. 

Quick: is there even any other state in the union that has a similar law on the books? 

 Quick: what makes this video unique? 

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Back to the Bakken

The MRO Sherman well is on the Chauncey-Winona pad, tracked, here.

Record IPs in the Bakken are tracked here.

The Antelope-Sanish oil field is tracked here, but has not been updated in a long, long time.

MRO: we knew it was going to be big, but how many thought MRO would report a "7,000" IP? The well:

• 36223, 7,146, MRO, Sherman USA 21-2TFH, Antelope-Sanish, t12/20; cum 239K 4/21; January, 2021, production extrapolates to 87K over 30 days; first bench Three Fork; 45 stages; 195,502 bbls = 8.2 million gallons (moderate frack); drilling unit: 1280 acres;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
SANISH	4-2021	30	34314	34215	15081	69809	62183	4913
SANISH	3-2021	31	56468	56531	22128	93615	85185	4418
SANISH	2-2021	27	52678	52556	24382	71207	67549	592
SANISH	1-2021	20	57773	57891	29260	70332	58189	8805
SANISH	12-2020	6	28220	27599	15434	36388	17679	17008

$73.00 -- June 21, 2021

Cash gushing in the oil patch: from ArgusMedia. I haven't read the article yet; I hope the writer doesn't use the word "restraint." 

$100 oil? Another bank says it's possible -- $100 oil in 2022.

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Back to the Bakken

Active rigs:

$73.00	6/21/2021	06/21/2020	06/21/2019	06/21/2018	06/21/2017
Active Rigs	21	12	64	64	59

Six wells coming off the confidential list --

Monday, June 21, 2021: 76 for the month, 100 for the quarter, 178 for the year:

• 37375, drl/NC, CRL, Gale 7-32H, Cedar Coulee, no production data,
• 36851, 2,761,  Hess, EN-VP And R-LW-154-94-2536H-1, Alkali Creek, t12/20; cum 129K 4/21;
• 35807, drl/NC, Petro-Hunt, Hagen 144-98-12D-1-2H, Little Knife, no production data,

Sunday, June 20, 2021: 73 for the month, 97 for the quarter, 175 for the year:

• None.

Saturday, June 19, 2021: 73 for the month, 97 for the quarter, 175 for the year:

• 37373, drl/NC, CLR, Gale 5-32H, Cedar Coulee, no production data ,
• 36223, 7,146, MRO, Sherman USA 21-2TFH, Antelope-Sanish, t12/20; cum 239K 4/21;
• 34333, loc/NC, Ovintiv, Kestrel 154-96-33-28-10H, Grinnell, first production, t--; cum--;

RBN Energy: the US's existing and planned CO2 pipeline networks, part 3.

Using carbon dioxide for enhanced oil recovery offers tremendous potential for CO₂ sequestration. The problem is, most the CO₂ used in EOR today is produced from natural underground sources, only to be piped to EOR sites and put underground again. Realizing the full promise of CO₂-for-EOR would require sourcing more and more anthropogenic CO₂, or A-CO₂ — in other words, “man-made” CO₂ that is captured from power generation and industrial processes. In addition to the environmental benefits, there are two other drivers for making this switch from natural CO₂ to A-CO₂: the first is that some of the natural sources of CO₂ used today for EOR are dwindling, and the second is that the push to sequester man-made CO₂ is backed by tax credits and other government-backed incentives. No matter the CO₂ sourcing, CO₂-for-EOR requires pipelines to transport the CO₂ from where it is produced to EOR sites. Today, we continue our series on the rapidly evolving CO₂ market and the huge opportunities that may await those who pursue them.