Holy Inventory, Batman! -- November 6, 2018

US crude oil inventories: up an astounding, whopping 7.83 million bbls. On top of 5.7 million bbls the week before. And wasn't it something like 9 million bbls the week before? I've long forgotten.

Link here. One wonders how the "peak oil" folks are explaining all this. Peak Oil Barrel last posted a note on October 31, 2018.

By the way, on another note, more confirmation that all that talk about Iranian sanctions was background noise. The only thing that matters when it comes to global crude oil production is that produced by Saudi Arabia, Russian, and the US. Everything else is simply background noise. See this post, well played, Mr Trump.

I quit following the weekly inventory figures earlier this year: this was one of the last, if not the last, spreadsheet that I posted. 

Week	Date	Drawdown	Storage	Weeks to RB
Week 0	Apr 26, 2017		529.0	180
Week 24	October 12, 2017	2.8	462.2	40
Week 25	October 18, 2017	5.7	456.5	37
Week 26	October 25, 2017	-0.9	457.3	39
Week 27	November 1, 2017	2.4	454.9	38
Week 28	November 8, 2017	-2.2	457.1	42
Week 29	November 15, 2017	1.9	459.0	43
Week 30	November 22, 2017	1.9	457.1	42
Week 31	November 29, 2017	3.4	453.7	41
Week 32	December 6, 2017	5.6	448.1	37
Week 33	December 13, 2017	5.1	443.0	36
Week 34	December 20, 2017	6.5	436.5	30
Week 35	December 28, 2017	4.6	431.9	28
Week 36	January 4, 2018	7.4	424.5	25
Week 37	January 10, 2018	4.9	419.5	23
Week 38	January 18, 2018	6.9	412.7	20
Week 39	January 24, 2018	1.1	411.6	20
Week 40	January 31, 2018	-6.8	418.4	24
Week 41	February 7, 2018	-1.9	420.3	26
Week 42	February 14, 2018	-1.8	422.1	27
Week 43	February 21, 2018	1.6	420.5	27
Week 44	February 28, 2018	3.0	423.5	28
Week 45	March 7, 2018	2.4	425.9	29
Week 46	March 14, 2018	-5.0	430.9	33

It looks like it might be worthwhile to press on following this.

Week 40, January 30, 2018: a gain of 6.8 million bbls
Week 46, March 14, 2018: a gain of 5.0 million bbls

These are EIA figures.

The most current EIA figures will be released tomorrow.

So much for all that re-balancing.

Peak Oil? I Don't Think So -- Staggering -- November 6, 2018

I don't know if folks remember this graphic from January, 2013.

Six wells in each formation, middle Bakken and three benches of the Three Forks = 24 wells in each 1280-acre drilling unit.

The graphic above actually shows eight wells targeting each of the four formations, or 32 wells.

A bit outrageous?

Look at this, from the November, 2018, Oasis corporate presentation:

The Permian.

Peak oil? I don't think so.

Oasis -- November, 2018, Corporate Presentation

Link here.  Presentations.

Things the caught my eye.

November, 2018, presentation: 26 slides.

• Bakken: added Painted Woods to core inventory in February; initial well results are outperforming company's expectations
• net acres
• Williston: 418,000
• Delaware: 23,000
• Gross operated core and extended core:
• Williston: 1,432
• Delaware: 601
• Rigs:
• Williston: 4 - 5 (will add 5th rig, December, 2018)
• Delaware: 1 - 2 (will add 3rd rig, summer, 2019)
• Production (3Q18) (Mboepd)
• Williston: 81
• Delaware: 5
• LOE: $6.18 (almost identical to that reported by CLR)
• Williston core:
• Wild Basin
• Indian Hills
• Painted Woods (recently added)
• Alger
• Williston extended core
• Red Bank
• Montana
• Williston other
• Cottonwood
• State line
• Oasis' MLP midstream: 2nd largest gas processor in the Williston Basin
• two OWS spreads running in Williston
• Slide 23
• Alger and Wild Basin: exceeding 1.5-million-bbl boe EUR type curve 
• even CLR doesn't show a 1.5 million-bbl boe EUR type curve

Help Requested From Our Scandinavian Readers -- Nothing About The Bakken -- November 6, 2018

The back story is too long to go into, so we will cut to the chase.

In Dore, ND, there is/was a Finsaas family (featured in The Williston Herald) in 2012.

When I was growing up, when my mom worked the swing shift at the hospital, we had an older woman watch over us at the house. We knew her as Mrs. Romsaas.

Now, here's where I need help. The internet is of limited help.

Is Romsaas  / Finsaas: Norwegian, Swedish, Danish, or other? Probably not Irish.

My internet search suggests Swedish.

"Saas" is clearly the anglicized "Sås" which in Swedish, according to an internet source on recipes, is "sauce."

Generally, when I found a recipe with "sås" on the internet it was for a fish sauce/fish recipe.

"Fin" apparently means "delicate" and is used in conjunction when describing a Hollandaise sauce for salmon.

"Rom," interestingly enough, is very likely "rum" -- again, it was used in conjunction with a rum sauce for some (fish?) dish.

My Norwegian father was always a bit biased against the Swedes, something he "took" from his father. I never thought about it much one way or the other.

But it fascinates me to think that my father's Norwegian children may have been watched over by a Swedish woman during their early impressionable years. If so, my dad would say it explains a lot how his children turned out.

WTI Drops Below $62 -- November 6, 2018

Active rigs:

$61.69😟	11/6/2018	11/06/2017	11/06/2016	11/06/2015	11/06/2014
Active Rigs	66	52	37	64	190

Seven new permits:

• Operators: WPX (3); Whiting (3); Liberty Resources
• Fields: Mandaree (Dunn); Grinnell (McKenzie); Banks (McKenzie); Enget Lake (Mountrail)
• Comments: WPX has permits for a 3-well Nancy Dancing Bull in 12-149-93; Whiting has permits for a 3-well Renbarger pad in 34-154-97 (two will be Grinnell wells; one will be a Banks well)

One permit reinstated:

• Slawson: a Muskrat Federal permit in Big Bend

Two producing wells (DUCs) reported as completed:

• 34280, 1,926, Whiting, Thomas 13-3-3TFH, Truax, t10/18; cum --; (I thought I had discussed the Thomas wells recently, but apparently I haven't; maybe later)
• 30221, 566, BR, Merton 41-15MBH, North Fork, t9/18; cum --;