Record US crude oil export:
SOTU:
Wednesday, February 5, 2020
US Crude Oil Exports Hit All-Time Record; MAGA; Notes From All Over, Part 1 -- February 5, 2020
SOTU: I'm reading the "reviews" and "reporting" of the SOTU. Wow, I missed a good one. Incredible. I am so impressed. The president never quits. How does he do it? First ever Presidential Medal of Freedom, live at the SOTU. And not leaked by the press. I believe there is video showing Nancy Pelosi completely befuddled; couldn't find it in her copy of the SOTU address. This is pretty funny. She was given a copy with key pages removed. The pages that were there were not in order. I wouldn't be surprised if some of the pages were stapled upside down. This is truly hilarious. And only she and President Trump (and his staff) know the joke, because you know no one is going to say a thing. Certainly not Nancy; she was completely pranked. LOL.
Record US crude oil export:
SOTU:
Record US crude oil export:
SOTU:
Hunch Confirmed -- February 5, 2020
This is very, very interesting, confirming my views that the press (as well as US Congress, and probably the entire Deep State and the "swamp") get economic data before the rest of us.
Yesterday, at the top of the 4-o'clock-hour on FoxBusinessNews, Liz Peek, my favorite business news/politial contributor (see earlier post) noted that the January jobs numbers were incredible. No one stopped her to expand; she just mentioned it in passing, leading up to the SOTU address later that evening.
I searched the internet for the January jobs data. It was not there. Now, this morning, it's officially released. Google: Private sector job growth blows past Wall Street's expectations in January with 291,000 added Economists expected the private sector to add 156,000 jobs in January.
By the way, I happened to catch Peggy Noonan on cable network news before the SOTU yesterday afternoon. She is clearly a shadow of herself. Really, really very disappointing. Obviously a "never-Trumper" also. Liz Peek can handle both business news and politics very, very well. I consider Peggy Noonan incredibly partisan (in an interesting way, ironically) while Liz Peek, very much a free market capitalist, seems to have the whole business news/political package. Perhaps she could replace Kudlow in the second Trump administration, although it would be nice for both of them to be on his staff.
I digress.
Back to the January jobs report:
Rumors are that upon reading this report in The Washington Post, Nancy Pelosi ripped up the newspaper into small pieces before using what was left over for her fourteen bird cages.
So, later.
For women: best jobs report since 1953. Percent of new jobs taken by women? 72%.
Yahoo!Finance.
Yesterday, at the top of the 4-o'clock-hour on FoxBusinessNews, Liz Peek, my favorite business news/politial contributor (see earlier post) noted that the January jobs numbers were incredible. No one stopped her to expand; she just mentioned it in passing, leading up to the SOTU address later that evening.
I searched the internet for the January jobs data. It was not there. Now, this morning, it's officially released. Google: Private sector job growth blows past Wall Street's expectations in January with 291,000 added Economists expected the private sector to add 156,000 jobs in January.
By the way, I happened to catch Peggy Noonan on cable network news before the SOTU yesterday afternoon. She is clearly a shadow of herself. Really, really very disappointing. Obviously a "never-Trumper" also. Liz Peek can handle both business news and politics very, very well. I consider Peggy Noonan incredibly partisan (in an interesting way, ironically) while Liz Peek, very much a free market capitalist, seems to have the whole business news/political package. Perhaps she could replace Kudlow in the second Trump administration, although it would be nice for both of them to be on his staff.
I digress.
Back to the January jobs report:
Private employers added 291,000 jobs in January, soaring past economists' expectations for the best monthly gain in more than five years, according to the latest ADP National Employment Report.
The total far exceeded the 156,000 jobs that economists surveyed by Refinitiv were expecting.
"Mild winter weather provided a significant boost to the January employment gain," Moody's chief economist Mark Zandi said in a statement. "The leisure and hospitality and construction industries in particular experienced an outsized increase in jobs."Note the reason for the job growth: global warming. LOL.
Rumors are that upon reading this report in The Washington Post, Nancy Pelosi ripped up the newspaper into small pieces before using what was left over for her fourteen bird cages.
So, later.
For women: best jobs report since 1953. Percent of new jobs taken by women? 72%.
Yahoo!Finance.
Hess Blue Buttes Olson Wells Now Producing, Reporting -- February 5, 2020
Disclaimer: these wells may not be representative of all wells in the Bakken.
Updates
April 23, 2021: five new permits:
- Hess has permits for five more BB-Olson wells;
- they will be sited in SESW 9-150-95;
- 38272, loc, Hess, BB-Olson-LW-150-95-08H-1, Blue Buttes, 325 FSL 1998 FWL
- 38273, loc, Hess, BB-Olson-150-95-09H-5, Blue Buttes, 325 FSL 2031 FWL,
- 38274, loc, Hess, BB-Olson-150-95-09H-4, Blue Buttes, 325 FSL 2064 FWL,
- 38275, loc, Hess, BB-Olson-150-95-09H-3, Blue Buttes, 325 FSL 2097 FWL,
- 38276, loc, Hess, BB-Olson-150-95-09H-2, Blue Buttes, 325 FSL 2130 FWL,
April 13, 2021: four new permits:
- Hess has permits for four new BB-Olson wells in NWNE 8-150-95
- the wells will be sited between 761' and 860' FNL and 1668' FEL
- the Hess BB-Olson wells are tracked here;
The new wells:
- 38259, conf, Hess, BB-Olson-150-95-0817H-7, Blue Buttes,
- 38260, conf, Hess, BB-Olson-150-95-0817H-6, Blue Buttes,
- 38261, conf, Hess, BB-Olson-150-95-0817H-5, Blue Buttes,
- 38262, conf, Hess, BB-Olson-150-95-0817H-4, Blue Buttes,
Original Post
These wells are now producing, reporting:
- August 5, 2019: activity in the QEP Grail/Blue Buttes, Levang and Jones wells: #35255 - #35260, inclusive; older wells: #16960, #16652, #20591, #29329, and #29326;
- 35255, 3,416, Hess, BB-Olson-LE-150-95-09H-1, Blue Buttes, t12/19; cum 21K over 25 days; cum 199K 2/21;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 25 | 21298 | 21130 | 10025 | 0 | 0 |
- 35256, 3,186, Hess, BB-Olson-150-95-09H-11, Blue Buttes, t12/19; cum 21K over 25 days; cum 134K 2/21;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 27 | 23858 | 23670 | 10768 | 0 | 0 | 0 |
- 35257, 2,708, Hess, BB-Olson-150-95-09H-10, Blue Buttes, t12/19; cum 30K over 31 days; cum 160K 11/20; offline 12/20;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 31 | 30358 | 30119 | 19678 | 0 | 0 | 0 |
- 35258, 2,857, Hess, BB-Olson-150-95-09H-9, Blue Buttes, t12/19; cum 26K over 31 days; cum 140K 2/21;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 31 | 26196 | 26089 | 15064 | 0 | 0 | 0 |
| BAKKEN | 11-2019 | 3 | 4343 | 4243 | 2690 | 9561 | 0 | 9546 |
- 35259, 3,103, Hess, BB-Olson-150-95-09H-8, Blue Buttes, t11/19; cum 40K over 37 days; cum 200K 2/21;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 31 | 27375 | 27470 | 13971 | 0 | 0 | 0 |
| BAKKEN | 11-2019 | 6 | 13530 | 13219 | 7139 | 19563 | 0 | 19531 |
- 35260, 3,044, Hess, BB-Olson-150-95-09H-7, Blue Buttes, t11/19; cum 40K over 38 days; cum 201K 2/21;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 31 | 29191 | 29213 | 14775 | 0 | 0 | 0 |
| BAKKEN | 11-2019 | 7 | 10947 | 10695 | 4055 | 14651 | 0 | 14628 |
Other wells in the area:
- 16960, 768, QEP, Jones 4-23H, Blue Buttes, t4/08; cum 183K 12/19; unremarkable; off line 9/20; remains off line 2/21;
- 16652, 768, QEP, Levang 3-22H, Blue Buttes, t9/07; cum 276K 12/19; unremarkable, off line 2/21;
- 20591, 2,656, QEP, Jones 4-15/22H, Blue Buttes, t4/012; cum 664K 2/21; huge well;
- 29329, 2,291, QEP, Jones 15-22-16-21LL, Grail, t9/15; cum 558K 2/21; huge well;
- 29326, 904, QEP, Jones 3-15-22BHH, Grail, t10/15; cum 283K 12/19; unremarkable; off line 4/20; remains off line 2/21;
Random Update Of A Great BR Kermit Well -- February 5, 2020
BR's Kermit / Rink wells in Pershing are tracked here.
Another great Kermit well back on line. Production now greater than when first stimulated. Significantly more so. This page won't be updated.
The well:
Another great Kermit well back on line. Production now greater than when first stimulated. Significantly more so. This page won't be updated.
The well:
- 34056, 320, BR, Kermit 7-8-32UTFH, Pershing, t8/18; cum 176K 12/19;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 12-2019 | 31 | 23414 | 23472 | 12804 | 36027 | 25821 | 8553 |
| BAKKEN | 11-2019 | 30 | 27872 | 27723 | 13936 | 41243 | 23088 | 16526 |
| BAKKEN | 10-2019 | 19 | 16338 | 16214 | 9096 | 22946 | 16331 | 5661 |
| BAKKEN | 9-2019 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 8-2019 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 7-2019 | 0 | 0 | 80 | 0 | 0 | 0 | 0 |
| BAKKEN | 6-2019 | 17 | 11339 | 11348 | 8099 | 18365 | 12277 | 5597 |
| BAKKEN | 5-2019 | 17 | 9174 | 9085 | 6711 | 14148 | 10581 | 3078 |
| BAKKEN | 4-2019 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 3-2019 | 0 | 0 | 79 | 0 | 0 | 0 | 0 |
| BAKKEN | 2-2019 | 1 | 99 | 183 | 111 | 185 | 164 | 0 |
| BAKKEN | 1-2019 | 31 | 18565 | 18503 | 16712 | 25027 | 4915 | 19429 |
| BAKKEN | 12-2018 | 31 | 16706 | 16695 | 14995 | 15349 | 2122 | 12821 |
| BAKKEN | 11-2018 | 30 | 16034 | 16045 | 12977 | 13795 | 2763 | 10653 |
| BAKKEN | 10-2018 | 31 | 22110 | 22250 | 15208 | 14400 | 5129 | 8821 |
| BAKKEN | 9-2018 | 21 | 14251 | 14010 | 5949 | 6805 | 4604 | 1539 |
| BAKKEN | 8-2018 | 3 | 492 | 492 | 7530 | 1394 | 832 | 91 |
Six Wells Yet To Be Reported -- February 5, 2020
First things first: Sports Illustrated to release a 100-page commemorative "Kobe Bryant" issue.
Weather forecast for our area: we were supposed to be snowed in today. "European model" showed several inches of snow; "American model" showed even more. Schools were set to close. So, what do we have? A little bit of rain (no longer raining when I left the house); no wind; no snow; 36° F. But, wow, the television meteorologists attracted a lot of viewers the last couple of nights. LOL.
TSLA: Saudi dumped their stock back in 2019. Brilliant. Not. Prince Salman, a legend in his own mind, sold 8.2 million shares of TSLA at end of 2019. Those 8.2 million shares are now worth $7.3 billion. His current holdings? Slightly less than 40,000 shares worth slightly less than $35 million.
Still writing headlines ahead of the story: oilprice reported that a large crude inventory build sent prices tumbling. In fact, WTI was up almost 3%, up $1.40, and back above $51. Having said that, API estimates: crude oil inventories increased by 4.2 million bbls vs forecast of 2.8 million bbls. In big scheme of things, the delta between actual and forecast is trivial.
German banks hoarding cash? Running out of space to store cash? Zero Hedge -- consider the source.
BP: previously posted; story being re-posted at Rigzone. BP 4Q19 beat expectations but that was because of a US shale acquisition. I think BP/CEO is being given a bit more credit that he deserves. BP does increase dividend slightly, but he can do that: he's retiring.
Global warming: Rex Tillerson gets back on the Big Oil wagon. Questions human role in global warming. Link here if interested. I'm not.
Guyana up-sized: I believe this was previously posted. The Orinduik Block offshore Guyana was up-sized; a co-venturer reported a 29% increase in estimated gross prospective resources. One wonders how they came up with 29%, vs 28% or 31%. This "precision" is quite remarkable.
TransMountain: "clears another hurdle." Only 3,472 hurdles left.
Active rigs:
Six wells coming off the confidential list --
Wednesday, February 5, 2020: 14 for the month; 121 for the quarter, 121 for the year:
35046, conf, XTO, Johnson Trust Federal 21X-6E,
33976, conf, Petro-Hunt, USA 153-95-8A-31-4H,
Tuesday, February 4, 2020: 12 for the month; 119 for the quarter, 119 for the year:
35447, conf, Lime Rock, Nordloef 4-30-19TFH, 160-90L,
35044, conf, XTO, Johnson Trust Federal 21X-6AXD,
30188, conf, Oasis, Lewis Federal 5300 11-31 2B,
22574, conf, Enerplus, Glacier 148-95-02A-11H TF,
RBN Energy: What's Ahead For OPEC+ Crude Supply Management?
Weather forecast for our area: we were supposed to be snowed in today. "European model" showed several inches of snow; "American model" showed even more. Schools were set to close. So, what do we have? A little bit of rain (no longer raining when I left the house); no wind; no snow; 36° F. But, wow, the television meteorologists attracted a lot of viewers the last couple of nights. LOL.
TSLA: Saudi dumped their stock back in 2019. Brilliant. Not. Prince Salman, a legend in his own mind, sold 8.2 million shares of TSLA at end of 2019. Those 8.2 million shares are now worth $7.3 billion. His current holdings? Slightly less than 40,000 shares worth slightly less than $35 million.
Still writing headlines ahead of the story: oilprice reported that a large crude inventory build sent prices tumbling. In fact, WTI was up almost 3%, up $1.40, and back above $51. Having said that, API estimates: crude oil inventories increased by 4.2 million bbls vs forecast of 2.8 million bbls. In big scheme of things, the delta between actual and forecast is trivial.
German banks hoarding cash? Running out of space to store cash? Zero Hedge -- consider the source.
BP: previously posted; story being re-posted at Rigzone. BP 4Q19 beat expectations but that was because of a US shale acquisition. I think BP/CEO is being given a bit more credit that he deserves. BP does increase dividend slightly, but he can do that: he's retiring.
Global warming: Rex Tillerson gets back on the Big Oil wagon. Questions human role in global warming. Link here if interested. I'm not.
Guyana up-sized: I believe this was previously posted. The Orinduik Block offshore Guyana was up-sized; a co-venturer reported a 29% increase in estimated gross prospective resources. One wonders how they came up with 29%, vs 28% or 31%. This "precision" is quite remarkable.
TransMountain: "clears another hurdle." Only 3,472 hurdles left.
*********************************
Back to the Bakken
Active rigs:
| $51.01 | 2/5/2020 | 02/05/2019 | 02/05/2018 | 02/05/2017 | 02/05/2016 |
|---|---|---|---|---|---|
| Active Rigs | 54 | 63 | 58 | 40 | 42 |
Six wells coming off the confidential list --
Wednesday, February 5, 2020: 14 for the month; 121 for the quarter, 121 for the year:
35046, conf, XTO, Johnson Trust Federal 21X-6E,
33976, conf, Petro-Hunt, USA 153-95-8A-31-4H,
Tuesday, February 4, 2020: 12 for the month; 119 for the quarter, 119 for the year:
35447, conf, Lime Rock, Nordloef 4-30-19TFH, 160-90L,
35044, conf, XTO, Johnson Trust Federal 21X-6AXD,
30188, conf, Oasis, Lewis Federal 5300 11-31 2B,
22574, conf, Enerplus, Glacier 148-95-02A-11H TF,
RBN Energy: What's Ahead For OPEC+ Crude Supply Management?
In the global crude oil market, at least some degree of coordinated management of supply has been the norm since the end of World War II. From the mid-1940s to the early 1970s, the cabal of oil companies known as the Seven Sisters jointly managed production to keep crude prices at levels that accommodated their interests. Then it was OPEC’s turn.
More recently, the efforts to keep supply from overwhelming demand — and help prevent oil prices from crashing — have been led by a combination of OPEC and some other major producers, including Russia. U.S. shale producers — who’ve contributed significantly to the global supply growth in recent years — have both benefited from this supply management and partially thwarted it by continuing to increase production to offset cuts by “OPEC-Plus.”
But a projected slowdown in U.S. production growth in 2021 may change these market dynamics. Today, we begin a short blog series on global oil supply and demand trends, supply management efforts by OPEC-Plus, and what it all means for OPEC, U.S. producers and the broader oil market.
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