EIA Dashboards Have Just Posted -- March, 2020, Data

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

New-well oil production per rig (bbls/rig/day):

• the Permian: flat, absolutely flat, at 807 bbls/rig/day (no change month-over-month)
• the Eagle Ford: an increase from 1,448 to 1,467 bbls (up 19 bbls; about 1.3%)
• the Bakken: an increase from 1,384 to 1,397 bbls (up 13 bbls; about 1%)

New-well gas production per rig (mcf/rig/day):

• the Permian: flat, absolutely flat, at 1,580 mcf/rig/day (no change month-over-month)
• the Eagle Ford: an increase from 4,936 mcf to 4,956 mcf (up 20 mcf; less than 0.5%)
• the Bakken: an increase from 2,064 to 2,092 mcf (up 28 bbls; about 1.5%) 

It would be nice if the EIA would put the data from these three plays on one graph.

Graphics:

Who's Kidding Whom -- CEO Amin Nasser With Four Pinocchios -- March 16, 2020

One screenshot worth a thousand words. If accurate, it's going to be a great summer of driving for Americans.

Let's check Gas Buddy Oklahoma City before we get to the "featured" screenshot.

Gas Buddy Oklahoma City:

The "featured" screenshot from oilprice.com today:

North Dakota Rigs At 57 -- March 16, 2020

Someone missed the memo?

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Back to the Bakken

Active rigs:

$28.86	3/16/2020	03/16/2019	03/16/2018	03/16/2017	03/16/2016
Active Rigs	57	65	58	47	31

Three new permits, #37449 - #37451, inclusive --

• Operator: Hess
• Field: Alger (Mountrail)
• Comments:
• Hess has permits for a 3-well EN-Abrahamson pad in SWSE 30-155-93, Alger oil field;

Five permits renewed:

• Enerplus (4): four "metamorphic rock" pad wells -- Phyllite, Quartzite, Marble, and Gneiss; in Dunn County
• Whiting: a Pronghorn permit in Billings County

One producing well (a DUC) reported as completed:

• 27436, SI/A, Petro-Hunt, State 154-94-31C-32-1HS, Charlson, Three Forks B2; API: 33-053-05600; fracked 10/22/19 - 11/14/19; 13.95 million bbls water; 91.86% water by mass; friction reducer, 0.03249;
• from the file report:
• introduction: target said to be the middle Bakken
• they drilled through the upper, middle, and lower Bakken into the Three Forks
• Three Forks: measured depth of 10,646 feet, a true vertical depth of 10,485 feet
• lateral #1: initial targets to drill out were set at a measured depth of 10,900 feet and true vertical depth of 10,548 feet;
• at first trip out of the hole at 18,491 feet; back on bottom a max trip gas of 2,980 units recorded; max flare of 15 feet;
• the geologist: Charissa Arneson. While on the WHS wrestling team, there was a heavyweight wrestler, last name Arneson. It would "cool" to think that his daughter, niece, a relative was the geologist. Just reminiscing. 
• the permit: Three Forks B2

St Greta May Have To Re-Calculate -- Isn't This About How Much We've Been Trying To Lower Global Temperature? -- March 16, 2020

So, there you have it. It's not nice to mess with Mother Nature. It turns out that a bit of global warming -- about two degrees -- is exactly what the doctor ordered, to coin a phrase. Link here.

I may have to google irony again.

St Greta: re-calculating, re-calculating, re-calculating.

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The Book Page: Jimmy Hoffa

A book review at this link.

Oil Shock And Market Meltdown 2020 -- Update -- March 16, 2020

Summary:

This is quite fascinating. After listening to that one-hour energy podcast and reading the 2009 Rolling Stone article on Goldman Sachs, plus everything else, it appears that this can be boiled down pretty quickly:

1. All agree that the Russians' / Rosneft response -- walk away from OPEC meeting -- precipitated this. Like WWI "we" were just waiting for the "Prince Franz Ferdinand" moment. That moment came when Russia walked away. [Russia was only being asked to cut back 300,000 bopd -- I have to verify that, it might have been 500,000 bbls; whatever it was, it was a Hitchcock McGuffin.]

2. The Russian / Rosneft response. In a binary world, only two possibilities:

• Putin misjudged. 

• Putin did not misjudge; Putin intended to put the world into a global financial crisis.

3. It may result in a great book; and, geo-political wonks can discuss ad nauseam on NPR how this all started, who is to blame, and whether Putin misjudged, but for the rest of us, we are now dealing with the hand [that has been] dealt [to] us. It will be interesting to see who folds, who stays in the game, who survives to play the next hand.

4. Listening to the podcast, reading the Rolling Stone article, watching the 10-year Treasury implode, last and definitely not least, watching the Federal Reserve meet on the weekend and announceing within hours another cut (to zero), suggests that this is now much more than something confined to the oil sector. The Federal Reserve might actually be concerned that the global banking system is at risk.

5. Perhaps stocking up on toilet paper is not such a dumb idea.

Additional comments and background: in progress.

First, the Columbia Energy Exchange podcast from a couple of days ago -- my takeaways as well as the podcast link itself. My hunch is that most folks will "blow off" the Rolling Stone article I'm curious if anyone has different takeaways or a different reading from the Columbia Energy Exchange than those that I posted.

Later: if Russia won't talk with Saudi Arabia, there's no way Russia will talk with the US. Saudi Arabia is in a fight for its life. I don't think a lot of folks see it coming, but it certainly looks like Russia is pushing for a global banking crisis.