Title : WtI Up Almost 1% -- Why? -- November 17, 2107
link : WtI Up Almost 1% -- Why? -- November 17, 2107
WtI Up Almost 1% -- Why? -- November 17, 2107
Artificial lift: this story deserves a stand-alone post of its own; will get around to it later. From Rigzone. For newbies, one can look at three-legged stool regarding quality/success of a well:- location
- location
- location.
- drilling
- completing (fracking, e.g.)
- lift (pump)
- Most often, lifting liquids from the well allows the gas to flow using its own energy, but today some methods can also aid in lifting the gas.
- Often 50 percent of the resource is left to be extracted after the high-rate initial flow period,” Scott said. “Companies that win in unconventionals are the companies that get artificial lift right. I like to use the term ‘artificial lift first
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Other News
WTi: up almost 1% in past 24 hours? Why? Was it the closure of the northern leg of the Keystone pipeline, major source of heavy oil; US refineries optimized for heavy oil. Concerns that crude oil imports of heavy oil from Venezuela could fall? Or was it Harold Hamm's comments (see below). I don't know -- it will be interesting to watch price of oil for next few days as Keystone / Venezuela stories continue to unfold.
Keystone XL lead. Data points from Reuters:
- location: Amherst, SD:
-
- Amherst, SD, about 10 miles south of North Dakota state line in northeastern South Dakota
- population unknown
- Amherst is an unincorporated community in Marshall County, South Dakota, United States. Although not tracked by the Census Bureau, Amherst has been assigned the ZIP code of 57421
- spill:
-
- 5,000 bbl (or 210,000 gallons as reported by most mainstream media outlets)
- contained at site
- cause: unknown
- implications:
-
- Nebraska regulators to release their decision on Keystone expansion on Monday, four days from now
- Nebraska regulators not allowed to use spill as factor in their decision since TransCanada has already obtained an approved environmental impact statement
- northern leg of system shut down (from Hardisty, Alberta, to Cushing, OK) and to Wood River and Patoka in Illinois
- southern leg remains open
- main economic concern for Canada: Canadian heavy crude differentials for DECEMBER delivery in Hardisty have widened to $14.65 per bbl below US crude from a discount of around $14.20/bbl the previous day
- for January (2018) delivery: widened to $15.50 below US crude
- for newbies: breakeven price for Canadian crude has always been significantly higher than US shale
- Canadian sell-off could worsen if pipeline is shut down for extended period of time
- for US refiners: possibly a double whammy if Venezuela delivers less heavy crude oil to the states
- Bloomberg gadly via The Washington Post not impressed
- TSLA shareholders likely to go ga-ga
- critics will likely gag
- batteries alone cost $200,000+ for the truck
- conventional diesel trucks cost in range of $120,000
- truckers believe Tesla trucks would have to replace batteries every four or five years
EIA's optimist forecasts are depressing US oil prices
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Back To The Bakken
Active rigs:
| $55.94↑ | 11/17/2017 | 11/17/2016 | 11/17/2015 | 11/17/2014 | 11/17/2013 |
|---|---|---|---|---|---|
| Active Rigs | 55 | 38 | 64 | 184 | 183 |
RBN Energy: pending
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