Title : Morning Note -- October 22, 2018 -- Gulf Coast Crude Oil Exports Now Averaging Nearly Two Million BOPD
link : Morning Note -- October 22, 2018 -- Gulf Coast Crude Oil Exports Now Averaging Nearly Two Million BOPD
Morning Note -- October 22, 2018 -- Gulf Coast Crude Oil Exports Now Averaging Nearly Two Million BOPD
****************************************************Wells Coming Off Confidential List
Monday, October 22, 2018:
34668, conf, MRO, Drake 44-16H, Jim Creek, no production data,
34074, conf, XTO, Ravin 21X-15F, Siverston, no production data,
Sunday, October 21, 2018:
34687, conf, XTO, FBIR Yellowwolf 31X-10DXA, Heart Butte, no production data,
34220, conf, Hess, RS-Howell-LW-156-91-1107H-2, Ross, no production data,
34075, conf, XTO, Ravin 21X-15B, Siverston, no production data,
30824, conf, WPX, Behr 19-18H1, Reunion Bay, huge well, 100K in less than 2 months:
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2018 | 43958 | 28140 |
| 7-2018 | 57765 | 10089 |
Saturday, October 20, 2018:
34688, conf, XTO, FBIR Yellowwolf 31X-10G, Heart Butte, no production data,
34219, conf, Hess, RS-Howell-LW-156-91-1107H-2, Ross, no production data,
34076, conf, XTO, Ravin 21X-15EXF, Siverston, no production data,
33557, conf, CLR, Mountain Gap 3-10H, Rattlesnake Point, huge well;
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2018 | 44888 | 48687 |
| 7-2018 | 32184 | 21497 |
| 4-2018 | 1722 | 0 |
31859, conf, WPX, Behr 19-18HUL, Reunion Bay, huge well, 100K in less than 2 months:
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2018 | 45259 | 26805 |
| 7-2018 | 55212 | 1018 |
******************************************
More Bakken
Active rigs:
| $69.34→ | 10/22/2018 | 10/22/2017 | 10/22/2016 | 10/22/2015 | 10/22/2014 |
|---|---|---|---|---|---|
| Active Rigs | 71 | 54 | 34 | 69 | 192 |
RBN Energy: will the Swordfish Project give LOOP a leg up in crude oil exports?
Time and again, the repurposing of existing assets like pipelines and marine terminals to meet changing market needs has proven to be a winning approach. After all, if a lot of what you need is “already there” — as we said in today’s song title — why build something entirely new?
That use-what-you’ve-got tack is a key driver behind MPLX and Crimson Midstream’s recently unveiled Swordfish Pipeline project, which by early 2020 would enable large volumes of crude oil to flow south from the St. James, LA, market hub to the Clovelly storage hub — a key crude distributor to area refineries and the jumping-off point for crude exports on fully loaded VLCCs via the LOOP.
The companies also envision using other existing pipelines — including a possibly reversed Capline — as well as the soon-to-be-finished Bayou Bridge Pipeline to feed crude into Swordfish. Today, we review the MPLX/Crimson plan and assess how it might boost the export cred of LOOP, which is currently the only Gulf Coast port that can fill a 2-MMbbl VLCC to the brim without reverse lightering.
It’s hard not to talk about U.S. crude oil exports these days. Spurred on by WTI prices north of $70/bbl (and Brent prices about $10/bbl higher), U.S. producers continue to ramp up their output, some even in the face of regional takeaway constraints and wide price differentials.
And, with U.S. refineries taking about as much domestically produced crude as they can handle, exporting is pretty much the only option for incremental barrels being produced in the Permian, Eagle Ford, SCOOP/STACK and other major U.S. plays.
Exports out of the Gulf Coast totaled about 21.2 MMbbl in the first 11 days of October — an average of more than 1.9 MMb/d, with about 670 Mb/d being sent out from the Houston area, 655 Mb/d from Corpus Christi, 390 Mb/d from Beaumont and 180 Mb/d from Louisiana.
That 1.9 MMb/d is up from the January-through-September (2018) average of 1.6 MMb/d in 2017 and the 2016 average of only 590 Mb/d.
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