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Title : Morning Note -- October 24, 2018
link : Morning Note -- October 24, 2018

Morning Note -- October 24, 2018

Note: this will be last note until later this morning due to family commitments. 

Wells coming off confidential list today -- Wednesday, October 24, 2018:

• 33556, conf, CLR, Mountain Gap 2-10H1, Rattlesnake Point, a nice well: Mountain Gap wells are tracked here;
• 34666, conf, MRO, Northrop 34-16H, Jim Creek, no production data, see this post.
• 34449, conf, MRO, Grant USA 21-18 TFH, Van Hook, no production data,

Active rigs:

$66.39😟	10/24/2018	10/24/2017	10/24/2016	10/24/2015	10/24/2014
Active Rigs	68	53	35	68	194

RBN Energy: what's going on with Bakken prices? And are constraints on the horizon?

The discount for Bakken crude prices at Clearbrook to WTI at Cushing has been on a rollercoaster in recent weeks, widening from $1.30/bbl at the beginning of September 2018 to over $10/bbl in mid-October and narrowing again most recently. There are several factors at play here. Canadian production has overwhelmed area pipelines and prices are being heavily discounted. These cheap Canadian barrels are creating oversupply issues at markets that Bakken barrels also trade into. On the demand side, Midwestern refiners are in the middle of seasonal turnarounds, reducing the demand for both Bakken and Canadian grades. Meanwhile, Bakken production growth continues to steadily chug along, increasing by over 150 Mb/d since the beginning of the year. And while this recent Bakken price angst is cause for concern, there is a looming bottleneck for pipeline space that could really shake things up sometime next year. Today, we examine the recent price phenomenon, the relationship between Canadian crude differentials and Bakken prices, and why producers should be concerned about future pipeline shortages. 

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