$30 barrel oil?

[ExtraSlow]

Shutting down 300 rigs that all drill a well a week will help.

[bigboom]

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Shutting down 300 rigs that all drill a well a week will help.

Only 600 active right now, ~22,000 of the 40,000 permits outstanding have an expiry date this year, curious what gets drilled and what lapses.

[Darkane]

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My last count in the US still shows about 8800 drilled/uncompleted wells. Permits outstanding for another 47,000.

8800?! Omg.

[bigboom]

My number is a little off from the EIA...they have a count of 7637 in February.

[Supa Dexta]

Shale is stale

https://oilprice.com/Energy/Energy-G...-US-Shale.html

[ExtraSlow]

I mean, some level of DUC inventory is normal when you are running hundreds of rigs. That DUC number will probably go up not down for the next month. Feels like drilling rigs are slower to shut down than frac crews.

- - - Updated - - -

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Only 600 active right now,

they need that number below 500 asap and maybe as low as 250 for a couple months.

[Misterman]

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The world needs oil period. Oil is a resource we have. So it is a commodity we can base an economy around. Whether the world needs more is moot point.

What does oil victimhood have to do with anything I said? It was a simple premise, you said we should diversify, and it doesn't sound like you have any ideas on how to do that. I gave a potential idea, but it would never pass by the federal government. So again, what is your proposition for economy diversification in Alberta?

Am I really this stupid about what? Whoever's rep comment that was, feel free to fill us all in on what your diversification plan is. So far nobody has presented anything.

[Disoblige]

Our O&G industry in a nutshell. Must watch.

https://www.instagram.com/tv/B-KeqlO...=1716z7o75r0zx

[killramos]

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Our O&G industry in a nutshell. Must watch.

https://www.instagram.com/tv/B-KeqlO...=1716z7o75r0zx

That was amazing

[flipstah]

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That was amazing

That was too real

[nzwasp]

More bad news:

https://www.theguardian.com/business...-storage-space

"Canada may be days away from running out of storage for its domestic oil production, according to analysts at energy consultancy Rystad Energy, and the rest of the world may follow suit in a few months. The analysts expect that oil-rich regions in Western Canada will need to rein in production by about 400,000 barrels of oil a day by the end of the month."

[ExtraSlow]

Will be interesting to see the refineries start shutting down. That will happen soon enough and it's a big part of oil demand.
USA production down from 13.1 to 13.0 million barrels a day. Need that number to drop fast to catch up to falling demand. Storage is filling up.

[Darkane]

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Will be interesting to see the refineries start shutting down. That will happen soon enough and it's a big part of oil demand.
USA production down from 13.1 to 13.0 million barrels a day. Need that number to drop fast to catch up to falling demand. Storage is filling up.

Yeah. Saw they yesterday.

Thanks for bringing the info

[ExtraSlow]

You and I might be the only nerds who track this every week.

[KPHMPH]

Just a little insight from down here in ND.

I was working for a rig over at Liberty Resources, they just setup the walking rig to punch 12 holes, we just got word they are stopping at the second one because of the money they are leveraging to keep on drilling. It’s a little hard because they were a decent amount of work for us, it’s definitely slowed down here.

[riander5]

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Just a little insight from down here in ND.

I was working for a rig over at Liberty Resources, they just setup the walking rig to punch 12 holes, we just got word they are stopping at the second one because of the money they are leveraging to keep on drilling. It’s a little hard because they were a decent amount of work for us, it’s definitely slowed down here.

Rockall cancelled their drill program at 40 bucks too... I think they hedged luckily for them ! That being said they are on the fringe.

I wonder what all the producers backstopping ONEOK's BCF of new capacity and Elk Creek line are up to... I doubt ONEOK forgives on capacity sign ups

[ExtraSlow]

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Will be interesting to see the refineries start shutting down. That will happen soon enough and it's a big part of oil demand.

crack spreads (the profit from refining) are now negative in many parts of the world.
https://oilprice.com/Energy/Energy-G...oline.amp.html

[ExtraSlow]

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@Darkane how long do you think it'll take for weekly production (as per EIA) to drop from all these rigs being laid down? 2020-03-20 update was 13,100,000 bbl/day.

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Man I need some easy true/false questions. Haha.

I feel it depends on how many predrilled wells still exist. They’ll keep some rigs to complete the wells and keep bringing it online.

Once those are depleted and no new drilling happens, we’ll see a decline. A year?

EIA update today 13,000,000 USA production.
Not surprising it hasn't dropped more. Need rig count to drop more fasterer.

[The_Rural_Juror]

Back on the $30 thread? You guys are optimists.

[ExtraSlow]

This is a better thread!