https://www.oilandgas360.com/u-s-crude-stockpiles-surge-to-record-high-on-big-saudi-imports-eia/
U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November.
Source: Reuters
"The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels.
Crude inventories rose 5.7 million barrels in the week to June 5 to 538.1 million barrels, most in history, not including the U.S. strategic reserves, EIA data showed.
Shipments booked during the Saudi-Russia price war from March and April, when the kingdom ramped up exports sending U.S. prices to negative-$40 a barrel, have been arriving in the United States. Refiners’ imports of Saudi barrels have averaged more than 1.5 million barrels per day (bpd) for three consecutive weeks, which has not happened since 2013.
Crude inventories in the Gulf Coast import-export and refining hub jumped 6.9 million barrels to a record 303.7 million barrels. U.S. exports fell to 2.4 million bpd, their lowest since November, so overall net crude imports rose by 1 million bpd, the EIA said.
“These are bearish numbers really. Crude (stocks) rose again despite being stymied by subdued demand. We are down significantly from a year ago today and saw builds in products as well,” said Matt Smith, director of commodity research at Clipper Data.
Gasoline inventories rose 866,000 barrels, compared with analysts’ expectations for a 71,000-barrel rise. Distillate stockpiles, which include diesel and heating oil, increased by 1.6 million barrels.
Product supplied, a proxy for demand, showed gasoline consumption rebounded to 7.9 million bpd, still roughly 20% below the year-ago period, but an improvement from recent weeks. Overall gasoline demand is down 16% from a year ago."
12 Rigs running an increase of 1 and I have one.
Looks like major players WPX, Continental, Hess, XTO have decided to maintain
at least 1 rig.
ND Sweet $31.99 at the wellhead.
Surprising equity raise by ONEOK major midstream player in the Bakken. $1B common for refinance of bonds.
State goverment has stepped in. NDIC has relaxed flaring regs, State land board has backed off assessment for royalties on flared gas, ND House debating bill to finance operations to bring shut ins back on.
Thanks for your update Joe!
https://www.oilandgas360.com/baker-hughes-rig-count-6-05-2-2/
| Major Basin Variances | This Week | +/- | |
| Ardmore Woodford | 1 | 0 | |
| Arkoma Woodford | 1 | 0 | |
| Barnett | 2 | 0 | |
| Cana Woodford | 5 | 0 | |
| DJ-Niobrara | 5 | 0 | |
| Eagle Ford | 13 | 0 | |
| Granite Wash | 0 | -1 | |
| Haynesville | 33 | 2 | |
| Marcellus | 28 | 0 | |
| Mississippian | 0 | 0 | |
| Permian | 137 | -4 | |
| Utica | 9 | 0 | |
| Williston | 11 | -1 | |
All other regions saw no net change in the active rig count.
https://www.oilandgas360.com/opec-panel-meeting-next-week-will-advise-on-policy-not-decide-sources/
OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July. The reduction has helped oil prices to more than double since April.
To step up consultations on the effectiveness of the agreement, OPEC+ also agreed that a panel called the Joint Ministerial Monitoring Committee or JMMC, will meet monthly until the end of 2020. Its first such meeting is on Thursday next week.
While this is a more frequent cycle of meetings than in the past, the JMMC’s remit is still to advise OPEC+, the OPEC+ sources said. This means any decision to extend the supply reduction agreement would not be immediate.
“It’s an advisory committee that can make recommendations,” one of the OPEC+ sources said of the JMMC’s role, declining to be identified by name.
The JMMC is composed of OPEC members Algeria, Kuwait, Venezuela, Nigeria, Iraq, United Arab Emirates and Saudi Arabia, plus non-OPEC countries Russia and Kazakhstan.