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Independent Oil & Gas Service, Inc.

Scouting Oilfield Activity in Kansas since 1946

The Independent Oil & Gas Service, Inc. (IOGsi) is a major, proven source of reliable information when it comes to reporting on the latest oil and gas news in Kansas. Your access to timely, reliable, concise information is a key component in your decision making process. Our commitment is to provide you with the most up-to-date industry reports, news and statistics at a reasonable price. Improve your odds of success with “data you can trust”. Register today as a “New User” to start a no obligation 30-day trial.

IOGsi RED TOP NEWS: WEEK #49, December 5, 2019

IOGsi Week No. 49, December 5, 2019 Highlights - There were 32 new Kansas drilling permits this past week. The year-to-date total stands at 1,028 new locations compared to 1,718 a year ago (- 40%). ---------- Kansas crude prices were unchanged from a week ago. Kansas Common crude closed the week at $48.75 / bbl, Southcentral Kansas crude $50.50 / bbl, and Eastern Kansas crude $46.00 / bbl. ---------- The total number of active drilling rigs in Kansas (either moving to or currently on drill sites) decreased by three rigs from a week ago to 29 (- 9%). A month ago, there were 29 active rigs (unchanged) This same time a year ago, 45 rotary rigs were active in the State (- 36%). ---------- The Western Ranges of the State account for roughly 86% of all drilling activity this past week.

In other news, the U.S. Energy Information Administration (EIA), Washington, D.C., now forecasts U.S. crude oil production will increase to 12.3 million b/d in 2019 from 11.0 million b/d in 2018. Output in the Permian region is the primary driver of EIA's forecast crude oil production growth, and EIA forecasts Permian production will grow by 915,000 b/d in 2019 and by 809,000 b/d in 2020. ---------- Although EIA forecasts that overall U.S. crude oil production will continue to increase, EIA expects the growth rate will slow largely because of a decline in oil-directed rigs. According to Baker Hughes, active rig counts fell from 877 oil-directed rigs in the beginning of January 2019 to 674 rigs in mid-November, a 23% decline. ---------- EIA expects crude oil prices will be lower on average in 2020 than in 2019 because of forecast rising global oil inventories, particularly in the first half of next year. ---------- EIA estimates that the United States exported 140,000 b/d more total crude oil and petroleum products in September than it imported; total exports exceeded imports by 550,000 b/d in October. If confirmed in survey-collected monthly data, it would be the first time the United States exported more petroleum than it imported since EIA records began in 1949. EIA expects total crude oil and petroleum net exports to average 750,000 b/d in 2020 compared with average net imports of 520,000 b/d in 2019.

 



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KANSAS CRUDE


Common: $48.75 bbl
So. Central: $50.50 bbl
Eastern:
$46.00 bbl

*Price based on CVR Refining Posting for Kansas Crude as of 12/5/19

NATURAL GAS INDEX

Panhandle Eastern Pipeline Co.
Dec: $1.96 MMBtu
Nov: $2.03 MMBtu
Oct: $1.61 MMBtu

Colo. Interstate Gas Co.
Dec: $2.29 MMBtu
Nov: $1.94 MMBtu
Oct: $1.79 MMBtu

PRICE HISTORY

Oil - Past 2 Years
Gas Price History

kANSAS RIG COUNT

Current: 29
Week ago: 32 (-9%)
Month ago: 29 (0%)
Year ago: 45 (-36%)


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