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IOGsi RED TOP NEWS:
WEEK #29, JULY 18, 2019
IOGsi Week #29, July 18, 2019 Oil & Gas Highlights - There
were 15 new Kansas drilling permits this past week. The year-to-date
total stands at 518 permits, compared to 906 a year ago (- 43%).----------
Kansas crude prices dropped sharply by $3.75 / bbl from a week
ago (- 7%). Kansas Common crude closed the week at $47.00 /
bbl, Southcentral Kansas crude $48.75 / bbl, and Eastern Kansas
crude $44.25 / bbl. ---------- The total number of active drilling
rigs in Kansas (either moving to or on drill sites) was by 10%
from a week ago. There are 33 rigs active this week compared
to 30 a week ago. A month ago there were 23 active rigs (+ 43%).
This same time a year ago 49 rotary rigs were active in the
State (- 33%). ---------- Seventy-six (76) percent of the total
drilling activity is taking place in the Western Ranges of the
State. Of the 25 Western Range rigs, 18 are currently making
hole on drill sites while another 7 are attempting to move to
new drill sites.
In other news, the American Petroleum Institute (API), Washington,
D.C., reports that U.S. crude oil production increased by nearly
167,000 b/d in May 2019. Production was 12.235 million b/d compared
to 10.464 million b/d a year ago (+17%). Alaskan oil production
accounted for about 4% of the total crude produced, or 473,000
b/d. Natural gas liquids (NLG) production in May was up by 432,000
b/d from May last year . A record 4.753 million b/d (+10%) was
produced. Total U.S. supply of crude oil, natural gas, natural
gas liquids and other liquids in was 18.181 million b/d compared
to by 16.024 million b/d from a year ago (+13%). Total petroleum
exports in May increased by 604,000 b/d from a year ago to nearly
8.121 million b/d (+ 8%). The U.S. petroleum trade balance fell
by 636,000 b/d in May. Trade balance was 2.075 million b/d compared
to 2.711 million b/d in May a year ago (- 23%).