Hi The Prof,
Should see continued upward trend while ever OPEC++ is in the mood to extend the current cut of 9.7m barrels per day, this also with anecdotal global fuel on water storage of approximately 200m barrels adjusted should see floating storage technically removed via consumption needs. I would imagine in the current climate oil traders may keep fuel if purchased cheaply remain in floating storage until the bench mark prices make for an relatively easy profit (depending on the tankers rates of course)
Eia forecast consumption of 90m barrels per day in 2020, and reported consumption of 70m barrels per during the Covid 19 shutdown periods and increasing as global shutdowns are paired back will slowly see draws on overall global storageobviously this is will take a number of months still with some volatility to return to a balance supply and demand market.
What does this mean for Brookside? General talk across media is that US Shale and Gas companies will be looking with interest when a sustained market price per barrel is $40 dollars and beyond to bringing wells back online or for new production and this may also be represented in the weekly change in the frac spread count that has started to increase from its lows of about 40. Tier 1 acreage with quality returning IP rates will continue to be sought after in the Anadarko Basin.
Meanwhile Nat Gas continues to fluctuate, however with the number of wells shutin is supply is meeting demand in the northern summer or will demand start to outstrip supply as industry ramps up starting to require gas and power. Dependant on other producing regions this may become the case and with Brookside 65/35% gas to oil harvesting and production any upward movement in the gas will surely bring greater levels of revenue to bank account
Anyways Wednesdays thoughts....
Keep well Cheers Paul.
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