Here are some more selected news articles for the week ending 10 April 2021. Go here for Part 1.
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Bakken crude to be rerouted in every direction if DAPL shuts | S&P Global Platts - Bakken Shale crude oil volumes would ship to the west, east and even up north into Canada and back into the US again as producers and pipeline operators target alternative routes if the Dakota Access Pipeline is shuttered, even temporarily, according to industry sources. A federal court could decide as soon as April 9 whether the Bakken Shale s main crude artery is forced to close, dispersing the volumes from the four-year-old, 570,000 b/d pipeline to other existing pipelines, lightly used crude-by-rail networks, and trucking routes, and widening Bakken crude price discounts. If the Energy Transfer-operated pipeline is o
Cryptos reach new record high ahead of Coinbase listing (SPY -0.1%). Global stocks hover at all time high as Q1 earnings begin as Powell says U.S. economy at inflection point.
Here is the current market situation from CNN Money
European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
The $7 Trillion Reason Saudi Arabia Is Cutting Oil Production Strict production discipline by OPEC and its partners is the #1 reason why oil prices have managed to stage a remarkable recovery and stay relatively high after plunging to historical lows in 2020. Early this month, oil prices reacted positively after OPEC and its non-OPEC partners, aka OPEC+, reached a favorable agreement to start gradually curbing production cuts beginning in May. Starting next month, OPEC+ will allow an additional 350,000 barrels per day to join the market
Grace Goodrich, Field Editor
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Italy’s Eni yielded a new light oil discovery in deepwater Block 15/06 on Tuesday, representing the first commercial discovery in the block since the resumption of exploration activities after COVID-19.
The discovery – which carries estimated reserves between 200 and 250 million barrels of oil – is the second significant discovery within the Cabaça Development Area. The well was drilled in the Cuica exploration prospect in deep waters of 500 meters with a total vertical depth of 4,100 meters.
According to Eni – which currently produces around 120,000 barrels of oil per day (bopd) in Angola – preliminary data suggests an estimated production capacity of 10,000 bopd.
Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well has been drilled on the Cuica exploration prospect located inside the Cabaça Development Area and close to the Armada Olombendo FPSO (East Hub) pursuing the exploration opportunities in proximity of existing infrastructures (ILX, infrastructure-led exploration). It resulted in an oil discovery with a size estimated between 200 and 250 million barrels of oil in place.
The Cuica-1 NFW has been drilled as a deviated well by the Libongos drillship in a water depth of 500 meters, and reached a total vertical depth of 4100 meters, encountering an 80 meters total column of reservoir of light oil (38°API) in sandstones of Miocene age with good petrophysical properties. The discovery well is going to be sidetracked updip to be placed in an optimal position as a producer well. The result of the intensive data collection indicates an expected production capacity of around 10,000 barrels of oil per da