It’s time for everybody’s favorite morning wrap-up, The Morning Surge! And yes, that’s completely, 100 percent, unequivocally true.
On a separate note, yesterday Doug Krintzman came through with another spectacular version of The Nightly Surge, which is everybody’s favorite nightly wrap-up. In all seriousness, together we make sure you don’t miss a beat in the oil and gas world. There’s nothing our eyes don’t see. There’s not a shred of news that slips through the cracks. We’re here and everywhere at the same time. We’re….okay, that’s enough.
Let’s take a look at the biggest headlines of the last twelve hours.
Army Plans To Grant Dakota Access Pipeline Construction
The Army completed a presidential-directed overview of the easement request for the Dakota Access Pipeline and notified Congress that it plans to grant passage across government land at Lake Oahe in North Dakota.
The Oil and Gas Journal reports that the Army granted the right of way based on a sufficient amount of information already available.
“Today’s announcement will allow for the final step, which is granting of the easement,” Army Sec. Robert Speer said. “Once that it done, we will have completed all the tasks in the Presidential Memorandum of Jan. 24.”
Heidi Heitkamp, a US Senator of North Dakota, said, “Going forward, I’ll continue to monitor the federal government’s work to renew guidance addressing required tribal consultation for future infrastructure projects on or near tribal land, and I’ll keep working with the federal delegation and the governor in a bipartisan effort to push for more federal support for law enforcement.”
US Crude Imports Likely To End In March
CNBC reports that a recent jump in American crude imports could reverse after March rolls around. The EIA released a report on Wednesday showing that US crude inventories shot up last week by 13.8 million barrels. They attribute this to a rise in crude imports.
However, Goldman Sachs believes that this trend will end soon due to OPEC cuts.
“Given the relatively high compliance to the proposed cuts so far, we believe that this import channel will reverse from March onward,” Goldman Sachs analysts said.
“As a result, we do not view the recent excess U.S. builds as derailing our forecast for a gradual draw in inventories, with in fact the rest of the world already showing signs of tightness.”
Oil and Gas In Colorado Is Turning Around
Colorado sits on pretty substantial reservoirs of oil and gas. For the past two years, they haven’t exactly been using these sites to their full advantage.
“A lot of how Colorado fits into the broader national picture will depend on state policies,” said Erica Bowman, chief economist with the American Petroleum Institute.
Before Saudi Arabia said it wouldn’t limit oil production, Colorado had 76 drilling rigs operating in the state. They now have 26 rigs running in the state.
Erica Bowman believes that oil prices are high enough now to incentivize companies to put more rigs, and workers, in place. For the whole story, check out the article at The Denver Post.
Well, that’s Thursday morning for you! One-half of the day done, one more half to go. Don’t forget to tune into The Nightly Surge later on today. Stay classy, America.