Crude oil pipelines out of the Permian are filled to capacity and the differentials between crude in Midland and in Cushing and Gulf Coast destination markets are wide and likely to widen. That has spurred Permian producers and shippers to consider every possible option for moving incremental barrels out of the play, including two old short-term standbys: tanker trucks and crude-by-rail. Cost isn’t a major issue — the price spread and the Permian’s low break-evens will probably justify the higher expenses associated with trucking and railing crude. But that doesn’t mean that badly needed truck and rail capacity can appear with a poof as if by magic. No, even wads of cash may not be enough to quickly round up the hundreds — thousands? — of trucks and drivers that would be required to make a significant dent in the Permian’s takeaway shortfall. And developing brand new crude-by-rail terminals can take a year or more — too much time to address the play’s more immediate needs. Today, we continue our look at the frenzied efforts under way to move more Permian crude to market.
NATGAS Permian is a weekly natural gas fundamentals analysis focusing entirely on the key market drivers within the Permian basin. The report contains details and forecasts around natural gas production, demand, pricing, and a summary of pipeline outflows and capacities from the Permian to neighboring regions.
Despite their recent fall-off, crude oil prices remain at or near their highest level since the fall of 2014, and crude production in the Permian — now about 3.2 MMb/d — has recently been rising by an average of about 70 Mb/d per month, or more than 800 Mb/d per year (see Figure 1).
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About the song
"No Time" is one of the best-known songs by The Guess Who, a Canadian rock band. Written by band members Randy Bachman and Burton Cummings, the tune has the distinction of being recorded twice, and appearing on two consecutive Guess Who albums. The first — a longer, more psychedelic version — appeared on the band's second album, 1969's Canned Wheat, and the second, shorter version was a track on the band's third LP, 1970's American Woman. It is the latter version of the song that most people would recognize today; it went to #5 on the U.S. charts and #1 in Canada. The personnel on both versions of "No Time" were Burton Cummings (lead vocals, guitar and piano), Randy Bachman (lead guitar and backing vocals), Jim Kale (bass and backing vocals) and Garry Peterson (drums).
The Guess Who was formed in Winnipeg — Manitoba’s capital and largest city — in 1965. Many members have passed through the band’s roster over the years. Mainstay guitarist and songwriter Randy Bachman left the band at the height of its popularity in 1970 and went on to form the highly successful Bachman-Turner Overdrive (BTO) a year later. Burton Cummings left The Guess Who in 1975, and went on to a successful career as a solo artist. Bassist Jim Kale owns the trademark to the name "The Guess Who" and sometimes tours the nostalgia circuit with various members under that name.
The Guess Who released 11 albums in the Burton Cummings era (1965-75). The band was inducted into the Canadian Music Hall of Fame in 1987.
