Thursday, May 30, 2019

Tough Day For Big Oil -- WTI Drops Almost 4% -- Trading Below $57; OPEC No Longer Relevant -- May 30, 2019

Relevancy of OPEC? This sort of shows how relevant OPEC has become. OPEC suggests they will keep production low to "maintain" prices; talk of war in the Mideast; tankers being targeted in the strait; and, drones hitting Saudi oil fields. Venezuela and Iran at minimal production/exports. Mexico not doing much better. Western Canada landlocked. Five years ago, all of this would have resulted in a spike in WTI -- today, WTI drops almost 4%.  Saudi is relevant; OPEC is not, but I've been saying that for years.

Active rigs:

Active Rigs6562502980

One new permit:
  • Operator: Slawson
  • Field: Big Bend (Mountrail)
  • Comments: Slawson has a Challenger Federal permit in section 29-151-92, Big Bend oil field
Three permits canceled:
  • Whiting: three Berg Trust permits, all in McKenzie County
Fourteen permits renewed:
  • Petro Harvester Operating Company, LLC (5): four PTL4 permits and one FLX3 permit, all in Burke County
  • CLR (4): two Dennis permits and two Flint Chips permits, all in Dunn County
  • QEP (3): three MHA permits, all in Dunn County
  • Texakota (2): two H. Borstad permits, both in Williams County
One producing well (a DUC) reported as completed:
  • 34485, F, XTO, Nelson Federal 21X-5F, Antelope-Sanish, t--; cum --; 

No comments:

Post a Comment