Surprise Crude Build Reverses Earlier Oil Price GainsAnalysts didn't even guess correctly on the direction.
Analysts forecast a "decline" in US crude oil inventories. In fact, it was an "increase," and not trivial: a build of almost 4 million bbls. Analysts had expected a 2.761 million bbl draw (note the false precision).
Back to the Bakken
Eight new permits, #36840 - #36847, inclusive):
- Operators: Hess (4); MRO (4)
- Fields: Tioga (Mountrail), Reunion Bay (Mountrail)
- Hess has permits for a 4-well TI-State pad in Tioga oil field, lot 4/section 31-158-94;
- MRO has permits for a 4-well Akko/Aslak/Donaason/Nokelby pad in Reunion Bay, section 21-151-93
- Equinor (3): three Maring permits in Williams County
- Whiting (3): three Wold Federal permits in McKenzie County
- Oasis (2): a Pederson permit in McKenzie County and an Erickson permit in Burke County
- QEP: four MHA permits in section 23-148-92, Dunn County
- 35288, SI/NC, Whiting, Berg Trust Federal 1-27HU, Pembroke. Whiting received a letter from the NDIC dated July 8, 2019, that the permit would expire as of August 7, 2019. Back in August, 2018, Whiting had the standard request to waive open hole logs; the plan called for a 30-stage frack by Halliburton; paperwork lags but the NDIC map suggests that Whiting is drilling this pad -- it looks they got the letter, and began drilling; probably completed by August 7 and now remains a DUC.