Oil moved up nicely today, up about 1.5% -- for whatever reason. I know RBN Energy said Isaac hit oil harder than natural gas, but with recent news, I did not expect oil to move up today.
Active drilling permits: 192
One producing well was reported as completed:
- 19796, 563, CLR, Magnuson 1-19H,
No wells came off the confidential list today, but a lot of new permits. It is not often that it takes two pages for all the permits, but this time, they had to start a second page.
Twenty (20) new permits
- Operators: WPX (7), Hess, OXY USA, BEXP (2), KOG (6), BR (3)
- Fields: Blue Buttes (McKenzie), Poe (McKenzie), Alger (Mountrail), Murphy Creek (Dunn), Lone Tree Lake (Williams) Mandaree (Dunn)
All seven WPX permits are for the same section; it looks like KOG has permits for two 3-well pads.
Oil is an inflation hedge and Bernanke is getting ready to 'pump' more money into the system. That's why it's up.
ReplyDeleteThank you. For awhile there I thought speculators were responsible: worried about a) Saudi not being able to keep up with demand; b) Israel striking Iran; c) Federal fracking rules shutting down the onshore oil industry; and, d) reports of record driving in the US this holiday weekend.
DeleteFolks will be able to sleep better knowing that it's just inflation.
Crazy world. One day speculators' hair/toupees are on fire worried over Mideast implosion, and the next day, they seem to forget.