Tuesday, August 9, 2016 -- We Start The Day With 33 Active Rigs In North Dakota -- August 9, 2016

Active rigs:

	8/9/2016	08/09/2015	08/09/2014	08/09/2013	08/09/2012
Active Rigs	33	73	193	183	199

RBN Energy: update on the huge Canadian complex at Sarnia, Ontario, part 2.

From the NDIC Monday's daily activity report: no new permits and no producing wells completed, but 23 permits renewed, which might be a record for number of renewed permits, although it comes after a weekend:

• BR (7): six Ivan permits and one Sanvan permit, all in McKenzie County
• HRC (5): five Fort Berthold permits in McKenzie County
• Whiting (3): three Pronghorn Federal permits in Billings County
• Statoil (3): three Martin permits in Williams County
• Petro-Hunt (2): two USA permits in McKenzie County 
• WPX (2): two Lucy Evans permits in McKenzie County
• Zavanna: a Raven permit in McKenzie County
• Denbury: a CHSU permit in Bowman County

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Negative Interest Rates? 

Okay, Let's Put More Money Into Our Savings Accounts

The WSJ has an interesting article linking increased savings with negative interest rates, an unintended consequence. I agree with some analysts: too early to tell. The graph below with a quick glance suggests the trend is up, but in fact it's pretty much in only three countries, all part of the EU where folks have reason to be very concerned following Brexit, immigration, and terrorism (and Islamic takeover of Turkey).

• Denmark shows huge jump in savings rate
• Switzerland with steady increase since before 2000, well before negative interest rates
• Sweden with big jump ten years ago, well before negative interest rates, and steady increase since
• Japan's trend caught me by surprise; I've always been told the Japanese are "great" savers, but looks at the fall since before 2000, and Japan turns out not to be the nation of savers we have been told it is (or least that's my myth); Japan is at 2%, well below half of the rate for the US; and, in fact, Japan's savings rate went negative just a few years ago
• Germany: flat, where all the negative interest rate stories are now focused
• US: flat

Bottom line: the jury is still out. But for now, it seems like a non-story.