Oil Closes Just Shy Of $50 -- October 3, 2016

Link here. Despite OPEC "cut" -- US oil may not top $50 ceiling until next year -- Investor's Business Daily.

Today: WTI closed just below $50 at $49.25. 

Several comments:

• first, there is no "cut"; there's hardly even an agreement
• second, not much difference between $50.01 and $49.25
• third, why is "everyone" so concerned about oil going higher? Californians certainly don't want to pay more for gasoline
• fourth, didn't Goldman Sachs (and many others) say we were headed back to $20 oil based on supply and demand?

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The Daily Activity Report

Active rigs:

	10/3/2016	10/03/2015	10/03/2014	10/03/2013	10/03/2012
Active Rigs	33	68	188	185	188

Wells coming off confidential well Tuesday:

• 32323, SI/NC, Hess, EN-Freda-154-94-2635H-11, Alkali Creek, no production data

Three new permits:

• Operators: Crescent Point Energy (2), EOG
• Fields: Little Muddy (Williams); Clarks Creek (McKenzie)
• Comment: the EOG Clarks Creek permit is Clarks Creek 75-0719HX, SWSW 7-151-94; there are no 9 permits on this pad, running north - south which is an interesting configuration considering the wells are most likely spaced on the 2580-acre stand-up unit

Fourteen permits renewed:

• QEP (4): four MHA well permits, all in Dunn County
• QEP (3): three Moberg well permits, all in McKenzie County
• Newfield (2): two Moberg Federal permits, both in McKenzie County
• EOG (2): a Liberty LR well in Mountrail County; and a Hardscrabble well in Williams County
• SHD (2): a Rocky well permit and a Mufasa well permit, both in McLean County
• Oasis: a O M Erickson well permit in Williams County

Two permits canceled:

• HRC: a Hagbos permit in Williams County
• MRO: a Tucker permit in Dunn County

Three producing wells (DUCs) reported as completed:

• 31371, 397, XTO, Sara 41X-13G, Grinnell, t8/16; cum -- 
• 31372, 524, XTO, Sara 41X-13D, Grinnell, t8/16; cum -- 
• 31372, 525, XTO, Sara 41X-13H, Grinnell, t8/16; cum --