WTI Back Over $70 -- May 8, 2018; Seven DUCs Reported As Completed; Five New Permits; Six Permits Renewed

Oilprice.com: "WTI crashes after Trump "tears up" Iran deal." Well, that didn't long! Back over $70. LOL. Link here.

After the much-awaited news regarding U.S. sanctions on Iran today, the American Petroleum Institute (API) reported a draw of 1.85 million barrels to the U.S. crude oil inventories for the week ending May 4, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 719,000 barrels. 

Last week, the American Petroleum Institute (API) reported a large build of 3.427 million barrels of crude oil. 

The API also reported a draw in gasoline inventories for week ending May 4, to the tune of 2.055 million barrels—a bigger draw than the 450,000-barrel draw that analysts had expected.

**********************************

Back to the Bakken

Where Fracking Is An 8-Letter Word

Active rigs:

	5/8/2018	05/08/2017	05/08/2016	05/08/2015	05/08/2014
Active Rigs	61	49	27	84	191

Five new permits:

• New permits: Newfield (4); Armstrong Operating
• Fields: Haystack Butte (McKenzie); Wildcat (Renville County)
• Comments: Newfield has permits for a 4-well Berg Federal pad in NENW 30-149-97

Six permits renewed:

• BR: five Gladstone permits in McKenzie County; and one Catalina permit in Dunn County

Seven producing wells (DUCs) reported as completed:

• 30965, 2,293, CLR, Uhlman Federal 2-7H1, Banks, t4/18; cum --
• 31461, 177, Statoil, Shorty 4-9F 2TFH, Stony Creek, t2/18; cum --
• 31443, 550, Statoil, Shorty 4-9F 3H, Stony Creek, t2/18; cum --
• 31699, 133, Statoil, Shorty 4-9F 4TFH, t3/18; cum --
• 31700, 398, Statoil, Shorty 4-9F 5H, t3/18; cum --
• 31701, 254, Statoil, Shorty 4-9F 6TFH, t3/18; cum -- 
• 31702, 357, Statoil, Shorty 4-9F 7H, t3/18; cum -- 

********************* 

From Yesterday's Daily Activity Report

May 7, 2018

Two new permits:

• Operator: CLR
• Field: Dimmick Lake (McKenzie)
• Comments:

Fifteen permits renewed:

• BR (8): six Abercrombie permits; one Abersom permit; and, one Aberlid permit, all in McKenzie County
• Slawson (5): five Jore (Federal) permits in McKenzie County
• BR: an Ole permit in McKenzie County
• Crescent Point Energy: a Legacy Et Al Hansen Pager permit in Bottineau County

One permit canceled:

• North Range Resources: a Placid permit in McKenzie County

Six DUCs reported as completed:

• 31703, 112, Statoil, Shorty 4-9F 8TFH, Stony Creek, t3/18; cum --
• 33054, 3,600, Whiting, Mallow 34-8H, Pembroke, t4/18; cum --
• 33313, 1,460, Whiting, Nelson 14-8-1HU, East Fork, t4/18; cum --
• 33317, 1,798, Anna 14-8-2H, East Fork, t4/18; cum --
• 33318, 1,406, Anna 14-8-1TFH, East Fork, t4/18; cum --
• 33319, 1,189,  Anna 14-8-1HU, East Fork, t4/18; cum --