Finally! Two More DUCs Reported As Completed -- July 5, 2018

Wow! WTI, Brent, and OPEC basket all down about 1% to 1.5% at the close after being up a bit earlier in the day. Some say that "Trump's tweets: drove the decline; others say that Saudi Arabia lost market share when they raised prices; now Saudi Arabia will cut prices to try to grab market share. Either way, this is bad news for Saudi Arabia. See Saudi's most recent foreign reserve assets -- a decline despite rising prices; and now, Saudi says they will lower prices.

Disclaimer: this is not an investment site. 

Sweet spot? Is this not the sweet spot for diversified investors with a slight overweighting in oil? Anything over $55/bbl is huge for the oil companies. If oil goes too high, the economy slows. So a pullback to the high-60's is just fine. The only fly in the ointment? The anxiety over tariffs. Buying opportunity.

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Back to the Bakken

Active rigs:

$73.12↓↓	7/5/2018	07/05/2017	07/05/2016	07/05/2015	07/05/2014
Active Rigs	65	57	31	76	191

Seven new permits: 

• Operators: Oasis (4); Liberty Resources (2); Resonance Exploration
• Fields: Banks (McKenzie); Kittleson Slough (Mountrail); Serges (Bottineau)
• Comments: Oasis has permits for a 4-well Kellogg Federal pad in NENW 30-152-97;

One permit canceled: Hess, En-Weyrauch B well in Mountrail County 

Two producing wells completed:

• 32267, 215, BR, CCU Pacific Express 22-19 MBH, Corral Creek, t5/18; cum --
• 32268, 238, BR, CCU Pacific Express 22-19 TFH, Corral Creek, t5/18; cum -- 

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"How Big Is North Dakota, Any Way?"

When I travel cross country and tell folks where I am from, the #1 question is, "where is North Dakota?" or, the variant, "Is North Dakota in Canada?"

The second most oft-asked question is, "how big is North Dakota any way?"

For those who need to know: