Ten DUCs Reported As Completed; Nine New Permits -- January 3, 2019

Weekly crude oil inventories, API data, link here:

• a draw of 4.5 million bbls
• forecast: a draw of 2.333 million bbls
• that's pretty fine forecasting -- down to 2,333,000 bbls or forecast to the nearest 1000 bbls; color me impressed 
• headline screenshot: 

• but it was the gasoline, distillate build that suppressed oil prices; WTI dropped 20 cents
• gasoline inventories rose 8.0 million bbls vs a predicted build of 2.267 million bbls
• distillates rose 4.0 million bbls vs a predicted build of 2.567 million bbls
• again, the precision of the forecast is remarkable

Gasoline, days of supply, EIA: link here. Unremarkable. Still running at 25 days. Seven days too much supply.

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Back to the Bakken

Active rigs:

$46.98	1/3/2019	01/03/2018	01/03/2017	01/03/2016	01/03/2015
Active Rigs	65	53	39	60	171

Nine new permits:

• Operators: CLR (4): WPX (3); Petroshale; Berengery
• Fields: Banks (McKenzie); Squaw Creek (McKenzie); Eagle Nest (Dunn); Chatfield (Bottineau)
• Comments: CLR has permits for 4-well Wahpeto pad in 16-152-99; WPX has permits for a 3-well Badger pad in 23-149-94; Petroshale has a permit in 9-148-94 for a Helen MBH well; and, Berenergy has a permit for (most likely) a Madison well in 30-139-81;

One permit renewed:

• Whiting: a Rennerfeldt permit in Williams County

Change of ownership: 24 permits/wells

• from Williston Exploration to Medora Minerals, LLC
• in southwestern North Dakota
• most of them in Billings County
• older permits; as old as ##14994; most recent, #25347

Ten producing wells (DUCs) reported as completed:

• 31779, 509, Whiting, Pronghorn Federal 21-13-2PH, Park, t11/18; cum 8K over 12 days;
• 33891, 2,554, Hess, SC-5WX-152-99-0310H-2, Banks, t11/18; cum 16K over 14 days;
• 30633, 1,902, Hess, SC-Hoving-LW-154-98-1003H-1, Truax, t11/18; cum 14K over 16 days;
• 33892, 2,018, Hess, SC-5WX-152-99-0310H-3, Banks, t11/18; cum 28K over 20 days;
• 34169, 1,426, Hess, SC-Hoving-154-98-1003H-4, Truax, t11/18; cum 17K over 21 days;
• 33893, 1,740, Hess, SC-5WX-152-99-0310H-4,  Banks, t11/18; cum 27K over 26 days;
• 34168, 1,450, Hess, SC-Hoving-154-98-1003H-3, Truax, t11/18; cum 24K over 28 days;
• 34146, 50, BR, Sanvan 1A-MBH-ULW,  Elidah, t11/18; cum 5K over 11 days; #19712, #21542 -- see this post;
  
• 31771, 77, BR, Sanvan 8-1-29UTFH-ULW, Elidah, t11/18; cum 5K over 11 days;
  #19712, #21542 -- see this post;
• 33837, 1,625, Abraxas, Yellowstone 7H, North Fork, t8/18; cum 157K 11/18; #18708 -- absolutely no improvement; unusual to say the least with all the neighboring activity;

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Production Profile For That Abraxas Yellowstone Well

The well:

• 33837, 1,625, Abraxas, Yellowstone 7H, North Fork, t8/18; cum 157K 11/18; 

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2018	30	18743	18554	11006	54682	34186	20286
BAKKEN	10-2018	31	25928	24517	13390	71443	34563	36663
BAKKEN	9-2018	30	32383	32439	16689	84072	53433	30429
BAKKEN	8-2018	31	38012	38361	18524	77658	51554	25887
BAKKEN	7-2018	30	35243	34506	19239	68724	40758	27756
BAKKEN	6-2018	10	6582	6507	5641	9622	7779	1773