Tough Day For Big Oil -- WTI Drops Almost 4% -- Trading Below $57; OPEC No Longer Relevant -- May 30, 2019

Relevancy of OPEC? This sort of shows how relevant OPEC has become. OPEC suggests they will keep production low to "maintain" prices; talk of war in the Mideast; tankers being targeted in the strait; and, drones hitting Saudi oil fields. Venezuela and Iran at minimal production/exports. Mexico not doing much better. Western Canada landlocked. Five years ago, all of this would have resulted in a spike in WTI -- today, WTI drops almost 4%.  Saudi is relevant; OPEC is not, but I've been saying that for years.

Active rigs:

$56.53	5/30/2019	05/30/2018	05/30/2017	05/30/2016	05/30/2015
Active Rigs	65	62	50	29	80

One new permit:

• Operator: Slawson
• Field: Big Bend (Mountrail)
• Comments: Slawson has a Challenger Federal permit in section 29-151-92, Big Bend oil field

Three permits canceled:

• Whiting: three Berg Trust permits, all in McKenzie County

Fourteen permits renewed:

• Petro Harvester Operating Company, LLC (5): four PTL4 permits and one FLX3 permit, all in Burke County
• CLR (4): two Dennis permits and two Flint Chips permits, all in Dunn County
• QEP (3): three MHA permits, all in Dunn County
• Texakota (2): two H. Borstad permits, both in Williams County

One producing well (a DUC) reported as completed:

• 34485, F, XTO, Nelson Federal 21X-5F, Antelope-Sanish, t--; cum --;