WTI Drops Almost $2/Bbl; Drops Over 3% -- November 19, 2019

IPO: now that it's obvious that the ARAMCO IPO won't support oil prices, WTI dropped over 3% today, and Brent crude dropped 2.7%. The OPEC basket rose 0.5%. Wall Street says the price of oil fell due to the fact that the US war on China trade has not improved, maybe gotten worse. 

Active rigs

$55.29	11/19/2019	11/19/2018	11/19/2017	11/19/2016	11/19/2015
Active Rigs	55	62	56	39	64

Six new permits, #37194 - #37199, inclusive:

• Operator: Slawson (5): North Range Resources
• Fields: North Fork (McKenzie), Grassy Butte (McKenzie)
• Comments:
• Slawson has permits for a 5-well Mauser Federal pad in lots 2 & 4, section 18-149-97, North Fork oil field
• currently three producing wells sited in that drilling unit: #25432; #25433; and, #23893; all three drilled/completed back in 2013, and all three running between 180K and 215K, cumulative
• North Range Resources has a permit for another Placid well in lot section 36-146-100, Grassy Butte oil field;
• there is one existing permit in the same section, targeting the Duperow, Placid 36-2V-D 
• permit for #37194: 320-acre spacing; will target the Duperow; it looks like the lateral will be about 3,250 feet long; 
• looking at other wells in the immediate area, one thought: "hope springs eternal"

One permit reinstated:

• 31392, Slawson, Mauser Federal 2-18-17H

Three permits renewed:

• Liberty Resources (2): a Christine permit and an LTM permit, both in Mountrail County
• CLR: a Steward permit in Divide County

Five producing wells (DUCs) reported as completed:

• 36393, 5,281, MRO, Yesenko USA 11-21TFH, Four Bears, t9/19; cum 25K over first 30 days;
• 35025, n/d, Whiting, Vance 14-9TFH, Truax, t--; cum --;
• 35024, n/d, Whiting, Vance 14-9-2H, Truax, t--; cum --;
• 35277, n/d, Whiting, Vance Federal 41-17-3TFH, Truax, t--; cum --;
• 35027, n/d, Whiting, Vance 14-9-2TFH, Truax, t--; cum --;