Oasis With Two New Permits; Active Rigs Number 55 -- March 10, 2020

API crude oil inventory: surprise, surprise, another surprise, LOL.

• forecast: a build of under 2 million bbls (1.848 million bbls to be exact, along with that false precision)
• actual: 6.407 million bbls

Saudi Arabia: if the photos are real, and the news is real, and Saudi Arabia really has booked several VLCC to carry a gazillion bbls of oil to the United States, it's going to be quite a party here in the US.

First of all, can you imagine all those tankers off-loading on the west coast. The west coast can't possible sop up all that oil. We will have floating tankers out on the Pacific for weeks on end. The price of gasoline should plummet in California. Could we see $1.50-gasoline in San Francisco? LOL. And when does this happen? Right as the driving season begins and hopefully it will continue right through the summer into November, so all those folks can drive to the polls and vote for continued cheap gasoline. This could be a real hoot. But you know, even if we don't see $1.50-gasoline in California, I can't imagine the current $35-WTI clawing its way back to even $45 very soon. This will be fascinating to watch. Maybe $45-WTI is all we can hope for.

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Back to the Bakken

Active rigs:

$34.48	3/10/2020	03/10/2019	03/10/2018	03/10/2017	03/10/2016
Active Rigs	55	67	59	44	33

Two new permits, #37439 - #37440, inclusive:

• Operator: Oasis
• Field: Sand Creek (McKenzie)
• Comments:
• Oasis has permits for two Wold wells
• one Wold well will be in SWSE 34-153-97;
• the other Wold well will be in Lot 3 section 6-152-97