ND Rig Count At 17; WTI Pretty Much Unchanged; Despite New Production Cuts From Saudi Arabia, OPEC Basket Drops In Price -- May 11, 2020

Headline writers continue to write the narrative they think should be playing out, but the numbers don't support the headlines:

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Back To The Bakken

Active rigs:

$24.14	5/11/2020	05/11/2019	05/11/2018	05/11/2017	05/11/2016
Active Rigs	17	66	60	51	27

No new permits.

Five permits renewed;

• XTO (3): three Beckert permits in Dunn County;
• WPX (2): two Edward Goodbird permits in Dunn County; 

Eight wells approved for confidential status:

• Nine Point Energy (3): Missouri wells in Williams County
• Hess (3): two EN-Sorenson B and one EN-Ruland well, all in Mountrail County
• CLR: one Marshall well in Dunn County
• Whiting: one Oddie well in Mountrail County

Six producing wells (DUCs) reported as completed:

• 35989, SI/A, Equinor, Sam 30-31 6TFH, Bull Butte, t--; cum 36K over 3 months;
• 34410, SI/A, Crescent Point Energy, CPEUSC Dorothy 19-18-158N-98W MBH, Rainbow, t--; cum 18K over 31 days;
• 36436, SI/A, Crescent Point Energy, EPEUSC Claire Rsoe 30-31-159N-99W MBH, Burg, t--; cum 11K over 53 days;
• 34412, SI/A, Crescent Point Energy, CPEUSC Dorothy 4-19-18-158N-98W MBH, Rainbow, t--; cum 16K over 31 days;
• 37078, conf, Whiting, Oddie 44-7HU, Sanish, t--; cum --;
• 36504, drl/A, WPX,  Blue Racer 14-11HD, Squaw Creek, t--; cum 32K over 31 days;