NDARC Holds Steady At 12 -- June 4, 2020

Saudi Arabia: raises import duty to offset plunging oil prices. Link here.

The Saudis will be lifting import duties on products ranging from meat, dairy, and vegetables to chemicals, vehicles, and building materials. The import fees on those products will be raised by between 0.5 percentage point and 15 percentage points, starting next week.   

OPEC basket:  $35.46

Urals up 4.39%; now at $39.25.

Brent: no major blend settled above $40 today but Brent came close at $39.87.

Rebound:

China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, due to favorable spreads of the Shanghai-traded yuan-denominated oil futures and a ramp-up in refinery throughput, oil analytics firm OilX said in a report this week.

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Back to the Bakken

Active rigs:

$37.33	6/4/2020	06/04/2019	06/04/2018	06/04/2017	06/04/2016
Active Rigs	12	64	61	51	25

One new permit, #37613 --

• Operator: BR
• Field: Bear Creek (Dunn)
• Comments:
• BR has a permit for a Pullman well in SESW 18-147-95, Bear Creek; the daily report says this one is in Bear Creek, as a section line well, but from its description, it's clearly in Corral Creek based on section SESW 18-147-95 (maybe I'm misreading something) 

One producing well was reported as completed:

• 36133, SI/A, XTO, Arlys Federal 34X-31C, Siverston, t--; cum --; 
• a neighboring well, #21598, is off line; was taken off line 1/20; remains off line 4/20;