WTI Drops Below $60 -- March 31, 2021

Again, due to severe time constraints this week, there will be minimal blogging.

For the archives:

S&P 500 reaches record high; traders eye Biden's $2 trillion infrastructure proposal; if $2 trillion excites the market to record highs, why not $4 trillion or even a $100 trillion? Paul Krugman says deficits / debt (one or the other, maybe both) don't matter. There will be a slight drag on the GDP, paying the interest, and a few "feel-good" taxes on the rich, but for that we get 100's of millions of new jobs, mild inflation of 2% to 5% (good for the life insurance industry) and a carbon-free country. The market says, "go for it." Link here. Seriously, what stands between $2 trillion and $100 trillion in new stimulus, infrastructure, and recurring monthly payments to those in need (universal basic income), and while we are at, finally get the reparations issue(s) resolved. 

Gasoline demand: link here. 

WTI: drops 2.3%; drops below $60. Trading at $59.16.

OPEC basket (a day delay): $63.37. Saudi Arabia can't meet it's projected budget with $60-oil.

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Back to the Bakken

Active rigs:

$59.16	3/31/2021	03/31/2020	03/31/2019	03/31/2018	03/31/2017
Active Rigs	14	43	66	60	49

Five new permits: see this post for the MRO and Kraken permits, #38231 - #38235, inclusive. 

Ten permits renewed:

• Enerplus: one Elephant permit, one Warthog permit, one Zebra permit, one Gazelle permit, one Fossa permit, one Aardwolf permit, one Meerkat permit, one Salmon permit, one Sturgeon permit, and on Lemur permit, all in Dunn County.