No New Permits; Active Rigs Hold At Eighteen; CLR Reports Three Completed DUCs -- May 12, 2021

From the Breitbart News Desk: 

The surge in prices in April was a bombshell. Excluding food and energy, so-called core inflation jumped 0.9 percent from March. That is biggest one-month increase since 1981 and is three times higher than Wall Street expected. 

The headline inflation figure, at 0.8 percent, was four times higher than expected. 

The stock market was left shell-shocked. 

Stocks have been tumbling this week on inflation worries but took a much deeper dive once the April inflation data were released. Stocks are now on a path for their worst week since October, when fears of a resurgent pandemic sent shares into a free fall. Those Masters of the Universe stocks that had done so well through the pandemic were among the hardest hit, with Google and Microsoft dropping by around 3 percent. 

One of the reasons the inflation data took such a bite out of the market is that it shook confidence in the ability of experts to forecast economic developments with any accuracy. Recall that just last week we learned that April payrolls came in at just 266,000, missing predictions for a million jobs. This much variance from estimates creates the impression that no one really knows what's going on with the economy, including those smart guys at the Fed who have repeatedly assured us that this bout of inflation will be transitory. 

The worsening gasoline crisis is also contributing to the idea that we're beset by incompetence at the highest levels of government. On the fifth day of this crisis, the Biden administration did nothing to reassure the public or alleviate the problem. Instead, gas prices jumped to their highest level in 7 years, and many gas stations were forced to shutter their pumps because they had run out of fuel. Elsewhere, hours-long lines formed as the public obviously is not convinced that this will all be over by the end of the week. 

Meanwhile, the government was very helpfully advising the public not to pour gasoline into plastic bags.

-- Alex Marlow & John Carney, Breitbart News Network

South Dakota attorney general, link here:

Sixth Judicial Circuit Judge John Brown told South Dakota Attorney General Jason Ravnsborg's defense lawyer on Wednesday at a status hearing that he saw no reason why a trial on three misdemeanor charges couldn't happen by the end of summer.

Atmospheric CO2: here it is, almost mid-May, and still no monthly update for atmospheric CO2. Link here. 

 

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Back to the Bakken

Three producing wells (DUCs) reported as completed:

• 37048, drl/A, CLR, Simmental Federal 9-16H1, 33-053-09225, Elm Tree, first production, --; t--; cum --; fracked 1/5/21 - 1/16/21; 7.1 million gallons of water; 88% water by mass;
• 37049, drl/A, CLR, Simmetnal Federal 8-16H, 33-053-09226, Elm Tree, first production, --; t--; cum --; fracked 12/28/20 - 1/4/21 -- a 7-day frack; 8.6 million gallons of water; 86% water by mass;
• 37050, drl/A, CLR, Simmental Federal 7-16H2, 33-053-09227, Elm Tree, first production, --; t--; cum --; fracked 12/16/20 - 12/27/20; 8.3 million gallons of water; 88% water by mass;

Active rigs:

$66.08	5/12/2021	05/12/2020	05/12/2019	05/12/2018	05/12/2017
Active Rigs	18	17	66	60	51

No new permits.