Tuesday, June 8, 2021

No New Permits But The Story Of The Day? WTI Hits $70 -- June 8, 2021

Active rigs:

Active Rigs2012646152

No new permits.

For whatever reason there certainly seems to be significant discipline and/or restraint in the Bakken. There is no evidence that operators are expediting their CAPEX plans. I think they're waiting for President Biden's environmental plans to kick in, pushing WTI to $80 or higher. A lot of very smart folks are investing based on predictions of $100-WTI sooner than later. Too many folks think, that with regard to oil vs EVs, 2050 is already here. I think those folks are going to be in for a (c)rude shock.

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