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

Active rigs:

$70.23	6/8/2021	06/08/2020	06/08/2019	06/08/2018	06/08/2017
Active Rigs	20	12	64	61	52

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.