Alexandre Solzhenitsyn's Legacy And All That Jazz -- Palindromic Wednesday - 2-23-22

Breaking: I have not fact-checked this and have not seen corroborating evidence, but there is a video out there with Justin Trudeau saying he will not extend the Emergency War Powers Act. If true one wonders if comparisons with Putin were just a bit too much for this Canadian leader?

API: for the record, but I prefer the EIA data that comes out a day later -- numbers rounded --

• Cushing: minus 2.1 million bbls
• distillate: minus 1.0 million bbls
• gasoline: plus 0.4 million bbls
• crude oil: plus 6 million bbls -- first crude build in five weeks.
  

Phil Mickelson: Christian Richey given unenviable assignment to write the Phil Mickelson story for The WSJ.

Wow, wow, wow: Richey didn't even have to do any origianl research: it appears to be a "cut and paste" from Twitter. I would have expected better from The WSJ.

Bloomberg: in panic mode. Accusing ZeroHedge of being Putin's tool.

The Bloomberg  writers suggest ZeroHedge has a conservative bent. Wrong. In fact, ZeroHedge is libertarian and reactionary. It is not "Reagan-conservative." Twitter may be forced to suspend ZeroHedge's twitter account. The good news: most folks who follow ZeroHedge go to the site directly; they don't go through Twitter to get to ZeroHedge.

SPR release: another release coming. The administration must have been spooked by the JP Morgan headline. 

Hugely bullish for oil. Fifty million bbls is twelve hours of global supply and most of it will end up in China and India. Computer-driven algorithms interpret an SPR release with a "relative" shortage of oil. 

The Biden administration might as well coordinate SPR releases with Fed rate increases. By the time the US driving season gets here, the US will have nothing left in the tank to release.

Ukraine: some thought Putin might stop with the two rogue provinces,

• but now in light of 
• Alexandre Solzhenitsyn's memoirs; and, 
• lack of any meaningful western response to the minor incursion, 
• the tea leaves suggest this is not over, not by a long shot.
• would a "change agent" be happy with two unnameable rogue provinces when a whole country is within easy grasp?
  

Vietnam: grapples with fuel shortages.

Venezuela: on the brink of becoming a failed nation. Link here.

****************************
Back to the Bakken

Active rigs:

$92.36	2/23/2022	02/23/2021	02/23/2020	02/23/2019	02/23/2018
Active Rigs	31	15	54	66	56

One new permit, #38792:

• Operator: Ovintiv
• Field: Ranch Coulee (McKenzie)
• Comments:
• Ovintiv has a permit for a White Butte well in Ranch Coulee oil field, 
• lot 4 section 2-145-98; 478 FNL and 384 FWL

One permit renewed:

• 38056, XTO, Wood 21X-25C,

Three producing wells (DUCs) reported as completed:

• 37631, 351, BR, Cherry Danish 1U MBH, Haystack Butte, minimal production,
  
• 37633, 476, BR, Cherry Blossom 1S MBH, Haystack Butte, minimal production,
• 37334, 3,228, Hess, EN-Rice-A-155-94-0310H-2, Manitou, first production 8/21; t--; cum 86K 12/21;