Three New Permits; Seven Permits Renewed -- March 30, 2022

Gasoline demand: GasBuddy keeps telling us, almost daily, how much gasoline demand is picking up compared to last year, and, yet, the EIA data is not corroborating GasBuddy's statistics. Something doesn't add up. From today's weekly EIA data:

The "slap": one of the highlights of the Academy Awards the other night was Reba McEntire. I'm re-watching her performance and then reminded of the "crassness" of the penultimate award presentation Truly, truly sad. Everything "good" about the show was completely forgotten after the "slap." Pretty sad.

Lake levels:

• Lake Mead: link here.Low. Really low.
• Lake Powell: link here. Low. Really low.

No GoM leases through 2023: Biden administration. This tells me all I need to know how serious the "crude oil" shortage really is. 

US LNG export: already draining US natural gas supplies and lifting prices. Overseas shipments of shale gas are replacing Russian supplies in Europe and boosting prices at home. But no new GoM leases per the Biden administration. Source.

US petroleum inventories, source. But no new GoM leases per the Biden administration.

Summer draws are going to be epic. Source. The market is already short three to four million bopd on supply. OPEC+ does not have enough spare capacity to make up the shortfall, even with Iran. 

Dumb and dumber. And no new GoM leases through 2023 per the Biden administration. Like canceling the Keystone XL, one dumb decision after another.

Investing: I'm going to have to reconsider my plans to diversify out of oil. LOL

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

For investors: this is outstanding -- it's a two-fer.

• first of all, it makes these on-shore permits all that more valuable; and,
• Big Oil is not wasting money on CAPEX in the Gulf of Mexico; will result in greater FCF.
• as a reminder, XOM just spent big bucks to drill a DRY hole off Brazil
  

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Back to the Bakken

Update on Murex Borstad wells, Patterson 280 rig: here. All explained.

Active rigs:

$107.40	3/30/2022	03/30/2021	03/30/2020	03/30/2019	03/30/2018
Active Rigs	34	14	44	66	60

Three new permits, #38859 - #38861, inclusive:

• Operator: Petro-Hunt
• Field: East Tioga (Burke County); 
  
• Comments:
• Petro-Hunt has permits for three Setterlund wells in East Tioga, SESW 34-159-94, 
• to be sited between 30 FSL and  265 FSL and 1520 FWL;

One permit canceled:

• 35683, Liberty Resources, Albertson, in Mountrail County;

Seven permits renewed:

• Enerplus (4): an Addax, a Camel, a Genet and a GNU permit, all in Dunn County
• RimRock Oil & Gas (3): three Two Shields Butte permits in Dunn County;