Four New Permits; One DUC Reported As Completed -- May 4, 2022

Wow, wow, wow -- this happened fast. This is a central theme on the blog regarding Putin's War -- but I thought it would take a bit longer for mainstream media to start reporting it, and here it is -- on May 4, 2022 -- huge, link to Irina Slav:

• Russia’s oil output is plummeting, and the decline is expected to worsen in May. 
• OPEC recently warned that markets could see the loss of more than 7 million barrels per day of Russian oil and other liquids exports. 
• With many global producers constrained in their capacity to boost production fast, oil prices are likely to remain elevated for the foreseeable future.

Two words: Buffett, Chevron. 

Diesel: I've said many times, if Charles Kennedy writes about it, it's worth reading. Diesel prices hit a new record on Wednesday. Link to Charles Kennedy. It's much more complicated than this but as far as I'm concerned, the "diesel price" issue in this country is due to "killing the Keystone XL." That's a metonym, of course, and includes ESG. But every day, the decision to shut down the Keystone XL looks more and more -- the worse energy decision made by any US president in a long, long time. 

WTI:

• at time of original post, $107.90
• later in the evening, $108.10

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Back to the Bakken

Active rigs:

$107.90	5/4/2022	05/04/2021	05/04/2020	05/04/2019	05/04/2018
Active Rigs	39	17	27	64	62

Four new permits, #38926 - #38929, inclusive:

• Operator: Grayson Mill
• Field: Alexander (McKenzie)
• Comments:
• Grayson Mill has permits for four Timber Creek wells in NENW 13-151-101; 
• to be sited 373 FNL and between 2331 FWL and 2421 FWL

One producing well completed:

• 38612, 2,046, Grayson Mill, Jay 24-13F 6H, Banks, no production data,