WTI Slumping -- Severe Recession No Longer Unlikely -- June 15, 2022

Amazon: still amazes me after all these years

• for purposes of travel, I needed another external hard drive:
• I wanted the same one that I had purchased two or three years ago;
• before 0800 today, I went to Amazon, looked at "prior purchases," found the hard drive, and a couple of clicks and it was ordered
• I was given the choice
• to be delivered between 1000 and 1500 hrs, or between 1500 and 2000 hrs today; or,
• tomorrow
• free delivery, regardless of delivery choice
• the hard drive arrived at my door step at 1455
• and, as noted, it was ordered earlier this morning
• and, because it was ordered from Amazon, on my Amazon credit card, 5% cash-back
  

WTI: $115.30.

• everything to do with FOMC ("Fed" rate and inflation expectations)
• "Fed" rate + inflation expectations = severe recession
•  "back to the future": 1974?
• see wiki link: millennials never experienced this; the rest of us did
• it was not pleasant
• mortgages for as much as 15%
  
• severe recession --> significantly decreased energy and feedstock requirements
• --> falling gasoline prices
• whether we have the third leg of stagflation (high unemployment) is yet to be seen, but unemployment concerns are not on the Fed's radar scope yet 
• I've argued against unemployment issues, but I could very easily be wrong
• I'm no longer taking any wagers
  

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Back to the Bakken

NDIC GIS map server: NDIC goal to have it up and running June 14, 2022;

• no update; still not up and running

CLR:

• in the red today: down 3.5%; down $2.61; closed at $71.61
• up slightly after hours
• average trading volume: 1.650 million shares are traded daily on average
• today's volume traded: 4.877 million shares

WTI: $115.30.

Active rigs: 37 or thereabouts

Three new permits, #39021 - #39023, inclusive:

• Operator: Kraken
• Field: Oliver (Williams)
• Comments:
• Kraken has permits for three King wells in SESE 8-157-98, 
• to be sited 340 FSL and between 424 FEL and 490 FEL

Fifteen permits renewed:

• BR (9): two Kellogg Ranch; three Lillibridge; two Nordeng -- all in McKenzie County; and, two Patton permits, both in Dunn County;
• Whiting (6): two USA Federal permits, McKenzie County; one Littlefield permit, Mountrail; three Brehm permits, all in Mountrail County