No New Permits, Zavanna Renews Four Permits -- Tuesday, July 26, 2022

SPR release: I'll update this and provide some links later, if the spirit moves me. 

GOOG and MSFT both miss. Details later. Screenshot now.

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Back to the Bakken

SPR release: the release continues; one million bbls/day to be sold; twenty million bbls to be auctioned with the announcement today. I assume this takes us through most of August. This is a non-story; simply political in nature. There is no new authorization. This continues to be sales (not swaps) first authorized in March, 2022.

WTI: $94.98. Dropped from a high of $98 during the early morning before the SPR release was announced.

Natural gas: rose 3%; not affected by the SPR release. Closed at $8.993. Would be much higher, all things being equal, if Freeport LNG export terminal were open. Whether Freeport opens any time soon is now a political decision. My hunch: won't re-open until European winter emergencies, earliest being January, 2023.

Active rigs: 45 or thereabouts.

No new permits.

Four permit renewals:

• Zavanna: four King Charles permits in Williams County.