WTI: $95.79. Two things have changed and one photo-op is in the offing:
- we will get the CPI report tomorrow. It will show core inflation is running at 10.2%; up 120 basis points from previous report - fake sources. How this affects the price of a oil is a derivative of a derivative
- the strength of the dollar is surging; and, the dollar and the euro have now reached parity. All things being equal there is an exact inverse correlation between the strength of the dollar and the price of oil.
- President Biden will be meeting with counterparts in the Mideast this weekend on a two-day whirlwind tour of the oil cartel.
NG: $6.163
Active rigs: 45 or thereabout
Six new permits, #39076 - #39081, inclusive:
- Operators: Hess (4); Grayson Mill; and, Wesco Operating
- Fields: Alger (Mountrail); Todd (Williston, Williams); Bicenteennial (Golden Valley)
- Comments:
- Hess has four RS-State permits, Nese 2-155-92,
- to be sited between 1564 FSL and 1663 FSL and 564 FEL;
- Grayson Miill has a permit for a Dave Arnson well, NWNW 17-154-101,
- to be sited 386 FNL and 381 FWL;
- Wesco Operating has a Hall Fed permit for SWNE 12-144-104,
- to be sited 1759 FNL and 2262 FEL;
Eight permits renewed:
- CLR: two Salem permits; two Marlene permits; two Schroeder permits; and, two Sacramento permits, all in Williams County;
Two producing wells (DUCs) reported as completed:
- 36111, 0 (no typo; typical for BR), BR, Outlaw Gap 44-23TFH, Sand Creek, minimal production, the BR Outlaw Gap wells are tracked here.
- 35755, 1,647, XTO, Tom State 34X-1EXH, Alkali Creek, first production, 5/22; t--; cum 20K 5/22;
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