Three New Permits: Two DUCs Reported As Completed; Nine Permits Renewed -- August 22, 2022

Under-investment: people keep talking about "under-investment" in oil over the past twenty years -- then reconcile this -- 

• bearish sentiment has taken hold of the markets;
• fears of demand destruction have combined with strong supply to push oil prices lower;
• strong supply
• what am I missing?
• link to Tsvetana Paraskova over at oilprice;

A volatile day in the energy markets. Link here.

Focus on fracking: link here --

• natural gas price: 14-year high
• US oil exports at a record high
• US oil supplies (SPR + commercial): at an 18.5 year low
• DUCs: at a record low

US SPR: falls to 35-year low. It doesn't matter. Shale is the new SPR.

• in days supply:
• US SPR: 21 days or thereabouts
• US commercial reserves of oil in storage: 26 days
• shale oil in the ground: four weeks if push comes to shove
• Permian: largest shale basin in the world
• Bakken: second largest productive shale basin in the world
• Powder Horn: developing

COP: US court orders Venezuela to pay COP almost $9 billion for asset seizures. 

• upheld a World Bank tribunal's $8.75 billion award
• the original award granted in 2019;
• interest adds at least $1 billion;

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Back to the Bakken

WTI: $90.23. Saudi's alarm over falling oil prices; gave vocal support for maintaining stability in the oil market (euphemism: keep prices high).

Natural gas: $9.680. Only a matter of time.

Active rigs: 47.

Three new permits, #39182 - #39184, inclusive:

• Operator: Ragnar Explortation
  
• Field: Fryburg (Billings County)
• Comments:
• Ragnar has permits for a Danneskjold well; a Dagny well; and a Galt well, in NWNW 28-138-100; SESW 35-139-100; and NENE 28-139-100.
  

Nine oil and gas permits renewed:

• Bowline (3): three Sanders permits in McKenzie County;
  
• Sinclair (2): two Bighorn permits in Dunn County;
  
• BR: a Mancord permit in Dunn County;
  
• Zavanna: a King Charles permit in Williams County;
  
• Enerplus: a Wallaby permit in McKenzie County;
  
• Iron Ore: a Bear Butte permit in McKenzie County;
  

Two producing wells (DUCs) reported as completed:

• 38453, 2,185, Slawson, Lightning Federal 3-24-13H, Big Bend, no production data;
  
• 38534, 798, Hunt, Quill 145-93-10-3H 3, Lake Ilo, no production data,
  

Change of operator, from RimRock to WPX:

• 36479 - 36484, inclusive: six Skunk Creek wells in Dunn County