WTI: $94.42. The drop in the price of WTI seems to have slowed; perhaps bottomed again.
OPEC+ met this week; will raise production quota by 250,000 bopd (a drop in the bucket in the big scheme of things) and production provides for domestic consumption and export, and "production" does not necessarily follow "production quota." One can argue that OPEC+ increase in crude oil production is barely keeping up with their own domestic use, particularly in Saudi Arabia where the kingdom is increasing refinery capacity to export refined products.Natural gas: $7.706. Many see this drop perplexing. All things being equal, it suggests analysts are looking toward:
- a further slowdown in economic activity in the third quarter;
- a temperate autumn in Europe;
- adequate natural gas reaching Europe by the time winter hits
Active rigs: NDIC reports 46 active rigs.
Six new permits, #39121 - #39126, inclusive:
- Operator: Grayson Mill (Equinor) (4); Iron Oil Operating (2)
- Field: Todd (Williams County); Bully (McKenzie County)
- Comments:
- Iron Oil has permits for two Stocke wells in lot 4 section 4-148-100,
- to be sited 345 FNL and at 961 FWL and 1011 FWL;
- Grayson Mill has permits for four Cherrey wells in SESW 34-155-101,
- to be sited 403 FSL and 402 FSL and between 2056 FWL and 2236 FWL.
- the Cherrey wells will be north of the Municipal Golf Course and west of Spring Park
- Note: I had this wrong in the original note. A big thanks to the reader who caught my mistake and alerted me.
Map:
