Damn The Torpedoes -- Full Speed Ahead -- CLR With Six New Permits -- October 12, 2022

US oil production: link here -- 

Huge build: 

The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels. 

U.S. crude inventories have grown by roughly 28 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 184 million barrels. 

The build in crude oil inventories was made possible by the Department of Energy’s release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the SPR with 408.7 million barrels. 

In the week prior, the API reported a draw in crude oil inventories of 1.770 million barrels after analysts had predicted a much build of 1.966 million barrels.

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Back to the Bakken -- In Progress

Active rigs: 43.

WTI: $87.09. Large build reported by API. We'll see what the EIA reports tomorrow. If the EIA corroborates the 7-million-bbl build reported by API .... holy mackerel -- Saudi will have to call another emergency meeting. Refiners are sucking up that oil as fast as the Biden administration can release it.

Natural gas: $6.444

Six new permits, #39300 - #39305, inclusive:

• Operator: CLR
• Field: Jim Creek (Dunn County)
• Comments: 
• Skachenko FIU, Skachenko Federal, Meadowlark FIU permits; SESE 31-146-95, Dunn County; 
• to be sited 933 FEL and between 278 FSL and 503 FSL.

Eight permits renewed:

• Grayson Mill (4): four Tufto permits, Williams County;
• Sinclair (4): four Yauch permits, McKenzie County;

One producing well (a DUC) reported as completed:

• 38606, 1,441, CLR, Bang 9-4H1, Cedar Coulee, t--; minimal production;