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Friday, June 3, 2022

Jobs, Recession, Inflation -- Tea Leaves -- June 3, 2022

From The WSJ today:

  • employers added 390,000 jobs in May;
  • unemployment steady at 3.6%
  • jobs grew at slowest pace since April of last year, hinting that labor market is starting to cool;

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Re-Posting

The numbers below refer to "jobless claims."

From May 19, 2022:

From May 15, 2022:

I remember doing the same back-of-the-envelope analysis in the early days of the blog and coming up with similar numbers. 

Link here. Or direct to paywalled MarketWatch


When It Comes To Oil, The Most Important Metric -- And It Just Got Interesting -- June 3, 2022

Weekly US days of supply of crude oil excluding SPR (and, oh by the way, President Biden is depleting the SPR). Link here.

Finally, after months of watching this metric, the US days of supply of crude oil dropped below 26 days

For the week ending May 27, 2022, the Friday before Memorial Day weekend, the US days of supply of crude oil dropped below 26 days. In case you missed it the first time.

I could be mistaken but I believe the last time this number was below 26 days was January 17, 2020, just a couple of months before the global lock down which began in March, 2020. 

Hess With Four New Permits In Tioga Oil Field -- June 3, 2022

WTI: $120 plus change.

Active rigs: huge jump to 44 or thereabouts from 39 or thereabouts yesterday.

Four new permits, #38993 - #38996, inclusive:

  • Operator: Hess
  • Field: Tioga (Williams)
  • Comments:
    • Hess has permits for four TI-Stenbak wells in SENE 25-158-95, 
      • to be sited between 2613 FNL and 2514 FNL; and, 377 FEL

Another dry hole being reported by Oasis (see this post from May 29, 2022):

  • 34131, dry, Oasis, Fraser Federal 5300 32-35 5B, Williams County

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Active Rigs

From a reader after posting the NDIC list below:

  • the North Dakota rig count was down one even though the Williston basin count was unchanged because a rig was added to Williston basin in Montana at the same time, where there are now 3 rigs drilling for oil.

The following list was updated from June 1, 2022, taken from the NDIC daily activity report.

It is a copy and paste.

The only rows updated were those in red.

Note that two rigs are listed twice.

NDIC says 45 active rigs but if two are listed twice, that would change to 43 active rigs, and one of those rigs is drilling a SWD well, thus giving us about 42 active oil and gas rigs. 

Date

Rig

#

Operator

Well Name

File #

June 3, 2022

T&S Drilling

1

Slawson

Vixen Federal 7-19-30TFH

38844

June 3, 2022

Noble

1

Kraken

Raymone 16-21 2H

38728

June 3, 2022

Noble 

1

IHD Liquids Mgmt

SWD


June 3, 2022

Nabors B

1

Lime Rock

Hansen B 18-10-2TFH

38891

June 3, 2022

T&S Drilling

2

CLR

Bonneville 7-26HSL

38819

June 3, 2022

Nabors B

2

BR

Lone Beaver 1-1-17TFH

37693

June 3, 2022

Nabors B

3

Ovintiv

Kramer..12H

38241

June 3, 2022

Noble

4

CLR

Brangus FIU 14-11H2

37945

June 3, 2022

Noble 

4

Liberty Resources

CA S 158-93-21—23-5MBHX

38864

June 3, 2022

Nabors B

5

Neset Consulting

Halite 1

38890

June 3, 2022

Nabors B

6

BR

Curtis 44-9MBH

30924

June 3, 2022

Nabors X

10

Grayson MIll

Lloyd 34-3 5H

38816

June 3, 2022

Nabors B

13

Oasis

Rey Federal 5201 32-11 3B

38172

June 3, 2022

Stoneham

16

Zavanna

Galloway … 3TFH

29783

June 3, 2022

Stoneham 

17

Koda Resources

Stour 2918-4BH

38888

June 3, 2022

Stoneham

18

Liberty Resources

AZ W 158-93-13-24-2MBH

38415

June 3, 2022

Nabors B

18

WPX

Wounded Face 14-15HB

38434

June 3, 2022

Nabors B

20

Iron Oil

Boxcar 1-4-16H

37896

June 3, 2022

Nabors B

21

Crescent Point 

CPEUSC DeFrance .. MBH

38820

June 3, 2022

Nabors B

22

Kraken

Knox LE 16-21 7H

38872

June 3, 2022

Nabors X

24

Hess

EN-Farhart-….1

38439

June 3, 2022

Nabors B

26

Oasis

Lindvig Beck Federal 5201 12-2 3B

38528

June 3, 2022

Nabors B

27

CLR

Irgens Rexall 9-19HSL 1

37291

June 3, 2022

Nabors X

27

Hess

GO-Haug-LE-156 … 1

38564

June 3, 2022

Nabors X

28

Hess

HA-Dahl…1

38425

June 3, 2022

Cyclone  

35

Bowline Energy

Heen 153-104-35-26-4H

35589

June 3, 2022

Cyclone 

38

CLR

Bonneville 8-23H

38783

June 3, 2022

True Drillinig

39

Enerplus

Lob 149…

38693

June 3, 2022

True.

40

Enerplus

Embroider 149 …

38845

June 3, 2022

H&P 

259

EOG

Mandaree 48-1015H

38966

June 3, 2022

H&P 

276

Rimrock

Moccasin Creek 14-11 5TFH

38183

June 3, 2022

Patterson 

280

Murex

KC-Dustin David 17-20H MB

38765

June 3, 2022

Unit 

414

Slawson

Vixen Federal 6-19-30TFH

29294

June 3, 2022

H&P

429

MRO

Dunford 14-10H

38790

June 3, 2022

H&P

454

CLR

Fuller 3-2H

38367

June 3, 2022

H&P

456

CLR

Medicine Hole 11-27H1

38789

June 3, 2022

H&P

492

CLR

LCU Foster FIU 6-28H1

38169

June 3, 2022

H&P

515

Petro-Hunt

Schultes 159.. SWD

38933

June 3, 2022

H&P 

516

Ovintiv

Kramer … 12H

38245

June 3, 2022

H&P 

535

Whiting

Mariah Olson 31-1HR2

38879

June 3, 2022

H&P 

640

Hunt

King 156-90-5-35H 4

38803

June 3, 2022

Patterson 

806

Whitnig

Littlefield 11-21-2HU

38856

June 3, 2022

Patterson

808

Whiting

Rohde Federal 14-6-3XH

38739

June 3, 2022

Patterson

811

Grayson Mill

Domaskin 30-31 9H

36875

June 3, 2022

Patterson 

901

CLR

Clear Creek …26H2

37985