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