Nineteen Permits Renewed But No New Permits -- January 11, 2023

Gaslighting: Almost 200 million bbls may never be returned to the SPR. I'm shocked. Shocked.

• the US DOE may not have sufficient budget to refill the petroleum reserve;
• it's such a convoluted story, I won't even attempt to break it down.
• but, that pretty much ends any more releases for political purposes in the near future
• and, we all know, the real SPR is now Saudi Arabia for heavy oil, and the Permian for light oil
• something tells me, we have a new floor for the price of oil -- whoo-hoo! 
• it should be an interesting summer.
  

Gasoline demand, link here:

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Back to the Bakken

Active rigs: link here.

WTI: $77.68.

Natural gas: $3.678.

No new permits.

Nineteen permits renewed:

• XTO (10): four Wood permits in Truax oil field, Williams County; five Hartel permits in Siverston field, McKenzie County; one Carus State permit, Lost Bridge, Dunn County;
• Hess (7):
• Hunt (2): two Patten permits, Parshall oil field, Mountrail County.