EIA Weekly Petroleum Report -- Numbers Are More Than Just A Passing Interest -- KODA Resources With Four New Permits -- July 6, 2023

Locator: 45911WTI.  

EIA weekly petroleum report: link here.

• US commercial crude oil in storage decreased by an unremarkable 1.5 million bbls; and, at 452.2 million bbls, US crude oil in storage is 1% below the five-year average;
• the five years go back to 2018, so at least two full years of that five-year average include the plague years;
• take a look at gasoline demand reported today; see below;
• crude oil imports his the 7-handle which is not often seen;
• refiners are still at 90+ percent operational capacity;
• distillate fuel inventories decreased by 1.0 million bbls and now stand a whopping 16% below the five-year average; harvesting season coming up; and, then look at jet fuel demand:
• jet fuel product supplied was up 8% compared to same four-week period last year:
• all-in-all, one wonders if "something is going on"? Perhaps "analysts" at social media will help out.
  

Gasoline demand: link here.

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Back to the Bakken

Active rigs: 36.

WTI:

Four new permits, #40020 - #40023, inclusive:
Operator: KODA Resources

• Field: Fertile Valley (Divide County)
• Comments:
• KODA Resources has permits for four Stout wells, SESE 16-160-102; 
• two of which to be siteed 650 FFSL and with one at 827 FEL and the other 797 FEL;
• the other two will be sited 450 FSL with one at 778 FEL and the other at 748 FEL;

Five permits were renewed:

• CLR (4): two Charleston and two Olympia permits, all in Brooklyn oil field;
• Formentera Operations: SWD