Three Permits Renewed — Middle Of Driving Season And WTI < $70 -- July 3, 2023

Locator: 45883B.   

WTI: $69.79

Three permits renewed:

• Whiting: three Link permits, Foreman Butte, McKenzie County;

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?

The bulls keep telling us that the fundamentals suggest WTI should be much higher. 

I’m beginning to wonder if the “fundamentals” are wrong?

Again, as I’ve argued since 2007, one can’t use conventional yardsticks when measuring unconventional / tight / shale.

If nothing else, look at the “efficiency” of rigs in unconventional / tight / shale plays. 

Rig counts don’t matter. Don’t take that out of context. Been saying that since 2007.