Locator: 46245ECON.
WTI: plunged today.
My first thought -- the US economy will likely slow significantly in 1H24, possibly even a short, shallow recession, but more importantly, the global economy could be in much worse shape, and, if so, there's going to be a huge free-for-all among all OPEC+ countries which now informally includes the US.
We could be looking at a huge glut of oil -- or the capacity to produce a huge glut of oil -- come next spring. This plunge in the price of WTI may not be transitory.Re-posting:
Walmart: CNBC interview excellent this morning.
The word “deflation” used over and over. Not inflation.Chicken less expensive this year than last year. [Be definition: deflation; not disinflation.]
Not worried about recession talk. Simply an excellent interview. No mention of or questions about shrinkage, Generative AI and automation huge. Very upbeat. Next hour, interview continues. Great interviewer, Sara Eisen. Of course, I’m biased. Still my favorite store.Remodeled Supercenter driving larger footprint. Stores turning into fulfillment centers. As big as these stores are, footprint, they're not big enough. A technology story. Campbell’s up 6% in early trading. WMT CEO alluded to this.Notice the CEO's comments regarding the price of chicken.
From Walmart today: chicken, $1.14 / pound; one whole chicken for $5.
Now, FRED, also from today, updated as of the end of November.
And turkey? Still 98 cents / pound at Walmart:
Butterball: $1.28 / pound.
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Back to the Bakken
WTI: : $69.62. WTI plunges despite EIA report today reported that US crude oil inventories decreased by a fairly significant 4.6 million bbls -- US crude oil in storage 1% below the five-year average.
- OPEC in disarray; each country to make its own decision; Saudi no longer in control;
- COP28
- strong dollar
- in the US, crude oil in storage trending up, and trending toward 30 days —> more than four weeks supply.
Active rigs: 40
Six new permits, #40376 - #40381, inclusive:
- Operators: MRO (5); Liberty Resources
- Fields: Reunion Bay (Mountrail), Cottonwood (Mountrail)
- Comments:
- Liberty Resources has a permit for a K&L Hegstad South well, SESW 03-158-92;
- to be sited 329 FSL and 1353 FWL;
- MRO has permits for five wells (Becker USA, Hultberg USA, Humble USA, Spaulding USA, Thelma USA), SESW 33-152-93,
- to be sited between 215 FSLand 297 FSL and between 1622 FWL and 1759 FWL;
Seven produucing wells (DUCs) reported as completed:
- 39370, 2,615, MRO, Deuce 21-29TFH,
- 39335, 800, CLR, Hegler 8-13H,
- 39460, 1,231, CLR, Hegler 4-13H,
- 39326, 317, Hunt Oil, Alexandria 161-100-22-15H 3,
- 39626, 1,036, WPX, State of ND 10-3H1,
- 39166, 926, WPX, Pennington 16-15HA,
- 39458, 1,232, CLR, Arthur 4-12H,
Wells of interest:
- 17064, 514, MRO, Dan Tuhy 14-32H, Bailey, t6/08; cum 538K 9/23; recent production:
Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
---|---|---|---|---|---|---|---|---|
BAKKEN | 10-2023 | 30 | 20437 | 20401 | 26234 | 18243 | 18087 | 63 |
BAKKEN | 9-2023 | 30 | 26634 | 26543 | 36439 | 22634 | 22230 | 302 |
BAKKEN | 8-2023 | 28 | 13935 | 13866 | 40144 | 12705 | 12600 | 47 |
BAKKEN | 7-2023 | 8 | 2055 | 2044 | 22354 | 2784 | 2748 | 23 |
BAKKEN | 6-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 5-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 4-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 3-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 2-2023 | 4 | 125 | 266 | 79 | 263 | 125 | 111 |
BAKKEN | 1-2023 | 31 | 1284 | 1278 | 612 | 2876 | 2537 | 54 |
- 23699, 1,374, MRO, C.O. 34-20H, Bailey, t11/12; cum 407K9/23; recent production:
Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
---|---|---|---|---|---|---|---|---|
BAKKEN | 10-2023 | 31 | 20458 | 20457 | 36914 | 20811 | 20441 | 322 |
BAKKEN | 9-2023 | 30 | 18181 | 18177 | 51506 | 16810 | 16543 | 222 |
BAKKEN | 8-2023 | 29 | 16017 | 15970 | 60777 | 14495 | 14374 | 73 |
BAKKEN | 7-2023 | 3 | 1156 | 1149 | 18684 | 982 | 969 | 9 |
BAKKEN | 6-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 5-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 4-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 3-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 2-2023 | 7 | 244 | 379 | 128 | 322 | 241 | 18 |
BAKKEN | 1-2023 | 31 | 1145 | 1126 | 632 | 1459 | 1100 | 64 |
- 17417, 376, MRO, Olson 14-20H, Bailey, t12/08; cum 459K 9/23; recent production:
Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
---|---|---|---|---|---|---|---|---|
BAKKEN | 10-2023 | 31 | 15943 | 15938 | 41100 | 18404 | 18075 | 286 |
BAKKEN | 9-2023 | 30 | 12831 | 12824 | 57126 | 13548 | 13330 | 181 |
BAKKEN | 8-2023 | 28 | 10036 | 10082 | 46841 | 10320 | 10233 | 52 |
BAKKEN | 7-2023 | 17 | 13613 | 13533 | 83099 | 13503 | 13317 | 128 |
BAKKEN | 6-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 5-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 4-2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BAKKEN | 3-2023 | 31 | 1336 | 1396 | 670 | 2696 | 2286 | 112 |
BAKKEN | 2-2023 | 28 | 1244 | 1236 | 573 | 2406 | 1943 | 187 |
BAKKEN | 1-2023 | 31 | 1181 | 1099 | 567 | 2334 | 1754 | 301 |
BAKKEN | 12-2022 | 27 | 961 | 985 | 439 | 1910 | 1595 | 96 |
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