NDIC's Daily Activity Report Was "Empty" Except For Noting That The Number Of Active Rigs Stands At 39 -- April 22, 2024

Locator: 47059B.

Focus on fracking: link here. The lede:

• 1,166,000 barrel per day crude oil balance sheet error;
• number of DUC wells rise first time in 13 months;
• DUC backlog at 5.3 months 

That 1.2-million-bopd crude oil error: "as bad as it gets"? It's actually worse - see below:

... after accounting for all the oil produced, exported, imported, refined, and stored... the EIA was forced to plug in a [+1,166,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil,” .…

Moreover, since 518,000 barrels of oil demand per day could not be accounted for in the prior week’s EIA data, that means there was a 1,684,000 barrel per day difference between this week's oil balance sheet error and the EIA's crude oil balance sheet error from a week before, and hence the changes to supply and demand from that week to this one that are indicated by this week's report are off by that much, and therefore nonsense...

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Back to the Bakken

WTI: $82.85.

Active rigs: 39.

And that was it. That was all that NDIC reported today.