Post JPow Remarks -- Four New Permits; Five Permits Renewed; Three DUCs Reported As Completed -- May 1, 2024

Locator: 47020ECON.

I go back and forth on Steve Liesman, over at CNBC. 

Generally, over the years I have had my disagreements with Steve Liesman but for the past year or so, Steve (Liesman) and I have been on the same page. 

And for the past two days, Liesman has been awesome.

He became really, really agitated late this afternoon.

He's had it with talking heads who continue to mention the risk of "stagflation." Finally, someone on "Fast Money" reminded us the definition of "stagflation." The "original" definition was British and was composed of three components: unemployment, inflation, and lack of growth. But, here, the American definition seems to focus on only two components: inflation and lack of growth. 

And inflation, Steve Liesman put it in perspective. He has to see inflation at least 10% before it meets the "inflation" part of "stagflation." And with US unemployment well below 4% and the economy still adding more jobs than workers available (a ratio of 1.32 as of today) certainly doesn't suggest anything near "stagflation.

Back to inflation. The retailers this week across the board have said they need to bring prices down. Certainly not an omen for inflation.

Great question by a talking head on "Fast Money": after today's Starbucks report and the CEO's comments, does anyone really think Starbucks is going to raise prices? LOL.

Breaking: QCOM.

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Back to the Bakken

WTI: $79.00

Active rigs: 40.

Four new permits, #40711 - #40714, inclusive:

• Operator: Silver Hill Energy
• Field: Wheelock (Williams)
• Comments:
• these are the first North Dakota permits for Silver Hill Energy; see this post;
  
• Silver Hill Energy has permits for four Tank E wells, lot 2, section 1-156-98, 
• to be sited 510 FNL and between 1552 FEL and 1657 FEL

Five permits renewed:

• BR: three Abercrombie permits; one Abersom permit, and one Aberlid permit, all in Elidah oil field, McKenzie County;

Three producing wells (DUCs) reported as completed:

• 37936, n/d, BR, Boxer 3C TFH,
• 40003, 938, Neptune Operating, Wahlstrom 32-27 5H,
• 40004, 1,158, Neptune Operating, Wahlstrom 32-27 6H,
• 40005, 984, Neptune Operating, Wahlstrom 32-27 7H,