Tuesday, May 12, 2026

Eight New Permits; Eighteen Wells Approved For Confidential Status; Three Permits Renewed; Two DUCs Reported As Being Completed -- May 12, 2026

Locator: 50793B. 

Investing: link here. 

Comment: WTI finished the day at $102.20. This is near the high end of the trading range ($90 - $106) for WTI for 1H26; the top being $106 in the current trading range. 

I pointed this out to Gemini and Gemini added this:

Resistance Levels: While you noted a high of , some analysts have identified key overhead resistance levels at $102.54 and higher, with some projections testing the $105 - $108 range as technical resistance. 

Drivers: The upward pressure is heavily influenced by the continued, effective closure of the Strait of Hormuz, causing a significant reduction in global oil supply.

Me? The breakout / resistance level is $106, with "a decision point" starting at $105.

  • decision point: to either buy or sell equities based on whether WTI will go significantly higher.

So, when tuning into CNBC tomorrow, look for some taking head to suggest the resistance level at $106/bbl WTI.  

Do not confuse this with dated Brent which closed today at $107.77. 

Equities, closing prices today:

  • CVX: $185.95, up 0.64% today;
  • COP: $117.87, up 2.01% today;
  • PSX: $175.43, up 0.04% today;
  • OKE: $88.43; up 0.73% today;
  • MPC: $251.99; up 11.85% the past month;
  • VG: up 4% for the month;
  • CAT: up 15% for the month;

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Back to the Bakken 

WTI: $102.20.

Active rigs: 23.

Eight new permits, #42927 - #42934, inclusive --

  • Operators: Silver Hill Energy (4); Oasis (4); 
  • Fields: North Tioga; Burke County;
  • Comments:
    • Silver Hill Energy has permits for four Jacie W wells, lot 2, section 6-159-93; 
      • to be sited 350 / 575 FNL and 1484 / 1704 FWL;
    • Oasis has permits for three Tunnock wells and one Jaffa well, lot 2, section 2-153-103; 
      • to be sited 759 790 FNL and 2374 /2468 FEL.

Eighteen (18) wells approved for confidential status:

  • Phoenix Operating: 11
  • Enerplus: 7

Three permits renewed:

  • Oasis (2); and, 
  • Devon Energy (1). 

One permit canceled:

  • a Formentera Operations permit.

Two producing wells (two DUCs) were reported as completed:

  • 40966, no ip, XTO, HBU Sakakawea Federal 13X-35A, McKenzie County; 
  • 41553, no ip, XTO, HBU Baptiste Federal 34X-11C, Williams County; 

 

 

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