Civilian Labor Force Participation Rate -- July 8, 2022

Both graphs from the same "BLS" website.

The first graph is this link: https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm.

If you go to that link and then click on the chart and click to "open/chart" all demographics, one gets this:

The y-axis makes "all" the difference. 

Huge changes as seen in June, 2020, are easily explained away. And when the y-axis is spread from 20% to 80%, the marked drop in June, 2020, isn't all that remarkable, except maybe for "16 to 19 year olds."

MRO Halo Effect In Bailey Oil Field -- Again, For The Umpteenth Time -- July 8, 2022

See this post.

Earlier wells in SWSE / SWSW 12-146-94:

• 16654, 311, MRO, Buehner 34-12H, Bailey, t8/07; cum 478K 5/22; of interest:

BAKKEN	3-2020	31	25299	25245	25630	29121	19307	8094
BAKKEN	2-2020	29	27971	27918	29702	28620	0	26754
BAKKEN	1-2020	27	24594	24690	29631	24984	4100	19202
BAKKEN	12-2019	31	43129	43271	54234	39080	5958	24698
BAKKEN	11-2019	7	20602	20107	25715	16561	0	14152
BAKKEN	10-2019	0	0	0	0	0	0	0
BAKKEN	9-2019	0	0	0	0	0	0	0
BAKKEN	8-2019	0	0	0	0	0	0	0
BAKKEN	7-2019	0	0	80	0	0	0	0
BAKKEN	6-2019	28	1536	1548	753	1285	690	418
BAKKEN	5-2019	9	323	231	421	298	84	160
BAKKEN	4-2019	0	0	0	0	0	0	0
BAKKEN	3-2019	0	0	0	0	0	0	0
BAKKEN	2-2019	0	0	0	0	0	0	0
BAKKEN	1-2019	0	0	18	0	0	0	0
BAKKEN	12-2018	12	306	369	78	311	179	91
BAKKEN	11-2018	30	843	827	319	798	49	653
BAKKEN	10-2018	31	924	914	223	846	324	421

• 16993, 125, MRO, Buehner 44-12H, Bailey, t10/08; cum 261K 5/22; off line 5/22; of interest --

BAKKEN	11-2018	30	4139	4068	1327	2704	160	2143
BAKKEN	10-2018	31	4685	4643	1736	2976	1101	1433
BAKKEN	9-2018	30	4887	4926	1854	3015	1841	721
BAKKEN	8-2018	31	5616	5674	2840	3561	2840	216
BAKKEN	7-2018	31	6028	5937	3620	3598	2266	798
BAKKEN	6-2018	30	5782	5652	4868	4428	2910	1005
BAKKEN	5-2018	13	1971	1809	3304	1513	603	674
BAKKEN	4-2018	0	0	222	0	0	0	0
BAKKEN	3-2018	0	0	0	0	0	0	0
BAKKEN	2-2018	0	0	0	0	0	0	0
BAKKEN	1-2018	0	0	0	0	0	0	0
BAKKEN	12-2017	1	52	0	3	44	0	37
BAKKEN	11-2017	14	435	486	58	396	274	17
BAKKEN	10-2017	31	859	909	250	1201	86	861
BAKKEN	9-2017	30	845	794	150	837	214	420

The other wells:

• 36735, AL/A, MRO, Ritter 34-12TFH, first production, 11/19; t--; cum 335K 5/22;
• 36736, AL/A, MRO, Emil 24-12TFH, first production, 12/19; t--; cum 252K 5/22;
• 36737, AL/A, MRO, Kloster 24-12H, first production, 12/19; t--; cum 406K 5/22; of note:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	30	6967	6408	20406	9719	6405	2600
BAKKEN	4-2022	0	0	0	0	0	0	0
BAKKEN	3-2022	0	0	0	0	0	0	0
BAKKEN	2-2022	0	0	67	0	0	0	0
BAKKEN	1-2022	3	569	945	375	1285	939	285
BAKKEN	12-2021	31	6699	6597	5126	11582	10645	305
BAKKEN	11-2021	30	6707	6823	5651	11866	10665	554

• 38304, drl/A, MRO, Goth 44-11H, first production, 3/22; t--; cum 81K 5/22;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	31	28711	28755	21946	27046	26212	0
BAKKEN	4-2022	26	26184	26170	19826	21388	20632	0
BAKKEN	3-2022	26	26019	25700	15226	23296	22536	0

• 38305, drl/A, MRO, Stein 14-12TFH, posted elsewhere;
• 38306, drl/A, MRO, Ebert 14-12H, posted elsewhere;
• 38307, drl/A, MRO, Emiley 14-12TFH, posted elsewhere;
• 38308, conf, MRO, Jarman 24-12TFH, no production data,
  

Week 27: July 3, 2022 -- July 9, 2022.

Top story of the week:

• Joe Biden is still president.
• Former Japanese prime minister assassinated.
  
• Elon Musk walks away from twitter.
  

Top international non-energy story:

• The Ukraine war drags on.

Top international energy story:

• Top energy stories, Oilprice.

Top national non-energy story:

• "January 6th" hearings continue — compelling.

Top national energy story:

• President Biden shifts from high gasoline prices to abortion "rights"
  

Top North Dakota non-energy story:

Top North Dakota energy story:

• 
  

Geoff Simon's top North Dakota energy stories:

• Quick connects.

Bakken economy:

Commentary:

WTI Surges Over Two Percent; Up Over $2; Trading Near $105 -- July 8, 2022

Twitter deal off: Elon Musk.

ERCOT: held, with power to spare.

• in the DFW area, hottest day so far this year: 106°F

Griner: pleads guilty.

• punishment in Russia for less than one gram of hashish / marijuana: 15 days in jail
• prosecutor: Griner had 0.702 grams
• she plead guiltys; sentenced to 15 days; time served; release and head home
• what's the big deal?

Putin: starting to sound desperate. Reminds me of the Nikita Khrushchev "we will bury you" speech.

• the most interesting data point to note: a lot of folks are asking why the Germans don't simply re-start their nuclear power plants. Even if the Germans made their decision to re-start their nuclear plants today, it would take a minimum of five years to get the "pieces in order" and then pass safety and regulatory inspections. In other words, a change in policy would not solve the problem the Germans are facing this winter.
• the best the Germans can do right now is declare "natural gas" a "green" energy -- which they have done, along with nuclear energy
  

Natural gas: a reader sent me a link to an analyst's newsletter suggesting the natural gas crisis facing Europe will eventually spread to the US, resulting in similarly high natural gas prices here in the US. The analyst's job is to sell subscriptions to his/her newsletter. In fact, any analyst who suggests a natural gas crisis in the US like that in Europe has not followed the Freeport LNG story.

• the Houston Chronicle provided an update to the Freeport LNG story today; no paywall, but I assume that is subject to change
  

**************************
Back to the Bakken

WTI: $104.80

Active rigs: 42 or thereabouts

No new permits.

Seven permits renewed:

• Hess: six SC-JW Hamilton permits, Williams County; and, RS-State E in Mountrail County

Also, seven producing wells (DUCs) reported as completed:

• 30260, 3,115, Hess, EN-Madisyn-LE-154-94-0705H-2, Alkali Creek, no production data,
• 38231, 2,414, MRO, WR Connoly 31-14H, Bailey, first production, 3/22; t--; cum 70K 5/22 --

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	27	26928	26695	29134	22884	20143	836
BAKKEN	4-2022	24	21839	21957	28828	18156	15768	838
BAKKEN	3-2022	12	20824	20397	32576	15338	9945	3955

• 38232, 2,204, MRO, Frieda 31-14TFH, Bailey, first production, 3/22; t--; cum 60K 5/22 --
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	27	25527	25299	30337	22352	19732	809
BAKKEN	4-2022	26	20174	20186	27903	17141	14519	1173
BAKKEN	3-2022	12	14513	14215	27753	13689	7470	5244

• 38304, 1,622, MRO, Goth 44-11H, Bailey, first production, 3/22; t--; cum 81K 5/22 --
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	31	28711	28755	21946	27046	26212	0
BAKKEN	4-2022	26	26184	26170	19826	21388	20632	0
BAKKEN	3-2022	26	26019	25700	15226	23296	22536	0

• 38305, 2,952, MRO, Stein 14-12TFH, Bailey, first production, 3/22; t--; cum 92K 5/22 --
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	31	30429	30469	30271	29244	28355	0
BAKKEN	4-2022	27	27228	27299	29603	23391	22605	0
BAKKEN	3-2022	24	34032	33615	37254	25611	24640	0
BAKKEN	2-2022	2	0	0	22	0	0	0

• 38306, 2,924, MRO, Ebert 14-12H, Ebert 14-12H, first production, 4/22; t--; cum 103K 5/22 --

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	31	30380	30421	30079	27591	26715	0
BAKKEN	4-2022	27	27343	27551	29808	22358	21569	0
BAKKEN	3-2022	29	45342	44787	54435	35991	34352	333
BAKKEN	2-2022	1	0	0	61	0	0	0

• 38307, n/a, MRO,Emiley 14-12TFH, Ebert 14-12H, first production, 4/22; t--; cum 103K 5/22 --

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2022	31	28599	28606	34629	28352	27511	0
BAKKEN	4-2022	26	23241	23139	32732	20538	19856	0
BAKKEN	3-2022	23	15785	15592	26636	11005	10545	29
BAKKEN	2-2022	1	0	0	15	0	0	0

A Closer Look At That SPR Release -- July 8, 2022

Link here.

Global demand, oil + liquids: 100 million bbls / day.

Global production, oil + liquids: 100 million bbls / day.

Fungible: once "oil + liquids" is/are shipped, it doesn't matter where it came from, where it goes.

Five million bbls. Five hundred million bbls in the SPR. One percent.

Two-thirds = 3.5 million bbls to Europe. 

Threepointfive percent of global production / demand.

The Bakken produces 3.5 million bbls in 3.5 days.