• At press time, Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel. U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61.
• The Energy Department estimates that the U.S. inventory of wells that were drilled but unfinished declined by 27% to 6,521 from a peak of 8,874 in June 2020. Nearly 4%, or 2,616, of the so-called drilled-but-uncompleted wells, are in the Permian Basin of West Texas and eastern New Mexico.
• A report on Silver Elephant’s Minago Project in Manitoba’s Thompson Nickel Belt indicates a potential frac sand overburden unit was assigned a value of U.S. $20/t, a recovery factor of 68.8%, mining cost of U.S. $1.77/t, and processing cost of U.S. $6.55/t processed.