Thursday, May 25, 2017

Same Ol' Same Ol' -- May 25, 2017

Active rigs:

Active Rigs492883191186

RBN Energy: US oil production extends its influence over global crude markets.

The NDIC map: for several days now, I've noted on two different browsers (Safari and Firefox) the NDIC map is "not quite right" as we used to say in Turkey. The horizontal lines are "displaced" slightly to the right of the location of where the wells are shown to be sited.

Mid-Day Trading

WTI: down almost 5%; again, below $50. Traders must have come to the same conclusion -- at the rate, 55 weeks before we get to historical crude oil inventories in the US. If US operators ramp up, it will be even longer.

1996. According to CNBC one has to go all the way back to 1996 to find this streak of new records being broken in the stock market. This appears to be a breakout --new 52-week highs -- the rally is broadening. Trump rally?

Uinta drilling partnership: from Oil & Gas Journal --
  • producer EP Energy (Houston) and refiner Tesoro (San Antonio) have formed a joint venture
  • 60-well oil and gas development program
  • EP Energy's Altamont program in the Uinta basin of Utah 
  • seems like a natural fit: EP to provide source of crude for Tesoro

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