Sunday, March 19, 2107

Active rigs:

	3/19/2017	03/19/2016	03/19/2015	03/19/2014	03/19/2013
Active Rigs	47	32	107	195	185

Cheap gas in Texas: down to 79 cents in Houston. Yes, you read that correctly. Not "down 79 cents," but "down TO 79 cents. Per gallon. This will spook three folks:

• the Saudis
• Tesla
• EVs in general

Someone else can do the math:

• IEA now says that with the OPEC cuts, there could be a 0.5 million bopd deficit sometime in the 2H17 (that's later this year)
• not counting the SPR, the US has well over 500 million bbls of stored crude oil; at record levels; and all indications that it will continue to increase