$50.00 Right On The Nose -- WTI At 6:42 AM Friday May 192, 2017

Active rigs:

$50.00	5/19/2017	05/19/2016	05/19/2015	05/19/2014	05/19/2013
Active Rigs	52	26	82	191	189

RBN Energy: update on the successes and setbacks in sifting from oil to natural gas in the Caribbean.

Oil: WTI hits $50.00.

Full: tanks and tankers  -- a stubborn oil glut despite OPEC cuts -- Reuters.

Estimated inventories in industrialized nations totaled 3.025 billion barrels at the end of March - about 300 million barrels above the five-year average

Drawdown?  At the current rate, maybe back to historical levels in three years. Plus or minus.

Much of the inventory build-up came as traders started using storage to make easy money on the widening spread between rock-bottom spot oil prices and substantially higher prices for contracts to deliver the oil in future months.

That price spread - a market structure known as contango - allowed traders to profit even after they paid for expensive storage in facilities such as the Louisiana Offshore Oil Port (LOOP) - the only deep-water U.S. oil port and a major conduit for crude imports - or supertankers parked offshore in Singapore.

LOOP: many, many posts on LOOP. Use "search feature" on the blog to check up on LOOP. This is most visited LOOP post on the blog.

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Following The Trump Economy