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Wednesday, June 28, 2017

US Crude Oil Inventories Rise Slightly Week-Over-Week -- June 28, 2017

Active rigs:

$44.076/28/201706/28/201606/28/201506/28/201406/28/2013
Active Rigs593075191189

RBN Energy: natural gas takeaway constraints pose challenge for crude oil production in the Permian. This sounds vaguely similar to the early days of the Bakken boom in Norht Dakota.

Failing. That OPEC cut in production? It's not working. Apparently crude oil inventories in the US rose slightly week-over-week. The forecast had been for a slight decline. US crude oil inventories rose by 851,000 bbls. At this rate, it will take 71 weeks to re-balance:

Week
Date
Drawdown
Storage
Weeks to RB
Week 0
Apr 26, 2017

529.0
180
Week 1
May 3, 2017
0.9
528.0
178
Week 2
May 10, 2017
6
522.0
29
Week 3
May 17, 2017
1.8
520.2
95
Week 4
May 24, 2017
4.4
515.8
38
Week 5
May 31, 2017
6.4
509.9
41
Week 6
June 7, 2017
-3.3
513.2
60
Week 7
June 14, 2017
1.7
511.5
63
Week 8
June 21, 2017
2.5
509.0
62
Week 9
June 28, 2017
-0.2
509.2
71

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