Not Much In The Daily Activity Report -- July 6, 2017

Active rigs:

$45.33	7/6/2017	07/06/2016	07/06/2015	07/06/2014	07/06/2013
Active Rigs	57	31	76	191	188

One new permit:

• Operator: Foundation Energy Management, LLC
• Field: Camel Hump (Golden Valley)
• Comments:

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Drawdown / Re-Balance

Updates

July 7, 2017: oil prices plunge 3% as signs of oversupplied market persist.

The S&P 500 energy index sinks to its lowest level since April 2016, with U.S. crude oil now -2.9% to $44.20/bbl following EIA data that showed continued strength in U.S. oil production in the final week of June just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply.

Original Post

 

US crude oil stockpiles drop 6.3 million bbls this past week. What does that mean? Only 58 weeks until US crude oil is "re-balanced."

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
Week 10	July 6, 2017	6.3	502.9	58