So, what did API data show today? API forecast a draw of 2.5 million bbls. In fact, US crude oil reserves ROSE by 1.821 million bbls. Not good for those hoping to see a drawdown in US crude oil reserves.
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Back to the Bakken
Active rigs:
$57.65↓ | 11/28/2017 | 11/28/2016 | 11/28/2015 | 11/28/2014 | 11/28/2013 |
---|---|---|---|---|---|
Active Rigs | 55 | 37 | 64 | 184 | 191 |
Five new permits:
- Operator: Newfield (5)
- Field: Sand Creek (McKenzie)
- Comments: Newfield has permits for a 5-well permit in SESE 32-154-96.
Two permits renewed: both were salt water disposal wells.
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On Another Note
I had not planned on posting this note -- too much data -- but the last sentence in the fourth paragraph is a huge data point. The article was sent to me by a reader. From oilprice.com, US to continue increasing crude oil exports to Asia.
US crude oil exports to Asia last week hit the highest in two months, and the second-highest on record, at 877,000 bpd.
The biggest buyer of U.S. crude in Asia was South Korea, which took 357,000 bpd of last week’s exports. China came in second, importing 222,000 bpd of U.S. crude, and India completed the top three, buying 151,000 bpd of U.S. oil last week. Indonesia imported 99,000 bpd from the United States, and Japan imported 47,500 bpd. The average daily export rate for U.S. crude to Asia stood at 470,330 barrels over the first three weeks of November.
This trend must have given OPEC a serious headache, although its members are still sending substantial amounts of crude to Asian clients. Saudi Arabia exported an average 1.2 million bpd to Japan, 856,000 bpd to South Korea, and 687,000 bpd to China.
Iraq sent over 730,000 bpd to India, almost 500,000 bpd to China, and over 400,000 bpd to South Korea. Other OPEC members are also sending much of their oil to Asia, but a worry is starting to creep up that U.S. exporters are undermining other players’ market share, benefiting from the discount at which WTI trades to Brent.And with the DAPL, Bakken light, sweet oil is very, very competitive with Mideast oil going to Asia.
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WTI - Brent Spread
First, a "lesson" -- from Forbes, October 20, 2017.
Daily spread here -- ycharts.
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