API Announces "Unprecedented" Drawdown In US Crude Oil Reserves -- January 9, 2018

Wow! API weekly crude oil drawdown --

• previous week: - 4.992 million
• forecast for this week: -3.90 million
• actual: -11.190 million
• comment: in the past 36 weeks of tracking this data, an EIA drawdown has never exceeded 8 million bbls, and the average is almost exactly 3 million bbls/week; if the EIA data comes anywhere close to a drawdown of 9 million bbls, "Katie, bar the door"
• comment: look at the price of WTI  after this data was announced 
• for re-balancing, I use EIA data, not API data; EIA data always seems to come in under API data

Active rigs:

$63.48↑↑	1/9/2018	01/09/2017	01/09/2016	01/09/2015	01/09/2014
Active Rigs	53	37	58	167	193

Five new permits:

• Operator: Whiting
• Field: Banks (McKenzie)
• Comments: Whiting has permits for a 5-well Wold pad on Lot 1, section 5-153-97; see graphic below;

Eight permits renewed:

• Nine Point Energy (2): two Little Muddy permits in Williams County
• NP Resources (2): two Mosser Federal permits in Billings County
• BR: one Manchester permit in Dunn County
• Enduro: one MRPSU permit in Renville County
• MRO: one Stillwell permit in Dunn County

Amazing: no report of any DUCs completed -- again

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From Above -- The Whiting Graphic

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Another Example Of The Bakken Phenomenon

Note production profile for this well, pay attention to 11/16:

• 25802, 1,944, Whiting/KOG, Koala Wold 153-97-1-5-9-15H, Banks, 4 sections, t3/14; cum 219K 2/18;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2017	30	5970	6049	16784	17547	15083	2374
BAKKEN	10-2017	23	4917	4639	21849	13496	6657	6770
BAKKEN	9-2017	1	45	0	44	3	0	2
BAKKEN	8-2017	9	985	1102	869	3788	3762	2
BAKKEN	7-2017	30	3882	3917	3085	13807	11021	2698
BAKKEN	6-2017	24	3336	3281	2867	9427	3379	5977
BAKKEN	5-2017	31	4077	4299	3663	12549	11869	589
BAKKEN	4-2017	27	3669	4104	3532	10820	8880	1859
BAKKEN	3-2017	30	5693	5150	5631	20333	17192	3051
BAKKEN	2-2017	28	5934	6218	6688	19138	17237	1817
BAKKEN	1-2017	28	7157	7433	8759	20999	7638	13277
BAKKEN	12-2016	28	7648	7393	10376	21716	7461	14171
BAKKEN	11-2016	30	10797	11054	18987	30905	2273	28542
BAKKEN	10-2016	16	4665	3922	14475	12406	3004	9354
BAKKEN	9-2016	0	0	0	0	0	0	0
BAKKEN	8-2016	28	2123	2242	1674	7666	7544	38

What happened in late 2016? Yup, you guessed it. A neighboring well was fracked. In this case:

•  32559, 1,416, Whiting, Flatland 43-9HU, Banks, 4 sections, t10/16; cum 160K 11/17;