WTI Surges -- Huge Weekly Draw -- API -- I'm Lovin' It -- September 11, 2018

Holy mackerel: a huge, huge draw -- and this explains the surge today --

The American Petroleum Institute (API) reported a major draw of 8.636 million barrels of United States crude oil inventories for the week ending September 7, compared to S&P Global Platts analyst expectations that this week would see a draw in crude oil inventories of 2.7 million barrels.

Last week, the American Petroleum Institute (API) reported a modest draw of 1.17 million barrels of crude oil. I followed the weekly numbers for a whole year recently and then quit following it -- no one seemed interested. And I finally got a "feel" for the weekly numbers.

Comment: I do not recall ever seeing a draw greater than 8 million bbls in one week. I recall 6 - 7 million bbls at the high end; maybe there were some draws approaching 8.6 million bbls but I don't recall such a high number. Now, let's hope the official EIA data validates the API. Very seldom does API and EIA data correlate. [Later: EIA data did corroborate the API data.]

The BR Merton wells have been updated. 

Active rigs:

$69.25↑↑↑	9/11/2018	09/11/2017	09/11/2016	09/11/2015	09/11/2014
Active Rigs	66	56	37	69	198

WTI: surge. Hurricane Florence won't cause a "supply" problem; storm will cause a "demand" problem. And yet WTI surges. End of driving season in the US. Deserves "four arrows" but my limit is three arrows. I'm still waiting for the API weekly crude oil inventories to be posted. 

Six new permits:

• Operator: Kraken Operating
• Field: Winner (Williams)
• Comments: Kraken has permits for a 6-well Knox pad in SWSW 9-158-100; 

Three producing wells (DUCs) reported at completed:

• 33813, 1,591, Petro-Hunt, USA 153-95-23D-14 2H, Charlson, a nice well; t7/18; cum 16K in 25 days;
• 33814, 1,773, Petro-Hunt, USA 153-95-23D-14 1H, Charlson, a very nice well; t7/18; cum 24K after 20 days;
• 33817,  683, Petro-Hunt, USA 153-95-23D-14- 1HS, Charlson, a nice well; t7/18; cum 9K after 15 days;