- down almost 5%
- lost over $3/bbl
- now trading barely above $66
I started tracking weekly crude oil inventories about two years ago to get "a feel" for this metric. In all that time, I never saw a swing (build or draw) of more than 6 million bbls in one week and that was incredibly rare. There may have been an occasional exception. I've long forgotten. But anyone who follows the weekly number will be / should be stunned. The API reports a huge build of almost 10 million bbls of crude oil. Who saw it coming? Regular readers might have. Remember this graphic? This is from last week. We will see this week's "gasoline demand" tomorrow afternoon. It will do one of two things: it will continue to slide, or it will show a very, very slight increase but it won't be enough to get anyone excited.
Active rig list:
$66.04↓↓↓↓ | 10/23/2018 | 10/23/2017 | 10/23/2016 | 10/23/2015 | 10/23/2014 |
---|---|---|---|---|---|
Active Rigs | 68 | 54 | 34 | 68 | 194 |
Four new permits:
- Operators: CLR (2); Liberty Resources (2)
- Fields: Haystack Butte (McKenzie); Gros Ventre (Burke)
- Comments: Liberty Resources has two new permits in section 23-159-93; and, CLR has two new Palmer Federal permits in Haystack Butte in section 25-149-98.
- Hunt (3): two Trulson permits in Mountrail County and one Halliday permit in Dunn County
- Zavanna (2): two George permits in Williams County
- Bruin E&P: one Borrud permit in Williams County
- 33737, 2,026, Hess, BB-Federal B-151-95-2122H-8, Blue Buttes, t9/18; cum --
- 34217, 1,052, Hess, RS-Howell-LW-156-91-1107H-4, Ross, t9/18; cum --
- 34219, 836, Hess, RS-Howell-LW-156-91-1107H-2, Ross, t9/18; cum --
- 34220, 1,256, Hess, RS-Howell-LW-156-91-1107H-1, Ross, t9/18; cum --
- 34218, 679, Hess, RS-Howell-LW-156-91-1107H-3, Ross, t9/18; cum --
- 17720, 399, Hess, RS-Howell-156-91-1207H-1, Ross, t2/09; cum 462K 7/18; it will be interesting to see what this well does when it comes back on line;
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