API Weekly Data Shows A "Surprise" Build In US Crude Oil -- February 26, 2019

WTI: recovers. I guess everyone has already forgotten President Trump's tweet of less than 24 hours ago. No, just joking -- it was the weekly API data.

API weekly data: link here. "Surprise" crude oil draw sends oil prices higher. "Surprised" again. I'm shocked. Shocked. Here are the numbers:

• consensus: a build of 2.82 million bbls
• actual: in fact, a draw of 4.2 million bbls

Folks, that's a swing of 7.02 million bbls. That's like the golfer leading the tournament playing 3 over and #2 playing 4 under for the day -- a swing of seven strokes. Not trivial. We'll see what the EIA data tomorrow shows.

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Back to the Bakken 

Active rigs:

$55.99	2/26/2019	02/26/2018	02/26/2017	02/26/2016	02/26/2015
Active Rigs	66	57	40	38	121

Two new permits:

• Operators: Bruin, Lime Rock Resources
• Fields: Tyrone (Williams): Cabernet (Dunn)
• Comments: 
• Bruin has a permit for a Borrud well in lot 3, section 1-156-101, Tyrone oil field;
• Lime Rock has a permit for a State well in section 25-144-97, Cabernet oil field;

And that was all.