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Tuesday, February 26, 2019

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:

$55.992/26/201902/26/201802/26/201702/26/201602/26/2015
Active Rigs66574038121

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.

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