Tuesday, March 26, 2019

Close, But No Cigar: WTI Closes Just Below $60-- March 26, 2019; API Reports A Nearly 2-Million Bbl Build

Energy demand in 2018: increased at almost double the average rate since 2010 Renewable energy not keeping up.

WTI closes just below. Barely. What was the API data? Link here. Maybe here? The latter link says API data shows crude stocks up 1.9 million bbls week-over-week. Oilprice calls it a "surprise" build (it seems it is always a "surprise" over at oilprice): a build of 1.93 million bbls. Oh, well, now we wait to the EIA data to be released tomorrow.
  • WTI: up over just under 2%; up $1.16; closed at $59.98
  • Brent: up just under 1%; up 65 cents; closed at $67.46
  • OPEC basket, not so much: closed down about 3/4th of a percent; down 48 cents; closed at $66.19
Back to the Bakken

Major flooding in the Bakken. Link here

Active rigs:

Active Rigs6859493299

Note: number of active rigs now compared with number of active rigs in 2016 and 2017.

Six new permits:
  • Operator: Slawson
  • Field: Big Bend (Mountrail County)
  • Comments:
    • Slawson has permits for a 6-well Osprey Federal pad in Big Bend oil field in section 26-151-92 (It looks like these permits replace six permits previously canceled.)
Five permits renewed:
  • Oasis: five DomaLakes perits in Burke County renewed
One permit canceled:
  • Petro-Hunt: a USA permit in McKenzie County canceled

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