"Down Day" For Almost Everything; WTI Held Above $64

API weekly crude oil inventory data -- a big build -- a build of 4.1 million bbls. Forecast: a build of 2.294 million bbls (again, false precision). Including this week’s data, the net build is now 7.53 million barrels for the 13-week reporting period so far this year, using API data. But look at the gasoline inventory data: The API this week reported a draw in gasoline inventories for week ending April 5 in the amount of 7.1 million barrels. Analysts estimated a much smaller draw in gasoline inventories of 2.009 million barrels for the week. All background noise. Traders will do what they want regardless of the data. WTI trended down today, closing just below $64.

Aramco IPO: it's always been my contention we would never see an Aramco IPO. More evidence to support that contention: the "run on Aramco bonds was so huge, there is no need for an IPO." 

Active rigs:

$64.06	4/9/2019	04/09/2018	04/09/2017	04/09/2016	04/09/2015
Active Rigs	63	58	49	31	93

Three new permits:

• Operator: Petroshale
• Field: Croff (McKenzie County)
• Comments:
• Petroshale has permits for a 3-well Anderson North pad in section 14-149-96 in Croff oil field

Five permits canceled:

• EOG (3): three Riverview permits in McKenzie County
• Newfield (2): two Bernice permits, both in McKenzie County

Two permits renewed:

• Whiting: a Westin TTT permit and a Kaden TTT permit, both in Mountrail County

Five producing wells (DUCs) reported as completed:in progress

• 35312, A, CLR, Putnam 8-25H1, East Fork, t--; cum --;
• 35311, A, CLR, Putnam 7-25H, East Fork, t--; cum --;
• 35310, A, CLR, Putnam 6-25H1, East Fork, t--; cum --;
• 34458, 1,931, Hess, CA-E Burdick-155-95-2017H-6, Capa, t3/19; cum --;
• 32164, 1,812, Hess, CA-Anderson Smith-155-2635H-4, Capa, t3/19; cum --; 
• 16083; off-line; t2/07; cum 253K 10/18;