API Reports Nice Draw Of US Crude Oil -- May 29, 2019

Earlier today this was posted:

From SeekingAlpha, earlier this week, predicting EIA numbers this week, this is from HFI Research:

• There was no SPR this week, so our estimate would be -3.4 to -5.4 mbbls for this week's EIA crude storage report.

So, how did that work out? Pretty good actually.

From oilprice:

• API reports a large draw in crude oil -- 5.265 million bbls of oil
• forecast: a drawdown of around a million bbls of oil
• WTI: $59.13, up slightly

We should get the EIA data tomorrow, Thursday, May 30, 2019, which may or may not corroborate the API data.

All API inventory numbers:

• crude oil: a draw of 5.265 million bbls
• distillates: a draw of 2.144 million bbls
• gasoline: a build of 2.711 million bbls (expected: a draw of one-half million bbls)
• Cushing: a draw of 176,000 bbls

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An Aubrey McClendon Company Files For Bankruptcy

This is pretty much a non-story and I would not have posted it except for the association with Aubrey McClendon. From The WSJ:

White Star Petroleum LLC, founded by late oilman Aubrey McClendon, filed Tuesday for chapter 11, days after unpaid vendors tried to push the energy company into an involuntary bankruptcy.

The Oklahoma City-based oil and gas producer also plans to put its assets up for sale.
The company said it has been stressed financially in recent years, partly due to low production volumes and higher-than-expected operational costs.

Due to the drop in commodity prices late last year, as well as White Star’s financial condition, the business stopped drilling new wells in April.

Existing lenders will provide up to $28.5 million in financing, secured by virtually all of the company’s assets, to help the business get through bankruptcy. White Star has 169 employees, and, at year-end, had the equivalent of 84.4 million barrels of oil in Oklahoma.