WTI Closes Below $61; MRO WIth Three New Permits -- May 7, 2019

API weekly inventory data: not as "bad" as the previous two weeks but yet another build. Even so, it was a fairly big build: 2.81 million bbls and well ahead of analysts' expectation of 744,000 bbls. Link here. We now wait to see if this build is corroborated by the EIA data that will be released tomorrow.  

Last week:the API reported a surprise buildup in crude oil of 6.81 million barrels. A day later, the EIA reported an even larger build of 9.9-million-barrels. 

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Back to the Bakken

Active rigs:

$60.74	5/7/2019	05/07/2018	05/07/2017	05/07/2016	05/07/2015
Active Rigs	64	61	49	27	85

Three new permits:

• Operator: MRO
• Field: Reunion Creek
• Comments: MRO has permits for a 3-well pad in lot 2/section 4-151-93

Nine permits renewed:

• BR (8): six Abercrombie permits, one Abersom permit, andone Aberlid permit, all in McKenzie County
• Slawson: a Jore Federal permit in McKenzie County

One permit reinstated:

• 30987, loc, XTO, Johnsrud 21X-13B, McKenzie County