- consensus: a drawdown of 481,000 bbls (note the false precision)
- actual API US crude oil inventory: at 4.852 million bbls, the build was 10x what the "drawdown" forecast number was (481,000 bbls)
- price? flat -- I guess traders are getting used to these "surprise builds"
- EIA will report tomorrow
- previously
- last week: a "surprise" build of 3.545 million bbls
- the week prior to that: another "surprise" build of a whopping 6.8 million bbls
This is simply staggering:
- crude: + 4.852 million bbls (Cushing)
- gasoline: +2.365 million bbls
- distillate: +0.829 million bbls
US production: EIA projects that US oil production will hit 13 million bopd by January, 2020. M. King Hubbert is rolling over in his grave. RIP.
Not on the nightly news tonight (see first comment below; apparently Rigzone/Bloomberg analysts are using a "broad" definition of "oil":
However, this is still making the rounds on NPR:
It looks like there might be an interesting story playing out:
- Saudi Arabia: will do what it takes to keep oil prices up -- so, Saudi Arabia could cut production to 9 million bopd
- Russia: not ready to cede "bragging rights" to the US; may increase production to the dismay of the Saudis
- US: free market capitalism ... unless Trump is defeated in 2020 -- then, who knows?
Back to the Bakken
Active rigs:
$53.27 | 6/11/2019 | 06/11/2018 | 06/11/2017 | 06/11/2016 | 06/11/2015 |
---|---|---|---|---|---|
Active Rigs | 63 | 63 | 52 | 28 | 77 |
Six new permits:
- Operator: RimRock
- Field: Heart Butte (Dunn County)
- Comments: RimRock has permits for a 6-well Skunk Creek permit in lot 4/section 18-148-92, Heart Butte oil field
- Hess: six JW Hamilton permits in Williams County
- 35241, 2,173, WPX, Badlands 4-33-28HA, Heart Butte, t5/19; cum --;
- 35242, 2,400, WPX, Badlands 5-32-29HT, Heart Butte, t5/19; cum --;
- 35790, 2,657, Whiting, Link 21-15-3H, Foreman Butte, t5/19; cum --;
- 35574, 658, Goliath 150-98-5-8-11H, Siverston, t5/19; cum --;
- 35389, 1,427, Goliath 150-98-5-8-6H, Siverston, t5/19; cum --;
Rigzone/Bloomberg is listing +2.2 MM bopd total liquids, not crude and condensate. Total liquids includes NGLs like propane. Crude and condensate (what ND, CLR, and most people call oil) was "only" up 1.6 MM bopd.
ReplyDeletehttps://www.eia.gov/todayinenergy/detail.php?id=38992
"Only." Thank you. I'll note that in the post above.
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