WTI Barely Holding Above $56 Despite Global Tensions; Another "Surprise" Build -- January 22, 2020

Surprise, surprise! oilprice calls it another surprise build. 

The American Petroleum Institute estimated on Wednesday a surprise crude oil inventory build of 1.57 million barrels for the week ending January 17, 2020, compared to analyst expectations of a 1.009-million-barrel draw in inventory.

[Comment: a 1.6-million-bbl draw, in the big scheme of things, is "no change" from the previous week.]

Libya: irrelevant. 

Active rigs:

$56.13	1/22/2020	01/22/2019	01/22/2018	01/22/2017	01/22/2016
Active Rigs	54	65	58	38	47

No activity on the daily activity report today, except for a few corrections regarding yesterday's daily activity report.