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Wednesday, January 22, 2020

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:

$56.131/22/202001/22/201901/22/201801/22/201701/22/2016
Active Rigs5465583847

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

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