Locator: 50379B.
So, where's this shortage of oil we were told the Iran war would cause? It gets tedious. Link here. How much did US oil inventories rise last week? Whatever it was, it was "staggering."
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by a staggering 10.263 million barrels in the week ending March 27.
In the week prior, US crude oil inventories rose by 2.3 million barrels.
Analysts had expected a draw of 1.3 million barrels in the current reporting period.
Consistently, analysts seem to get these estimates wrong.
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Back to the Bakken
WTI: $101.80. Prices dropped significantly in the last 48 hours but still trading above $100. And get this: US crude oil inventories see a "surprise" 10-million-barrel spike.
Active rigs: 23.
No new permits.
Six permits renewed:
- Murex (5): five "CD" wells in West Bank and Beaver Lodge fields, Williams County -- CD-Cynthia Dale; CD-Freances McKenna; CD-Jarrod Joseph; CD-Michael Paul; and CD-Nancy Rey, all in sectioin 16-156-96.
- Hess: AN-Double Bar V-152-95-0106H-5, Antelope field, McKenzie County.
