Did Y'all See This? API US Crude Oil Inventory --- Up Another Whopping 9 Million Bbls -- November 14, 2018

Link here.

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 8.8 million barrels for the week ended Nov. 9, according to sources.

The API data, which was released a day later than usual because of Monday's Veterans Day holiday, also showed gasoline supplies edged up by 188,000 barrels while distillate stockpiles fell 3.2 million barrels, sources said.

Inventory data from the Energy Information Administration will be released Thursday. Analysts polled by S&P Global Platts expect the EIA to report a climb of 2.3 million barrels in crude supplies.  

Absolutely incredible.

When I was tracking this, back in 2017, for two years, I do not recall any increase of 9 million bbls of oil. This is staggering. I quit tracking this back in March, 2018. Maybe I need to start tracking it again. My threshold: 400 million bbls.

Week	Date	Drawdown	Storage	Weeks to RB
Week 0	Apr 26, 2017		529.0	180
Week 24	October 12, 2017	2.8	462.2	40
Week 25	October 18, 2017	5.7	456.5	37
Week 26	October 25, 2017	-0.9	457.3	39
Week 27	November 1, 2017	2.4	454.9	38
Week 28	November 8, 2017	-2.2	457.1	42
Week 29	November 15, 2017	1.9	459.0	43
Week 30	November 22, 2017	1.9	457.1	42
Week 31	November 29, 2017	3.4	453.7	41
Week 32	December 6, 2017	5.6	448.1	37
Week 33	December 13, 2017	5.1	443.0	36
Week 34	December 20, 2017	6.5	436.5	30
Week 35	December 28, 2017	4.6	431.9	28
Week 36	January 4, 2018	7.4	424.5	25
Week 37	January 10, 2018	4.9	419.5	23
Week 38	January 18, 2018	6.9	412.7	20
Week 39	January 24, 2018	1.1	411.6	20
Week 40	January 31, 2018	-6.8	418.4	24
Week 41	February 7, 2018	-1.9	420.3	26
Week 42	February 14, 2018	-1.8	422.1	27
Week 43	February 21, 2018	1.6	420.5	27
Week 44	February 28, 2018	3.0	423.5	28
Week 45	March 7, 2018	2.4	425.9	29
Week 46	March 14, 2018	-5.0	430.9	33

"Forever" Stamps To Go From 50 Cents To 55 Cents -- November 14, 2018 -- For The Archives -- Whatever Happened To The Caravan?

USPS first class stamps increase by 10%: from 50 cents to 55 cents for a "Forever' stamp. Link here. From Fortune:

This pretty much ends Christmas cards for me.

******************************

Meanwhile

************************

 Back to Kneeling

MRO Reports Two More Incredible Wells -- November 14, 2018

MRO reports two more staggering wells; see below; see this link also. Record IPs are tracked here. 

Active rigs:

$56.12😟	11/14/2018	11/14/2017	11/14/2016	11/14/2015	11/14/2014
Active Rigs	63	54	38	64	186

Six new permits:

• Operators: MRO (3); Whiting (3)
• Fields: Deep Water Creek Bay (McLean County); Sanish (Mountrail County)
• Comments: MRO has permits for a 3-well Merwin USA/Foote USA/Avallon USA pad in 8-150-90; and Whiting has permits for a 3-well Ogden pad in 3-154-92;

Thirteen permits canceled:

• Thunderbird (13): Fleck, Lange, Frank (Stark County), Franks Creek Federal (Billings), Watson A, Watson B, and Lower Thirty Federal (Billings) permits, all in McKenzie County except as indicated;

Two producing wells (DUCs) reported as completed:

• 34484, 6,504, MRO, Yellowface USA 13-23H, Reunion Bay, t9/18; cum 60K over 22 days; extrapolates to 81,700 bbls in 30 days;
• 32975, 9,166, MRO, Jerome USA 12-23TF, Reunion Bay, t9/18; cum 19K in 5 days; extrapolates to 116K over 30 days; 

*******************************************

The Bakken Will Do Just Fine, Thank You

From oilprice:

The Market, Energy, And Political Page, Part 4, T+8 -- November 14, 2018

See link here. From Mike Fitzsimmons over at Seeking Alpha --

• Imperial Oil, which is majority owned by Exxon, has decided to move ahead with "Aspen," a 75,000 bpd, C$2.6 billion oil sands project
• this decision was a big surprise considering the lack of pipeline exit capacity that has WCS trading at a $44/bbl discount to WTI
• it looked to be worse of a decision after a federal Judge subsequently dealt the Keystone-XL pipeline another blow
• meantime, oil prices have crashed as President Trump backtracked on the Iran sanctions by giving waivers to Iran's top-eight customers
• there are very good reasons why no oil sands projects have been green-lighted since 2013. Aspen shouldn't have either

In my mind, there are only two reasons for doing this:

• Exxon sees something on the horizon that the rest of us don't; or,
• Exxon is desperate to recoup some of their investment.

With regard to the latter, perhaps they hope to "define" what they have and then sell it.

But it is amazing to see how much money the oil companies can make when times are good.

75,000 bopd x $15/bbl = $1.125 million / day.

$2.6 billion / $1.125 million = 2300 days = 6.3 years.
 

Off The Net For Awhile -- Lots Of Reading -- November 14, 2018

CLR has a new corporate presentation at this link. I will look at it later. Considering current price situation and the fact that CLR does not hedge, this should be a very, very timely presentation.

I brought Sophia two "children's" books. She looked at them, put them away, and went back to the book she had started "reading" yesterday: a Mediterranean recipe book. I am not kidding.