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Title : Active Rigs Drop Below 60 -- August 14, 2018
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Active Rigs Drop Below 60 -- August 14, 2018

Wells coming off the confidential list today:
34054, conf,  BR, Rink 6-1-5 MBH, Pershing, no production data,
33231, conf, CLR, Vardon 3-14H2, Siverston, another huge Vardon well; the Vardon wells are tracked here; at that link, see early production data;


Active rigs:

$68.12↑	8/14/2018	08/14/2017	08/14/2016	08/14/2015	08/14/2014
Active Rigs	59	57	33	74	194

RBN Energy: is it time to panic over falling Cushing oil?

Crude oil inventories at Cushing have been in a free fall. After last peaking at more than 69 MMbbl in April 2017, stockpiles have decreased to less than 22 MMbbl recently, nearing all-time lows for tank utilization at the Oklahoma crude-trading hub. While we’ve seen volumes drop quickly in the past, inventories have now declined for 12 straight weeks at a staggering pace. Traders, refiners, and other market participants are starting to fret. Is this just another cyclical trend or are market factors exacerbating the impact? Today, we examine the influence of historical pricing trends on Cushing inventories and why it seems that demand factors are speeding up the drop.

Cushing inventories, a leading benchmark for U.S. crude oil stockpile analysis, are measured weekly as part of the Energy Information Administration’s (EIA) Weekly Petroleum Status Report. Stockpiles at Cushing averaged just under 65 MMbbl from 2016 through the beginning of 2017. Inventories ramped up to 69.4 MMbbl in April 2017 (Figure 1 below), an all-time high for volume at the trading hub. That high was quickly followed by a sharp drop, then a rebound towards 64 MMbbl in October 2017. But since October, we’ve seen an almost relentless decline in crude inventories at Cushing, with stocks falling 30 out of the last 42 weeks and for the last 12 weeks straight

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