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Title : Another API Inventory Build -- WTI Drops 7% -- December 18, 2018
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Another API Inventory Build -- WTI Drops 7% -- December 18, 2018

WTI: down a whopping 7%; down $3.60; now trading at $46.60. One gets the troubling feeling that GS was just a year or two early when they forecast $20 oil.

Surprise, surprise: surprise inventory build. API report:

• another huge build of 3.45 million bbls
• analysts had expected a draw of 2.475 million bbls
• peak oil? I don't think so.

Trajectory: the last time we saw this trajectory of downward prices it was due to the Saudi surge (their one-trillion-dollar mistake). This time is seems very, very different. 

Active rigs:

$46.60	12/18/2018	12/18/2017	12/18/2016	12/18/2015	12/18/2014
Active Rigs	67	51	40	64	183

new permits:
Operators:
Fields:
Comments:
permits renewed: pending
permits canceled: pending
producing wells (DUCs) reported as completed: pending

https://ift.tt/2dZyQXu

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