I guess it was another quiet week. WTI trended higher, settling at just above $54 on Friday. Dennis Gartman (CNBC contributor) who said oil would never see $55 again, turned bullish this week, suggesting one could see another $6 - $8 on the upside vs only $2 to $3 on the downside.
The OPEC cuts were holding.There are more and more stories suggesting Saudi Arabi's Aramco vision may be turning into a nightmare. Deep in the weeds, Norway's Troll field will be added to the Brent basket of oils as other fields deplete.
The Canadian oil sands (and the two US majors involved: COP and XOM) are in a world of hurt; the oil sands will essentially shut down except for projects already underway. And then folks tell us the Bakken had no impact on international oil. Eyes wide shut.
From a recent low of 36 just a week or so ago, the number of active rigs jumped to 44 earlier this week, but settled back down to 41 by the end of the week.
I suppose the environmental-disaster story of the week was the DAPL protest campgrounds. If interested, google it. With regard to DAPL protesters, my fun-meter is pegged out, as we used to say. ETP says DAPL oil could start flowing March 6, 2017, about two months earlier than expected.
Twice this week, the NDIC daily activity report was posted a day late.
The Dow recorded eleven consecutive days of new highs. I believe the modern-day record is a string of 13 record-setting days.
A must-read post on LNG:
import demand, global, future
Petro-Hunt getting active
High-intensity fracked EOG Austin well
Seven Rolfson N wells reported
Whiting update over at SeekingAlpha
Without question, Whiting is becoming the most active in Bakken 2.0
CLR reports two huge Bakken wells (Charolais, Brangus)
19548, BR, Gudmunson, Elidah oil field
16875, MRO, Trotter, Bailey oil field
19889, XTO, Sand Creek
21716, Petro-Hunt, Van Hise Trust, Charlson oil field
17309, BR, Washburn, Charlson oil field
20336, BR, Sun Notch 43-32H-R, Sand Creek, re-enter, deeper lateral
17400, Petro-Hunt, Sherven Trust, Charlson (re-frack)
22621, Whiting, Chameleon State, Banks oil field
19859, Whiting, Chameleon State, Banks oil field (same link)
Twenty-six permits renewed; Petro-Hunt / EOX / VOG
Frack sand pricing
Update on DAPL
DAPL: the seven stages of grief
Update on Davis refinery outside Belfield, North Dakota
More roundabouts for Williston