Everything was going well until things went wrong. Really wrong. Crude oil pricing flash crash in Asia overnight, May 4 - May 5, 2017, dropping crude oil to $43 and change. By the end of the week, WTI had recovered a bit but still in the $46-range. Saudi Arabia got caught with its siphon in its storage tanks. OPEC production cuts pretty much mean nothing at this point -- for whatever cuts Saudi Arabia "might" be making (wink, wink), they are more than compensating with oil from storage. One big shell game. The analysts and traders finally caught on.
The blog has a new metric: the number of weeks until US oil is re-balanced.
Bloomberg says the independent shale producers are dancing circles around the majors. One wonders how ugly the Permian might get. Fracking solutions in the Bakken suggests that the Permian has a fracking problem.
Meanwhile, Trump's administration is hitting on all cylinders: a) The US House repeals ObamaCare (whatever that means); and, b) unemployment rate hits 10-year low, four months into Trump's administration. MSNBC confused; CNBC shocked -- only Rick Santelli came close.
Most depressing graphic for the week at this post.
For the archives: the eleven most under-reported stories in the US
Top producing wells in North Dakota
Halcon reports a monster well; more than 50K in one month
Resource Energy adds more Bakken acreage for less than $800/acre
Pembina Pipeline to buy Veresen
DAPL protests: follow the money and the amenities
Best damn fracking company goes public
State bank posts record profits (again)