Friday, September 8, 2017

Week 36: September 3, 2017 -- September 9, 2017

For the archives:
Hurricane Harvey hit landfall August 25, 2017; by September 1, 2017, Houston was already on the road to recovery. Week 36 is the first full week after September 1, 2017. It was also the week that North Korea tested a huge hydrogen bomb.

Due to Hurricane Harvey data surrounding crude oil and gasoline inventories will most likely be seen as anomalies. The price of WTI was volatile but by the time things were getting back to normal, WTI was trending back toward $45.

Among all the noise, perhaps the most stunning was the French announcement that the country would ban all oil exploration by 2040, and will stop granting new oil exploration permits next year.

Almost as stunning, the Keystone XL was back in the news. TransCanada announced it had extended its "open season" on the proposed pipeline.

And, President Trump stopped by the Tesoro (Andeavor) refinery in Mandan, ND, this past week.

Less surprising, I surprise, Saudi Arabia continues to deplete its cash reserves.  At the current rate of depletion, Saudi Arabia could deplete its fund in less than five years.

The Bakken

Mike Filloon looks at completions in the North Dakota Bakken
Another example of the peculiarity of the Bakken

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