Another incredible week, highlights --
- North Dakota hits all-time crude oil production record -- previously reported, but Mark Perry has a great graph; so much for "peak oil theory"
- US GDP growth, 2Q18, first estimate: 4.1% -- comes at time when the "bull market" is long in the tooth; most analysts suggested the number was really "better" -- including CNBC -- than initial reading suggests
- WTI remains stable, despite "hot" war in the Mideast (Israeli/Syrians each down opponent's jets); war of words between Trump and Iran escalates, and then this: Saudi Arabia suspends shipments through the Red Sea after two of its VLCCs come under attack, and Iran takes responsibility
- US producers/refiners make history
- very interesting earnings reports from COP; XOM in trouble;
- courts throwing out global warming cases against Big Oil -- courts calling them frivolous lawsuits
- although released in June, it's finally getting some traction: the BP annual global energy report has been released
- major heat across the northern hemisphere this past week; so intense that Japan is starting up old crude oil- and fuel oil-fired power plants to meet electricity demand (a/c); Texas heat wave -- record electricity demand;
- major developments in Saudi Arabia: Saudi Aramco may buy SABIC -- become global petrochemical powerhouse; also here;
- a report that global crude oil discoveries have recovered
- US natural gas storage could break record -- on low side; US natural gas exports to Mexico hit record high;
- a perfect fit for Berkshire Hathaway: OXY's pipeline assets
- railcar shortage for crude oil and refined products
- and, Elon Musk went off the rails
Reminder: a reader asked whether to "buy" or "hold." FYI only.
The Bakken
Operations
MRO's incredible DUCs in Bailey oil field;
Slawson, MRO report huge completed DUCs
MRO re-fracks in Bailey oil field
New CLR wells produces 150K BOE in thee months
The Christensen -- another phenomenal MRO re-frack
More MRO re-fracks
Bakken economy
Huge Legacy Fund deposit for July, 2018
Commentary
The US is THE global swing producer
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