Fast and Furious
US oil services companies: could get "shot in the arm." Mexico's new president says he will invest $9.4 billion into state's oil industry to increase supply. Link here. Let's see if "state-run" under new president can do better than "private-run" did under outgoing president. US oil production:
- US oil production not growing as fast as expected -- oilprice.com
- EIA forecast for May, 2018: 10.749 million bopd
- actual, May, 2018: 10.442 million bopd (13% increase from one year earlier)
- one year ago, May, 2018: 9.218 million bopd
- EIA estimates 10.900 million bopd for June but Bloomberg suggests the number could be lower based on May data
- Comment: I think Bloomberg had an incredibly slow news day; five minutes of my life I will never get back
Distillate demand: even more striking, the lag in distillate demand this summer compared to last summer; see this link.
Back to the Bakken
Active rigs:
| $67.79↓ | 8/1/2018 | 08/01/2017 | 08/01/2016 | 08/01/2015 | 08/01/2014 |
|---|---|---|---|---|---|
| Active Rigs | 63 | 60 | 34 | 74 | 193 |
Twelve new permits:
- Operators: Crescent Point Energy 98); Oasis (4)
- Fields: Winner (Williams County); Banks (McKenzie County)
- Comments: Crescent Point Energy has permits for an 8-well Burgess/Sylven pad in SESW 11-158-100; Oasis has permits for 4-well Kellogg Federal permit in SESE 19-152-97;
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