The big story of the week, of course, is another 2% drop in daily crude oil production in North Dakota, and suggestions that North Dakota is already under the one million bopd production threshold (data is delayed about 45 - 60 days). I believe Lynn Helms said that if "we" go under one million bopd it will take "a year or so" to get back over that threshold. Something like that. A lot of activity continues in the Bakken suggesting things will meander along; it will take awhile for folks to realize we are in the manufacturing phase of the Bakken.
The big international story is that OPEC has agreed to hold a meeting ahead of schedule; to meet in September. The decision was made when oil was trending back down toward the high 30s. Upon the announcement, oil steadied, trending upward, back to about $43. But at the end of the day, I don't see much coming out of the September meeting.
There were a lot of stories about Katie Ledecky this past week (the 2016 Rio Olympics). There were a number of stories on Saudi Arabia's cash crunch. Tesla is considering $40-car-washes while folks stand around waiting for their cars to be recharged: a 30-minute re-charge, and imagine if there are two cars in front of you.
Operations
Director's Cut, June, 2016, data
Break-even cost for current Bakken wells: $26/bbl
Although incredibly small, recent acquisition sheds light on the Bakken; Raisa Energy
Results of the North Dakota quarterly lease auction sales, August, 2016
Pipeline
Random photo of Dakota Access Pipeline being laid south of Mandan, ND
Fracking
Best link for the month: fracking pollution story retracted
Powerful forces still trying to ban fracking in the US
Natural Gas
Huge natural gas draw during the summer; last time this happened was eleven years ago
Demand for dispatchable energy growing just as wind/solar "take off"
Bakken Economy
Update on two new healthcare facilities in western North Dakota (Minot, Watford City)
Miscellaneous
IEA says "balancing" has already begun; most doubt this
Atmospheric CO2 declines month-over-month
Oil firms don't have much cash for acquisitions, but SM Energy bought Midland Basin firm for $1 billion
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