This past week it was reported that the US posted its largest weekly surge in crude oil stocks in 34 years. Meanwhile, US exports of crude oil and petroleum products are also surging. Both RBN Energy and Platts suggest US refineries will do very, very well, going forward.
It was also reported that OPEC is considering cutting its production from 33.24 million bopd to 33 million bopd. Car sales were down in the US, and gasoline demand plummeted. For Saudi Arabia to average $80-oil for the calendar year, 2016, oil will have to jump to $260/bbl the last two months of 2016. Saudi Arabia's cash reserves continue to fall.
Open-book exam for US LNG investors.
Operations:
Newfield reports a nice, high-IP well in Lost Bridge oil field
Active rigs in North Dakota up to 37
Enduro has a permit for water injection, Newburg oil field
Six EOG Hawkeye permits renewed
CLR reports a huge well near Williston
Sedalia Energy is drilling two laterals from an existing Madison well northeast of Minot
DUCs
WPX reports three high-IP DUCs completed
National update
Bakken 101
The Grand Forks Herald provided a nice update of the Bakken
Mitigation proposal for pressure pulses while fracking neighboring wells
Evidence of a halo effect?
Miscellaneous
North Dakota quarterly lease sales hardly worth noting
Earnings season continues, including this CLR presenation
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