Week 6: February 5, 2017 -- February 11, 2017

Quickies:

• OPEC's cuts seem to be holding; some OPEC members suggest production cuts might need to be extended into 2H17
• WTI finishes week on strong note -- during the day went over $54; settled just below $54
• the strong finish despite a 14-million-bbl build of crude oil when the forecast was for 2.5 million bbls
• significant amount of crude oil being imported into US
• gasoline prices in California "popped"
• Venezuela playing with Darth Vader
• OXY with huge miss (earnings)
• South Dakota #1 destination state for movers: United Van Lines 40th Annual Movers' Survey
• South Australia: 40% renewable energy grid; fails
• BP raises its break-even price to $60/bbl crude oil
• Russia invaded Korea -- Maxine Waters
• GDPNow model forecasts huge growth in GDP for 1Q17 (not so fast; most recent forecast not so great)
• Saudi Arabia's foreign exchange reserves continue to drop
• after several weeks, Reuters notices significant drop in US gasoline demand; no analysis
• US House votes to repeal Obama methane emissions rule

Operations
10% drop in active rigs in North Dakota this past week
Armstrong Operating has a permit for a wildcat in southwest North Dakota
One of CLR's great wells, Hendrickson 1-36H, Elm Tree, is off-line
Happy birthday to Kate Hopkins #1 -- 60 years old
Still confidential, the Rolfson N wells are going to be some nice wells 

Pipelines
DAPL on again, but how it plays out still in doubt; top story here;
How DAPL protesters were funded; and here;

Fracking
Oasis well with post-shut-in-production jump
Possibly a record post-shut-in-production jump in the Bakken
CLR well with nice post-shut-in-production jump
An EOG Wayzetta well with a nice jump in production post-shut-in (off-line for six months)
CLR Norfolk wells with nice jump in production after being shut-in

Bakken economy
Multi-million dollar soybean processing plant announced for Spiritwood, ND
Legacy Fund adds another $31 million in deposits for month of January