I'm not sure if there were any major energy stories this past week: sort of quiet in the big scheme of things. Despite another huge build in US crude oil reserves, the price of WTI held at about $53. The tea leaves suggest OPEC will extend production cuts into the second half of the year; original plan was for cuts to the end of June, 2017.
Perhaps most surprising to me is that few DUCs are being completed. The inventory of DUCs is decreasing but to some extent that is simply because fewer wells are being drilled. The number of active rigs dropped quickly from 40 to 36 earlier but by the end of the week had recovered to 40 active rigs, exactly the same number exactly one year ago (February 17, 2017).
Marathon continues, it seems, to have an active re-frack program. That may be true of other operators, also, but I have not tracked re-fracks for other operators. Examples of re-fracked MRO wells that were noted this past week include:
Oasis appears to be re-fracking older wells when neighboring wells are fracked for the first time.
It appears the DAPL is quietly moving along; it's hard to say how this will play out.
For investors, it was a huge week: the equity markets have been on a tear. All three indices hit all-time records this past week on multiple days. CNN even called it the "Trump rally" and said it was the best rally since LBJ and JFK.
It does appear that a new chapter in the "global warming" story will be written in 2017 - 2018.
Monthly production data released here; and, here; the Director's Cut here;
Oasis Rolfson S wells are going to be huge wells
Is CLR getting ready to frack the Anna pad in Last Chance oil field?
Essay, RBN Energy
Six DUCs completed
Five DUCs completed
DAPL law enforcement costs -- $33 million that won't be going to ND public schools
US District Court judge denies latest challenge to the DAPL
One of many articles on legacy of Standing Rock protest
State Department took four years to study 3-mile section of pipeline
Update on Enbridge Alberta Clipper pipeline
For the archives: existing pipelines under the river/lake
For the archives: Native Americans actually have ownership stake in one pipeline under the lake
CLR reports a 62-stage, 14-million-lb frack, #31670, Rath Federal
One step closer to new middle school for New Public School District 8 outside Williston, ND
Williston State College sets enrollment record
For the archives: is the Bakken a bust?
EIA's forecast for US crude oil production through 2040