Week 43: October 22, 2017 -- October 28, 2017

In the big scheme of things, not much in the news this week, except for WTI surprisingly going over $54 at the very end of the week. It appears that the Saudis will agree to extend production cuts. Being reported in a number of places, Big Oil is targeting sub-$30-oil.

US crude oil exports continue to surge. And despite efforts to draw down US crude oil inventories, they actually increased slightly this past week.

The US government has opened an area the size of New Mexico in the GOM for oil exploration -- largest oil and gas lease ever held in the US. Meanwhile, the US oil sector hit a new record: crude oil production was the highest reported in 44 weeks.

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The Bakken

Operations
Two new Liberty Resources wells extend the East Tioga oil field
Jump in production of a Statoil Cheryl well
CLR to add 24 wells to a drilling unit that already has 6 wells
Readers watching a Lodgepole reef well southwest of Dickinson
Multiple formations in the Williston Basin

Fracking
Whiting reports a nice high-intensity re-frack

Bakken economy
Linn Energy to sell its assets in Williston Basin
Williston retail stores opening; new bank location

Commentaries
No evidence that operators are "running out" of Tier 1 locations in the Bakken