I won't be watching the news, and I won't be checking my e-mail. I will be turning off the computer in a few minutes and won't be turning it on until Saturday.
My next posting will be Saturday.
Good luck to everyone.
Where I would rather be tonight.
Shadows In A Mirror, Chris Issak
******************************************
A Little Help For My Friends
But before I go, please consider donating to the following (note: this is filmed in Portland, OR):
My wife is not a computer geek, nor is she all that impressed with Apple in the big scheme of things. Some years ago, I was pleasantly surprised when she actually wanted an Apple Watch. She has had a Series 1 Apple Watch almost since the day they were released. And she loves it.
Tonight, she came in smiling/laughing that the watch had just told her she had met / surpassed her exercise goals for the past three days. She really, really enjoys that Apple Watch.
Much more I could write but most folks may not care, so I will move on.
At Target tonight, I saw the Series 3 Apple Watch. Only $399.
She doesn't know it, but I will get her the Series 3 one of these days, unless I wait too long and then she will get the Series 4.
Disclaimer: in a long note like this there will be typographical and factual errors. In addition, I probably see things that aren't really there. Whatever. If this is important to you, go to the source. For heaven's sake, don't take my word for it.
Updates
July 15, 2018: IPs and production data updated. Also, the graphic of this area has been updated --
19790, 1,318, EOG, Clarks Creek 3-0805H, Antelope, Sanish pool, API 33-053-03320 (has not been re-fracked), t6/11; cum 438K 9/18;
20602, 670, EOG, Clarks Creek 15-0805H, Antelope, Sanish pool, API 33-053-03535 (has not been re-fracked), t7/12; cum 520K 9/18;
33281, 3,026, MRO, Iron Woman USA 14-9H, Antelope, Sanish pool, 30 stages; 15.3 million lbs, t7/17; cum344K 9/18;
First, let's look at the production profile of the MRO well, #33281 -- again, 154K in less than 2.5 months, and note the amount of proppant, 15.3 million lbs but only 30 stages:
Pool
Date
Days
BBLS Oil
Runs
BBLS Water
MCF Prod
MCF Sold
Vent/Flare
SANISH
5-2018
21
13135
12722
7976
30314
25792
3583
SANISH
4-2018
17
4973
5254
2178
18222
11929
5640
SANISH
3-2018
31
18375
18522
7593
51519
27307
21919
SANISH
2-2018
16
9244
9178
3582
6692
3
5559
SANISH
1-2018
31
18899
18987
7860
33336
6
31024
SANISH
12-2017
24
20193
19765
7973
51293
3899
45014
SANISH
11-2017
30
30417
30471
12079
73242
1
69668
SANISH
10-2017
31
41000
41120
13848
81386
2190
74481
SANISH
9-2017
30
51870
52089
18037
85180
0
79312
SANISH
8-2017
31
74457
74493
27119
116986
0
108693
SANISH
7-2017
13
27795
27147
3060
46513
0
43405
Pretty impressive, huh? 74,457 bbls in one month. A record, it might be. I'll see if I can find a well with more than 75K in one one month.
So, pretty good.
Regular readers know that I am always curious how neighboring wells do when they come back on-line after a neighboring well was fracked.
So, let's look.
#19790 might have had some bump in production but not much to write home about. But look at #20602:
Pool
Date
Days
BBLS Oil
Runs
BBLS Water
MCF Prod
MCF Sold
Vent/Flare
SANISH
10-2017
31
5651
5556
2622
9197
4941
3546
SANISH
9-2017
30
6060
6103
2710
9050
5080
3280
SANISH
8-2017
31
13364
13368
7554
20272
42
19515
SANISH
7-2017
2
1075
997
938
1139
0
1108
SANISH
6-2017
0
0
0
0
0
0
0
SANISH
5-2017
5
494
484
97
1322
1209
5
SANISH
4-2017
30
3014
3024
696
8219
7451
76
SANISH
3-2017
31
3098
3102
764
8903
8158
31
SANISH
2-2017
28
3317
3337
798
9136
8235
255
SANISH
1-2017
31
4134
4171
919
10945
9162
1084
SANISH
12-2016
17
3658
3581
717
7063
5278
1418
Not a huge jump in production if one includes the amount of lost production while the well was off-line, but still ....
*****************************************
Ready For Some Huge Wells?
Now we'll look at four EOG wells in the same area, DUCs that have recently been completed, but still on the confidential list (they've since been updated):
33050,1,703, EOG, Clarks Creek 75-0719HX, t6/17; cum 393K 9/18;
Date
OilRuns
MCF Sold
10-2017
36508
80036
9-2017
34226
60803
8-2017
57069
94244
7-2017
60170
85764
6-2017
41645
15762
32796,2,518, EOG, in
July, 2016, target formation was changed from middle Bakken, to Three
Forks, first bench; Clarks Creek 73-0719H, t6/17; cum 298K 9/18;
Date
OilRuns
MCF Sold
10-2017
27889
113440
9-2017
34631
80000
8-2017
52049
93206
7-2017
59709
84999
6-2017
45483
18118
32795, 2,204, EOG, Clarks Creek 110-0719H, t6/17; cum 299K 9/18:
Date
OilRuns
MCF Sold
10-2017
29335
104337
9-2017
33823
77059
8-2017
45724
79899
7-2017
50738
72096
6-2017
43748
16870
32794,2,382, EOG, Clarks Creek 74-0719H, t6/17; cum 327K 9/18;
Date
OilRuns
MCF Sold
10-2017
33056
94887
9-2017
32263
61850
8-2017
51146
87778
7-2017
66039
94086
6-2017
47392
17014
Are those not incredible wells! But there's more.
*****************************************
What about the neighboring wells to the four DUCs above that have been completed but still on the confidential list (#32794, #32795, #32796, and #33050?
20886, 317, EOG, Clarks Creek 101-1819H, 4 sections, 4/12; cum 396K 9/18:
Pool
Date
Days
BBLS Oil
Runs
BBLS Water
MCF Prod
MCF Sold
Vent/Flare
BAKKEN
10-2017
31
5385
5392
3434
7390
6768
372
BAKKEN
9-2017
30
6189
6228
5561
7551
6876
433
BAKKEN
8-2017
31
10936
10925
9222
14942
13885
813
BAKKEN
7-2017
14
6446
6359
11133
9274
9178
0
BAKKEN
6-2017
0
0
0
0
0
0
0
BAKKEN
5-2017
0
0
0
0
0
0
0
BAKKEN
4-2017
0
0
0
0
0
0
0
BAKKEN
3-2017
0
0
0
0
0
0
0
BAKKEN
2-2017
0
0
0
0
0
0
0
BAKKEN
1-2017
0
0
158
0
0
0
0
BAKKEN
12-2016
18
1691
1688
410
2579
2437
0
BAKKEN
11-2016
30
2192
2332
768
4562
4320
0
BAKKEN
10-2016
31
3097
2971
476
5083
4833
0
20887, 3,415, EOG, Clarks Creek 14-1819H, 4 sections, t4/12; cum 316K 9/18;
Before I started blogging (back before 2007) I knew very little about the Bakken and nothing about natural gas and even less (if that's possible) about bond yields. Now I know a lot more about the Bakken, a bit more about natural gas, and even a bit more about bond yields.
It look like it would be a rational move to build a cash position if we see "B" next year. Jay Powell says he would prefer not to "rock the boat."
On another note, there has been a lot of chatter about rising interest rates -- let's see the historical data for the "Fed fund rate":
Not particularly concerning.
*********************************
The Political Page
One of the biggest days -- maybe the biggest day -- on Wall Street, considering the entire year and what today's market news reflects -- and on the home page of The Los Angeles Times, it's not even mentioned.
The good news: looking at the home page of The Los Angeles Times, it appears Trump has hit the State Department with a classic one-two punch. First, Rex Tillerson has cleaned house, and now, if reports are true, his successor, Mike Pompeo would be even more effective in carrying out Trump's negotiations with our friends and adversaries.
On the first leg of my bicycle ride this morning I wondered to myself whether the Dow would go up 300 points today. Wow. I may have to bike home early to listen to the naysayers on CNBC.
My favorite because, I assume, he was hired based to some extend on his understanding of the market and politics:
But
before going, we haven't looked in on Art Berman lately. What's he saying
now? This is from his most recent article over at his site: the US over-supply of oil is ending.
He and I live in a different universe. It appears he forgets that the majors were still drilling "attractive off-shore plays" when small independents broke the code for fracking tight oil plays.
Having said that, in the column linked above, Berman suggests this:
If "comparative inventory" continues to fall at the 9-month average of 4 mmb/week, oil
prices may be approximately $67 per barrel by the end of December. If
C.I. falls at the 8 mmb/week average since late September, WTI could
approach levels not seen since before the price collapse in late 2014.
It's hard to see WTI falling below $50, but if WTI trends toward $70 by the end of next month (December, 2017), we will be "off to the races." Seventy-dollar oil in 2018 is as good as $100-oil in 2014. It's all about margins and volumes sold. At $100-oil, the price of gasoline could discourage consumption in the US.
More:
The causes of the U.S. inventory drawdown are clear: increased exports of crude oil and greater domestic consumption. (What about decreased imports from OPEC?)
Crude oil exports for the first half of 2017 averaged 766 mmb/d but
rose to 1.8 mmb/d in September and October. Increased exports now
average more than 12 mmb/week and contribute substantially to reduced
inventory levels.
Higher export levels correlate with the increased spread between
Brent and WTI prices that began in late July. Traders can
sell U.S. crude oil overseas at less than international prices but at
levels higher than domestic pricing allows. Record exports of 2.13 mmb/d
occurred during the week ending October 27.
More:
Tight oil production levels, crude oil quality and U.S. refinery
blending needs are behind the WTI discount to Brent price. Most U.S.
refineries are designed for international grades of oil like Brent which
is heavier and contains more sulfur than WTI (think Madison and Red River from North Dakota).
The U.S. has had a surplus of light sweet oil since the tight oil
boom began, and the Brent-WTI spread reached almost $30/barrel in
September 2011 as a result
Berman is concerned that declining US crude oil inventories will drive up the price of oil (above $70); increase the price of gasoline by a dollar/gallon; and lead to an economic downturn. In fact, US shale can respond quickly to changes in the price of WTI. If we trend toward $70 (which forecasts that we could go above $70) there is no doubt in my mind that operators in the Permian and the Bakken could respond with an increase of more than 3 million bbls/day.
India is now home to the world’s eighth-biggest stock market, overtaking Canada for the first time in almost a decade. The score: India $2.29 trillion, Canada $2.28 trillion.
Mumbai’s total stock market capitalization hasn’t exceeded Toronto’s since Jan. 21, 2008, when the S&P BSE Sensex plunged as concern grew that a global financial crisis was taking hold.
Since then, India’s market swelled by $800 billion as investors flocked to a nation where the government boosted consumption through a job-guarantee plan, streamlined
through a job-guarantee plan, streamlined the indirect-tax system and opened more industries to foreigners.
John McCain on record to support the tax bill. Only two GOP senators now on record to vote against the bill. If passed, the real action will be in conference.
Heidi Heitkamp will vote against the tax bill because it favors corporations and small businesses ... like North Dakota farms. Also, elimination of the estate tax might save a few family farms. What a doofus.
***************************
The Apple Page
Apple launches new heart study through its watch. This is a whole lot bigger than the market realizes based on share price action. Apple Watch app will detect atrial fibrillation. Not trivial. This opens a whole new demographic of Apple watch wearers. I don't own an an iPhone or an Apple Watch. My wife, not a geek by any stretch of the imagination, has both, and she absolutely loves her Apple Watch.
While on the treadmill this morning, her Apple Watch sent her this motivational message: "Hi, May, yesterday you rocked your exercise ring. Congratulations. Keep moving."
Data for these wells will not be updated at this page. Posting this data as a stand-alone post for other reasons. These wells came off the confidential list today:
Thursday, November 30, 2017: 69 for the month; 110 for the quarter
33320, SI/NC WPX, Mandaree South 25-36HC, Spotted Horn, no production data,
33063, SI/NC, XTO, Deep Creek Federal 44X-5A, Lost Bridge, no production data,
32058, 1,898, Newfield, Moberg Federal 149-95-29-32-14HLW, Bear Den, 4 sections; Three Forks, 62 stages, 6 million lbs, t8/17; cum 68K 9/17; from
the geologist's narrative, "... drilled in the Lost Bridge field also
referred to locally as the Bear's Den field, located about 10 miles
south and 4 miles east of Keene in Dunn County..."; six drill bits; a
total of 169 hours (7 days) to complete; penetration rate of 128 feet
per hour; the well bore was within the 20-feet Three Forks target window
for 93.57% of the lateral, the Three Forks Upper "A" Facies for 5.24",
and the Three Forks Middle "C" Facies for 1.19% of the lateral. TVD:
start of target, 10,993.5 feet; end of lateral, 11,011 feet (17.5 feet).
31834, 1,267, Whiting, Evitt 34-12-2H, Truax, 4 sections, 41 stages; 10.3 million lbs, t6/17; cum 85K 9/17;
31370, 1,107, Whiting, Evitt 14-12TFH, Truax, 4 sections, Three Forks, 34 stages, 8.7 million lbs, t6/17; cum 90K 9/17;
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here.
Market: futures suggest the Dow could hit 24,000 today. Watch for great buying opportunities when McCain +3 scuttle the tax bill.
Record: the market has hit five "1,000-level milestones" since Trump was elected president: 20,000; 21,000; 22,000; 23,000; 24,000 -- is that correct? That's what was said on CNBC -- I will have to check. Yup, that's accurate.
Moving ahead with its divestment goals, European oil giant Royal Dutch Shell is set to vend stakes in pipelines and terminals to its subsidiary
Shell Midstream Partners LP in an $825-million deal.
According
to Shell Midstream, the purchase price is approximately 8.4 times the
pipelines’ projected adjusted earnings before interest, taxes,
depreciation and amortization for the next one year. The partnership is
likely to finance the deal with borrowing under the new and current
credit facilities. Subject to satisfactory closing conditions, the
transaction is set for closure on Dec 1, 2017.
Per
the deal Shell Midstream will acquire 22.9% and 22% stakes in Mars Oil
Pipeline Co LLC and Odyssey Pipeline LLC, respectively. This will
increase Shell Midstream’s ownership interests to 71.5% and 71%
interests in Mars and Odyssey Pipeline, respectively. Further, the
subsidiary will purchase Shell’s entire stake in Triton West LLC, which
owns the Anacortes, Colex, Des Plaines, Portland and Seattle products
terminals. The partnership will also scoop up 41.48% interest in 55-mile
long LOCAP pipeline along with 10% interest in the 1,830 mile long
Explorer Pipeline.
The
move will help Shell to proceed with its $30-billion divestment
program, which is aimed at lowering debt arising from the $47-billion
acquisition of BG Group. The latest divestment is expected to enhance
Shell’s cash flows and return value to shareholders. With Shell already
closing more than $23-billion divestment deals, it remains on track to
meet its target by 2018. Further, it announced asset disposals worth
around $3 billion and additional $4-billion divestment deals are in
advanced talks over and above the $23 billion completed. The move is
also in line with the company's aim to upgrade and streamline its
portfolio. Shell seeks to simplify the operational structure by
offloading assets.
No satellite evidence of global warming for 23 years. Link here. From the article:
"Global warming has not accelerated temperature rise in the bulk atmosphere in more than two decades, according to a new study funded by the Department of Energy.
University of Alabama-Huntsville climate scientists John Christy and Richard McNider found that by removing the climate effects of volcanic eruptions early on in the satellite temperature record it showed virtually no change in the rate of warming since the early 1990s.
“We indicated 23 years ago — in our 1994 Nature article — that climate models had the atmosphere’s sensitivity to CO2 much too high,” Christy said in a statement. “This recent paper bolsters that conclusion.”"
2018 - milking this for another decade, Algore
2017 - today's headline
2007 - Nobel Prize, Al Gore
2006 - An Inconvenient Truth, Al Gore
1994 - 23 years ago
1992 - Earth in the Balance, Al Gore
Snowpack in western US setting November records. Link here.
Snowpack in parts of the West is at record mid-November levels, and other locations with record low snowpack for this time of year are beginning to get in on the fun.
More than 20 sites in Washington, Idaho, Montana, and Wyoming currently have their highest mid-November snowpack, reflected by estimated water content in the snow, on record as of November 15, while many other northern tier sites rank in the top five snowiest, according to the USDA's Natural Resources Conservation Service.
Even nature is making America great ... for skiers.
RBN Energy: Bakken gas flaring rebounds, and more challenges loom. Archived. Regular readers are aware of this. This is a huge story and from my perspective, it's a story that the NDIC regulators let this one get out of the barn. Maybe more on this later. Simply too much happening this morning for any lengthy comments. Archived here.
Top top story today: Tillerson to be ousted from State -- NY Times.
Top story today: an explanation for the remarkable turn in Saudi Arabia's foreign reserves. One reader has already sent me the explanation. Now, I'm waiting for Financial Times for their story. My hunch is that Bloomberg will get to the story eventually.
Shell: didn't get the memo from BP. BP learned an expensive lesson "going green." BP is back to petroleum. Shell apparently didn't get the memo. From CNBC, Shell, one of the biggest oil companies plans to halve its carbon emissions: the company will achieve that goal by improving efficiency (sure) and doing what BP did some years ago: added more biofuels and renewable power to its business mix.
North Carolina has built one of the country’s strongest business
climates over the past two decades, fueled by low business costs,
incentives and a young, educated workforce, many of whom have been
trained at the strong universities in the state and Research Triangle
Park.
Migration rates into the state are among the highest in the U.S.
annually. The Tar Heel State is the only one to rank among the top five
on FORBES’ Best States for Business for 12 straight years, but it never
reached the top rung until now.
Top states for business, continuing, same link as above.
Texas moved up two spots to second this year, the state’s best showing
since 2006 (also second).
The $1.6 trillion Texas economy is the second
biggest in the U.S., behind only California. Texas ranks first for
current economic climate thanks to strong employment and gross state
product growth over the past five years.
The outlook is equally bright.
In addition, 100 of the 1,000 largest public and private companies in
the U.S. based in Texas, including giants like AT&T, ExxonMobil and
Dell.
One of the only things holding Texas back from the top overall ranking
is education. Only 83% of adults have a high school degree, which is
second lowest among the states.
Top states for business, see this site. Others disagree. At that site, Georgia ranks #1 for the fourth year in a row; Texas #3. However, when considering "overall cost to do business," Texas ranks #1 in that list.
Pending home sales: forgot to post this story yesterday. Pending home sales index jumped a much sharper-than-expected 3.5 percent in October. Pending sales in the South jumped 7.4 percent after falling 3.0 percent during the hurricane-swept month of September. Link here.
Stunning omission: in my cerebral filing system, tucked away back in the corner is a virtual folder labeled "Mainstream Media." Inside there is a folder labeled "Liberal." Inside that fold, "Government Supported" and inside that, "Soros - Steyer Funded." Finally, we get to the "NPR-PBS" folder. I assume these are two completely different entities but in my filing system, they are two sides of one coin: one a radio outlet, and one a television outlet.
NPR Chief News Editor David Sweeney has left the company following
allegations of sexual harassment filed against him by at least three
female journalists.
This follows a formal internal review into his conduct, after three
current and former NPR journalists made formal complaints against him.
And it also followed greater scrutiny of the issue after revelations
about Bill O'Reilly and the late Roger Ailes, both of Fox News, and
prominent Hollywood producer Harvey Weinstein.
The most prominent name in the "NPR-PBS" folder was missing.
Cruising. This is an incredible story and should give Tesla investors a pause. It's behind the New York Times paywall, but if you google "For more than a year, General Motors has tantalized investors with plans to build its future around self-driving cars." you will get to it. Yesterday, I noted "Cruise" on the side of the driverless Chevy Bolt cruising San Francisco. Now I know why. The story begins: no, not here. It's too long. I will do this later in another stand-alone post.
Market: speaking of Tesla, yesterday the "tech sector" was the hardest hit sector in the market. And, in the tech sector, it was "the chips" -- computer chips, not potato chips -- that took the biggest hit. Tesla also took a huge hit, dropping $10/share. I've always said Tesla is a battery company disguised as an automobile company. Maybe I'm wrong. Maybe the "big boys" are looking at Tesla as a "chip" company.
Robots: look at this story from Bloomberg -- robots are coming for jobs of as many as 800 million worldwide. See if you can spot what I found most interesting. Hint: one word, near the bottom of the story. I will come back to this later if I remember.
Kroger. Huge surge in share price this morning, up 9%. Good for Freddy Kroger.
Baby, it's cold outside. Wow, look at this. Siberia, minus 60 degrees in November. Temperatures this extreme are par for the course in this area during the heart of winter, but it's significantly colder than the average November low of close to minus 40.
Foreign Exchange Reserves in Saudi Arabia increased to 1850247 SAR Million in October from 1819581 SAR Million in September of 2017. Foreign Exchange Reserves in Saudi Arabia averaged 2221323.34 SAR Million from 2010 until 2017, reaching an all time high of 2796941 SAR Million in August of 2014 and a record low of 1569145 SAR Million in April of 2010.
I believe the exchange rate is about 25 cents for a Saudi Rial.
1,850,247,000,000 rials in October, 2017
1,819,581,000,000 rials in September, 2017
Delta: 30,666,000,000
$0.27 for 1 SAR
$8,279,820,000
This is interesting. Over the past year or so I have noted that Saudi Arabia's drop in foreign exchange reserves has been about $3 billion to $8 billion month-over-month. So the jump in reserves of about $8 billion puts things into perspective.
Some links to come back to:
Saudi foreign reserves continue slide; lowest since April, 2011 -- Reuters
the mysterious (and continuing) falling Saudi foreign reserves -- CNBC
an oil giant is still burning through its cash pile -- Bloomberg
I have googled at length for an analysis to explain the increase in reserves in October, 2017.
One reader, Don, again, has it correct, and has provided an answer. I won't post that answer for awhile pending more datafrom readers or the media.
One more check: I spoke too soon -- here's an update, just two days ago: Reuters has an October update. I'm going biking, but there are several story lines here. The biggest story line: selling just before the market took off! Liquidating reserves just before the US market took off, although they have had a good run since Trump was elected. But they left a lot -- and a real lot -- of money on the table.
But there's much more to the story. Don got it just right.
designed to provide additional service to southern Virginia, including deliverability to Dominion Virginia Power's new 1,580MW combined-cycle natural gas-fired power plant in Greensville County, VA, when that plant comes on line
$1.3 billion Greensville County power plant to begin commercial operations in late 2018; construction began in June, 2016
Some years ago a reader from New York complained that North Dakota was "taking" more federal money than the state sent to Washington (DC). Not so fast. Of the top ten states ranked on how much each state citizen sends to Washington (DC), North Dakota is #5, right behind Massachusetts (#4) and only two behind New York (#3). The top four are NJ, CT, NY, and MA ... and then comes ND.
And the difference between New York (-$2,425) and North Dakota (-$2,253) is statistically insignificant and probably not reproducible.
In fact, of the top ten states sending more money to DC than getting in return, five flyover states are on the list. Most surprisingly, New Hampshire is #8: my hunch is that a lot of wealthy Bostonians are residents of New Hampshire.
By the way, guess which "state" fares the best? Yup, Washington, DC (#51) at an incredible $40,082 per resident. The next closest, New Mexico (#50) gets $8,072 for each citizen.
The average for the US: each US citizen on average gets back $1,350 in "federal balance of payments." North Dakota and New York are both on the wrong end of the list. LOL.
Here's the list of those 41 - 50, pretty much the south and deep south:
Fields: Willow Creek (Williams); Parshall (Mountrail)
Comments: note the chronological numbers for the two EOG wells (#470, #471); 1,084 permits so far this year, 37 of them were Willow Creek permits; Truax (53); Spotted Horn (30); Siverston (15); Sanish (21); Sand Creek (29); Reunion Bay (65); North Fork (23); Lone Tree Lake (62); Elm Tree (21); Blue Buttes (32); Banks (73); Alkali Creek (23)
Six producing wells (DUCs) completed:
25370, 1,292, HRC, Fort Berthold 152-94-13B-24-2H, Antelope, Sanish pool, t10/17; cum 33K 10/17;
31155, 1,572, HRC, Fort Berthold 152-94-13A-24-7H, Eagle Nest, t10/17; cum 15K after 21 days;
31156, 1,450, HRC, Fort Berthold 148-95-13A-24-8H, Eagle Nest, t10/17; cum 12K after 16 days;
33143, 1,245, BR, Croff 22A MBH, Croff, t10/17; cum --
33144, 318, BR, Mathistad 22A MBH, Croff, t10/17; cum --
33145, 585, BR, Croff 22B UTFH, Croff, t10/17; cum --
*******************************
Quick Commentary
There has been a post in the past few days about the inroads that US shale (and specifically the Bakken) is making in Asia. It's quite a story. Bottom line: Asia will import much more American oil next year and much of it may come from the Bakken (from CLR, if you want a name).
Today on CNBC it was noted that the oil ministers at the OPEC meeting in Vienna discussing production quotas have become quite concerned about losing market share in Asia.
For newbies, it appears that a $7 spread in WTI-Brent is the "cut-line" for Bakken taking Asian market share from OPEC.
