Week 46: November 12, 2017 -- November 18, 2017

Without question, the big story of the week is the resiliency of the Bakken. There were many, many story lines.

So, where do we stand?

• North Dakota exceeded monthly production by a wider margin what the EIA forecast for monthly production, September, 2017
• North Dakota crude oil production was back up above 1.1 million bbls -- first time we've seen that since March, 2016 -- see chart of the day
• Lynn Helms suggests production should continue to increase
• there are still around 2,400 wells drilled-to-depth that are not producing: either taken off-line for operational reasons, or DUCs
• one assumes another 1,000 wells are choked back -- producing less than they might if operators wanted to open the spigots
• US crude oil production continues to surge despite cutback in CAPEX, rigs; 
• breakeven in North Dakota is $21; some spots in the Bakken, $17
• more than enough takeaway capacity
• Bakken can compete with Brent worldwide
• without the Keystone (currently northern leg shut down due to a leak) or Venezuela, US refiners could be scrambling for heavy oil
• additional commentary here

In other energy news:

• wind energy in a world of hurt
• re-balancing will take longer than expected; US crude oil inventories unexpectedly increase 

Of course, the big international energy story: Prince Salman will assume the throne this next week. Also, here.

Operations:
Month-over-month, Elm Tree adds the most wells, an astounding 12 new wells
Three to four days to drill a well in the Bakken?
EOG: king of the hogs? -- Filloon 

Bakken 2.0
Bakken learning curve driving production 
An astounding 41 permits renewed  

Bakken economy
Shooting range opens outside Williston