Oasis Well With Post-Shut-In-Production-Jump -- February 8, 2017

Post-shut-in-production-jump. Again, for my use only. Do not quote me on this one. Not ready for prime time.

Monthly Production Data:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2016	30	2313	2367	1564	5416	4600	516
BAKKEN	11-2016	30	3099	3096	2520	30946	7389	23257
BAKKEN	10-2016	31	3563	3782	3046	8535	7598	937
BAKKEN	9-2016	30	3930	4019	3046	9361	9061	0
BAKKEN	8-2016	26	3646	3516	2744	7004	6744	0
BAKKEN	7-2016	31	3320	3622	2842	6797	6487	0
BAKKEN	6-2016	30	4502	4267	3213	7228	6928	0
BAKKEN	5-2016	31	4424	4264	3711	8278	7968	0
BAKKEN	4-2016	30	5296	5070	4114	6783	6483	0
BAKKEN	3-2016	31	3981	4075	4798	6093	5783	0
BAKKEN	2-2016	24	3266	2944	3978	5108	4868	0
BAKKEN	1-2016	29	10154	10560	10211	11932	11642	0
BAKKEN	12-2015	31	11069	11007	13204	15298	13456	1532
BAKKEN	11-2015	15	8755	8317	14090	6599	6032	417
BAKKEN	10-2015	13	4226	4195	400	635	316	189
BAKKEN	9-2015	0	0	0	0	0	0	0
BAKKEN	8-2015	0	0	263	0	5	5	0
BAKKEN	7-2015	20	4049	4490	3410	4449	3231	1018
BAKKEN	6-2015	29	5867	6091	4460	7064	6737	37
BAKKEN	5-2015	31	6487	6515	5855	9241	8931	0
BAKKEN	4-2015	30	6377	6385	6695	8422	8122	0
BAKKEN	3-2015	31	6526	6128	8574	8301	7622	369
BAKKEN	2-2015	25	6429	5989	11682	4189	3554	310
BAKKEN	1-2015	5	1386	1329	8057	421	421	0
BAKKEN	12-2014	0	0	0	0	0	0	0
BAKKEN	11-2014	1	0	0	200	13	0	0
BAKKEN	10-2014	10	887	1593	230	1811	1421	0
BAKKEN	9-2014	30	3103	3108	735	5009	4619	0
BAKKEN	8-2014	29	2875	2907	630	4963	4586	0
BAKKEN	7-2014	29	3326	2952	954	6154	5777	0
BAKKEN	6-2014	30	3151	3041	912	5810	5420	0
BAKKEN	5-2014	31	3751	4192	1160	6623	5631	589
BAKKEN	4-2014	30	3527	3762	821	3686	3296	0
BAKKEN	3-2014	31	3599	3470	900	5026	4560	63
BAKKEN	2-2014	26	2811	2637	722	3872	3534	0
BAKKEN	1-2014	31	4186	4437	927	4843	4440	0
BAKKEN	12-2013	31	3612	3113	1651	5826	5423	0
BAKKEN	11-2013	30	3627	3990	829	6375	4960	1025
BAKKEN	10-2013	31	4087	4014	1190	6821	6418	0
BAKKEN	9-2013	30	4213	3845	1332	6753	5001	1362
BAKKEN	8-2013	31	4166	4638	1049	3774	3774	0
BAKKEN	7-2013	24	2977	2451	639	2740	2428	0
BAKKEN	6-2013	30	3942	4320	1302	5306	4916	0
BAKKEN	5-2013	31	4487	4843	1575	7932	7529	0
BAKKEN	4-2013	30	4884	4883	1693	10482	10092	0
BAKKEN	3-2013	31	5367	5212	1721	7088	6685	0
BAKKEN	2-2013	28	5462	5416	1838	6519	6155	0
BAKKEN	1-2013	25	6366	5672	1426	2171	1846	0
BAKKEN	12-2012	7	894	1652	312	2073	1982	0
BAKKEN	11-2012	29	5654	5205	1906	9542	9165	0
BAKKEN	10-2012	31	6092	5931	1901	8273	7870	0
BAKKEN	9-2012	30	5698	5575	2224	8460	8070	0
BAKKEN	8-2012	28	7420	7595	2694	7206	6199	643
BAKKEN	7-2012	28	3590	3458	721	1757	0	1419
BAKKEN	6-2012	30	5843	6177	1320	3030	0	2640
BAKKEN	5-2012	31	6717	6530	1782	3419	0	3016
BAKKEN	4-2012	30	7096	7664	1916	3641	0	3251
BAKKEN	3-2012	31	7441	6900	2123	3847	0	3444
BAKKEN	2-2012	26	8069	7815	2277	4171	0	4171
BAKKEN	1-2012	29	8777	9911	2278	4538	0	4538
BAKKEN	12-2011	31	12655	12017	4464	6543	0	6543
BAKKEN	11-2011	30	17408	17515	7555	9000	0	9000
BAKKEN	10-2011	27	12665	11889	15359	6548	0	6548

The well:

• 17636, 1,731, Oasis, Helling Trust 11-15H, Alkali Creek, t10/11; cum 313K 12/16;

Graphic:

What We'll Be Talking About Tomorrow -- February 8, 2017

DAPL to proceed ASAP. Three months to finish.

Update: as expected, first of two likely court challenges filed.  The argument: the pipeline will despoil sacred land. Exhibit A: the current trash clean-up from environmental protesters.

Colombian Crude Oil Imports Into The US Surge Almost One-Half Million BOPD To Over 600,000 BOPD -- And That's Just The Beginning Folks -- An Incredible Report -- A "Saturday Night Live" Sketch? -- February 8, 2017

At 7:00 a.m. this morning, the "talking head" casually mentioned a "14-million-bbl-crude-oil" build this past week. I about fell off my chair. Fourteen-million-bbl-crude-oil" build. Nothing else was said, which suggests to me the producer at Fox Business News "Mornings With Maria" has any clue -- or maybe I heard it on CNBC "Squawk Box." Probably the latter. Whatever.

The data below -- in a long note like this, there are bound to be typographical and factual errors. If this is important to you, go to the source. I'll proofread it later. Maybe.

From Platts / EIA:

• US crude oil inventories soared last week
• inventories at fourth-highest level on record
• gasoline stocks saw a surprise drawdown (we'll see the graphs and data tomorrow)
• as reported earlier, US crude oil inventories jumped almost 14 million bbsl to over 500 million bbls last week
• analysts forecast a build of only 2.5 million bbls

Okay, in case you missed that:

• analysts forecast a build of only 2.5 million bbls
• actual build: almost 14 million bbls
• how can analysts be off that much
• can hardly wait for the monthly NDIC Director's Cut due out next week
• inventories are now just 3.5 million bbls below the all-time high of 512 million bbls (April 2016)
• the biggest driver behind last week's build: IMPORTS

Okay, in case you missed that:

• the US is near the all-time record high of crude oil inventories, BECAUSE OF ...
• IMPORTS

Is this a "Saturday Night Live" sketch?

In all the years I've been doing this, I don't recall a build of 14 million bbls -- due to imports when the US has its own glut. 

OPEC says they are cutting back, we all buy into that, and so far, imports this year have averaged 8.6 million bopd, compared with 8 million bopd before the cut (for the most part)

One analyst, on hearing this, used the word, "ironic."

And where are those imports of crude oil coming from? Take a seat:

• Saudi Arabia -- home of Al Qaeda, 9/11 terrorist
• Venezuela -- "Death to America"
• Iraq -- okay, maybe a friend, who knows?

Those three countries accounted for US imports of 677,000 bopd.

Colombian imports surged 448,000 bopd to 637,000 bopd (that almost looks like a typo, doesn't it). The Colombian graph is here. And yes, most recently, around 350,000 bopd -- and now last week, up to 637,000 bopd.

Much more at the link.  

Can hardly wait to see the weekly graphs and data that should be released today.

Peaceful Coexistence? -- Qatar Likes What It Sees? -- February 8, 2017

Qatar sets sights on US energy market, from middle east online:

• Gas-rich Qatar is looking for opportunities to invest in the US energy market, the Gulf state's Energy Minister Mohammed Saleh al-Sada said on Wednesday.
• Sada said Qatar wanted to build on Doha's good ties with Washington and shrugged off fears about any protectionist policies under US President Donald Trump.

Qatar says oil market can cope with higher shale output, from Reuters: 

Higher oil prices may boost shale oil production but the global oil market can accommodate this as demand remains healthy, Qatar's energy minister said on Wednesday.

U.S. energy companies have been adding oil rigs and redeploying cash and workers, cautiously confident the energy sector has turned a corner after the election of President Donald Trump and a commitment signed by OPEC to curb production in the first half of 2017.

Crude prices have held above $50 a barrel since early December, leading to concerns that higher output by U.S. shale producers could offset any further price gains.

*************************

Speaking Of Natural Gas

ONEOK likes what it sees, also. From SNL Daily via investorvillage, data points:

• ONEOK expects NGLs segment to make the biggest contribution to its 2017 earnings
• growth would come mostly from ONEOK's six -- count 'em, six -- natural gas processing plants connected in 2016, as well as from its Bear Creek plant in the Williston Basin and five third-party plants
• drilling activity in NGL-rich shale plays, especially Oklahoma's STACK and SCOOP; and, the Permian is expected to increase
• ONEOK also noted that it has agreed to acquire all of ONEOK Partners LP's outstanding common units it does not already own; deal worth slightly more than $9 billion

Two New Permits; No DUCs Reported As Completed -- February 8, 2017

Active rigs:

	2/8/2017	02/08/2016	02/08/2015	02/08/2014	02/08/2013
Active Rigs	37	42	136	192	185

Two wells coming off confidential list Thursday:

• 30509, conf, Hess, BB-Eide-151-95-3328H-1, Blue Buttes, no production data,
• 32765, SI/NC, SM Energy, Thompson Bros. Federal 2B-17HN, Burg, no production data,

Two new permits:

• Operator: BR
• Field: Dimmick Lake (McKenzie)
• Comments:

Dry hole:

• 29833, dry, EOG, Fertile 71-0905H, Parshall, if the reason was given in the file report I missed it; this well was initially shut-in/not completed; with a note that it would consider completing once commodity prices recovered; and then, a pressure check, all was well; and, then a note to plug and abandon

South Dakota Is The #1 Destination State For Those Moving Within The US! 40th Annual -- The 2016 United Van Lines Movers Study -- February 8, 2017

South Dakota narrowly overtakes Oregon, which held the top spot for the previous three years, as the nation’s “Top Moving Destination.” 

This is the first time South Dakota has held the no. 1 spot.

Vermont inched out Oregon for the no 2. position, with Oregon rounding out the top three.

Those are the results of the United Van Lines’ 40th Annual National Movers Study, which tracks customers’ state-to-state migration patterns over the past year.

************************************

The Map 

This is really cool.

The United Van Lines Movers Study at this link: https://www.unitedvanlines.com/contact-united/news/movers-study-2016.

Interactive Map: The map of the Lower 48 "moves" on an annual basis; just click on the "go" button; pause when you want.

Before watching the colors change, be sure to check the legend:

• more yellow: outbound
• more blue: inbound

You can then click on each state.

***********************

Top Ten Inbound

Moving In: The top inbound states of 2016 were

South Dakota -- low cost of living; no income tax; major corps to Sioux Falls
Vermont
Oregon
Idaho
South Carolina
Washington
District of Columbia
North Carolina
Nevada
Arizona

*********************

Top Ten Outbound

New Jersey
Illinois
New York
Connecticut
Kansas
Kentucky
West Virginia
Ohio
Utah
Pennsylvania

The Road To New England -- RBN Energy - February 8, 2017

Link here.

Archived.

***************************

The Irony Of It All

*********************************

Byzantium

From an earlier post:

For a quick read on Byzantium:

Byzantium: The Bridge from Antiquity to the Middle Ages
Michael Angold
c. 2001 

For the definitive read on Byzantium:

A Short History of Byzantium
John Julius Norwich
based on the "great" three-volume work
c. 1997

I've taken a fair amount of notes on Norwich's book but it is really, really detailed.

For a faster read, I'm going to take another look at Angold's book today. Now that I have a fairly good (superficial) understanding of the history of Constantine 1 and Byzantium, it will be interesting to see what Angold has to say.

Chapter One: The City of Constantine

• Greek polis, city-state of little importance in anitquity
• Constantine 1 renamed it Constantinople, 324 AD
• would serve as the "new Rome"
• would better serve his most vulnerable frontiers: from the Danube to the Euphrates
• did not foster unity, which he had hoped; gave rise to a competing empire, the Byzantium Empire
• Constantine's work complemented by Justinian 1 (Roman Emperor, 527 - 65) when he built the Church of St Sophia; indelible stamp on Byzantium; not only the new Rome, but second only to Jerusalem for Christians; but first his son Constantius takes over
• when Constantine died; his city was only half-built
• that the city did not die with Constantine is attributed to his son, Constantius (emperor, 337 - 61)
• gave Constantinople a Senate on par with that of Rome
• completed the Church of the Holy Apostles (his father's mausoleum)
• emphasized the city's Christian character by building the first Church of St Sophia to serve as its cathedral
• Arian doctrine, page 3, surfaces again
• Constantius succeeded by his cousin Julian, a pagan; hated the new Christian order; he found Antioch more to his taste; died on a campaign in 363 against Persia
• Julian's death: a division of the Byzantium Empire -- eastern provinces fell to Valens (364 - 78) who had no love for Constantinople either; he made Antioch his headquarters also, the better to survey the Persian frontier; lost the bubble on the Danube; vacuum allowed the Huns to panic the Visigoths who sought refuge on Roman soil; their settlement mismanaged; Visigoths caught Valens and his army at Adrianople in 378; emperor killed; Visigoths within striking distance of Constantinople
• Theodosius (379 - 95) sent to rescue Constantinople; a good general; Spanish descent; devout Catholic; defeated the Visigoths; outlawed Arian form; Theodosius mandated his orthodoxy to be the religion of the Roman Empire; it raised Constantinople to patriarchal status; same rank as the church of Jerusalem, underlining the fact that Constantinople was not just "new Rome," but also the new Jerusalem; despite its lack of apostolic origins -- that would have to be manufactured in the shape of St Andrew -- Constantinople ranked as one of the major centers of Christianity

p. 4

Will The SEC Notice The Odor? Will Anyone See The Elephant In The Room? -- February 8, 2017

At best: I smell the dead rat carcass, the "conflict-of-interest" dead rat.

At worst: I smell a bit of fraud. Investors quit "paying to play" when Hillary "quit playing."

Bloomberg is reporting that Chelsea's husband has closed his hedge fund.

And to think this family was just three states away from keeping these scams going. And "journalists" are worried about Trump's conflicts-of-interest.

Speaking of which, there is a two-page essay on Trump's conflicts-of-interest in this month's New York Review of Books. It was the lead essay and no book review at all. Simply an essay. Advocating the impeachment of President Trump.

South Australia: 40% Renewable Energy -- Experiences Energy Failure -- An Inconvenient Truth -- The Meaning Of "Dispatchable" -- February 8, 2017

Updates

February 24, 2017: in Australia, the rich can afford solar panels, and because they are rich, they don't worry about the cost of electricity, and because they are rich and don't worry about the cost of electricity, they don't turn off their air conditioning to save money, and the result is that folks with solar panels use more electricity from the grid -- and driving prices up.

There are probably more solar panels in QLD than anywhere else in the world. Back in February last year, the boss of the Queensland state power company announced the awkward result that households with solar panels were using more electricity than those without. Apparently people without solar were turning off the air conditioner because electricity cost too much, but the solar users didn’t have to worry about the cost so much.

Later, 11:35 a.m. Central Time: this was posted on the net last July, well before this week's announcement of rolling blackouts in South Australia.

Renewable energy has been a remarkable success story in South Australia (SA), and now delivers more than 40 per cent of the state's power, with no drop in reliability.

SA has received nearly $7 billion of investment in renewable energy, meaning jobs and growth for the state, in energy sources that help to put downward pressure on the rising costs from gas-fired power.

Tom Butler
Clean Energy Council
Melbourne, Vic 

I hope, along with "rolling blackouts," Tom's head rolls.

I'm beginning to think President Trump's phone call to Australia was "spot on." Idiots all over the world.

Original Post

 
I've learned a lot from my readers due to the blog -- a huge "thank you."

I doubt I would have paid much attention to the phenomenon of "dispatchable" when it comes to renewable energy. But readers introduced me to that concept.

I don't think folks take "rolling blackouts" seriously, but had New England ordered "rolling blackouts" during the Super Bowl, my hunch is that we would have seen "rolling heads" the next day.

South Australia has ordered "rolling blackabouts": Adelaide is sweltering -- wind energy failed:

• South Australia: 40% renewable energy
• lucky this has been a mild summer
• overnight: 30 minutes of inadequate electricity supply
• demand: 3,000 MW
• price spiked to $13,440 / MWh
• expected to repeat "tomorrow"
• at 6:00 p.m. wind power was producing less than 100 MW (about 7% of its rated capacity

Re-Posting A Most Important Story -- February 8, 2017

Updates

Later, 8:51 a.m. Central Time: one also needs to remember the Red Services rail yard east of Williston. I think it may compare in size to the Port of North Dakota. Certainly in the "same ball park"

Later, 8:44 a.m. Central Time: somewhere in these meandering notes I noted that BNSF had built-out its network during the Bakken boom; one needs to remember the Port of North Dakota, Minot, ND:

• 120 acres, with an aggressive plan to expand 2,500+ acres to the north of the current facility. At the current location, NDPS can handle a full intermodal unit train along with approximately 80 manifest rail cars

Later, 8:22 a.m. Central Time: a reader provided an answer to my rhetorical question below. The reader's reply:

• the acreage from Jamestown to Fargo (the southeastern quarter of North Dakota) was "wheat-intensive" 15 to 20 years ago; since then the farmers have moved to soybeans; impression: more profit per acre in soybeans vs wheat
• soybean oil: multiple uses, from cooking to paint
• crushed bean meal: primarily used for animal feed
• add to corn (distillers grain) from ethanol production and you feed massive quantities of pigs, chickens, turkies
• land prices in southern MN -- much higher than in ND
• MN feedlot pollution laws very strict
• Smithfield (Armour, Farmland brands) bought by Chinese
• combination of cost of land; cost of labor; cost of energy; feedlot pollution laws: live pigs will be shipped west on BNSF for processing in states west of Minnesota in next decade or so
• MDU building natural gas pipeline to Spiritwood, ND area?
• North Dakota wants jobs; Minnesota more concerned about "Trump's travel ban" 
• southwest MN: "pig production buildings" as dense as oil well pads in the Bakken; building continues

Original Post

Remember: Al Franken (D-MN) is now the progressive's best best for presidential nominee.

Bakken economy: multi-million dollar soybean processing plant announced for Spiritwood, ND

• note: Spiritwood, ND, near Jamestown, ND, is in eastern North Dakota; nowhere near the geographical Bakken

• Minnesota Soybean Processors; a membership cooperative with another operation in Brewster, MN
• $240 million soybean processing plant; Spiritwood Energy Park; 150 acres
• first of its kind in North Dakota
• first question: why is this being built in ND and not in Minnesota? transportation costs are a wash; processed soybeans will need to be transported to Minnesota and points east (if question is too difficult, scroll to bottom of this page)
• 125,000 bushels of soybeans / day
• the NDSP facility would produce 900,000 tons of soybean meal annually
• don't you just hate it when writers mix units (bushels vs tons, for example -- yes, I know the reason)
• everything you need to know about soybeans
• crushing soybeans yields about 11lbs of oil and 44lbs meal per bushel of soybeans, these yields can vary slightly, but most use these values in the price analysis that will follow. 
• 900,000 tons / 365 = 2,500 tons daily = 5 million pounds daily / 60 (pounds/bushel) = 80,000 bushels daily (compare to capacity of plant)
• remember: with the Bakken book, BNSF built out the railroad network in North Dakota; North Dakota has a robust, rail network

*************************************

Flashback: Minnesota vs North Dakota

 
Link here.

Original Post

January 21, 2011

President Obama will focus on jobs this year, he says, as the 2012 election approaches.

He might want to talk to Senator Al Franken (D) from Minnesota to find out what's happening out in the trenches.

For one thing, a very well-respected company and, should we say, an icon of Minnesota has recently expanded, building three new plants on the North Dakota side of the border.

Warroad-based Marvin Windows and Doors has opened North Dakota plants in Fargo, West Fargo and Grafton.

Marvin’s John Kirchner explained why the firm expanded to North Dakota in the last several years: “The regulatory and tax climate in North Dakota ... tend to be more friendly toward the business."

Also, Kirchner said, it takes too long to get state permits, delaying expansion plans.

While pledging that “we are not going to walk away from Minnesota” and saying Warroad will remain Marvin’s home and biggest factory, North Dakota is a good location for company manufacturing plants, he said. 

Wow, wow, and wow.

• Regulatory climate.
• Tax climate.
• Too long to get state permits.

Wow, wow, and wow.

If I didn't know better, that sounds like Washington and the federal government.

If President Obama wants to keep jobs in the US from moving overseas he should note that it is not just the corporate taxes everyone seems to talk about.  And it's not just just the regulatory climate. But it's also the phenomenal delay to get anything done, generally due to a) bureaucratic inefficiencies; and, b) legal delays on minor or technical issues.

How long can it take? Well, just to get the environmental impact statement completed can take five years. Not five months, not even a year. But five years. 

Politics, T+19 -- February 8, 2017

Pocahontas scalped. (Yes, I know that's politically incorrect.)

Party politics: WSJ on confirmation hearings. The real democratic party. Perhaps one of the best op-ed articles I've seen on this issue.

Berlin, Germany activists: 92% of "left-wing" activists in Berlin, Germany -- that would be the big city in the big country east of France -- still live at home with their mothers. 

• average age: 21 - 24
• 59% of offenses are directed against people (4 out of 5 against police officers)
• 15% perceived against far-right members
• in the case of violence against property, burned cars remain the favorite target; often police cars 

$240 Million Soybean Plant Near Jamestown? First Of Its Kind? Minnesota Will Build? Market And Energy Page, T+19 -- February 8, 2017

The market: Dow 30 down a bit today; NASDAQ higher today, hitting a 20th record high close since Donald Trump elected presidenty.

Biggest story of the week? This may be something to watch -- huge implication for US shale. From Reuters via Rigzone:

BP is looking at ways to incrementally increase its footprint in U.S. shale oil and gas production, its Chief Executive Officer Bob Dudley said on Tuesday.

Bakken economy: multi-million dollar soybean processing plant announced for Spiritwood, ND

• note: Spiritwood, ND, near Jamestown, ND, is in eastern North Dakota; nowhere near the geographical Bakken

• Minnesota Soybean Processors; a membership cooperative with another operation in Brewster, MN
• $240 million soybean processing plant; Spiritwood Energy Park; 150 acres
• first of its kind in North Dakota
• first question: why is this being built in ND and not in Minnesota? transportation costs are a wash; processed soybeans will need to be transported to Minnesota and points east (if question is too difficult, scroll to bottom of this page)
• 125,000 bushels of soybeans / day
• the NDSP facility would produce 900,000 tons of soybean meal annually
• don't you just hate it when writers mix units (bushels vs tons, for example -- yes, I know the reason)
• everything you need to know about soybeans
• crushing soybeans yields about 11lbs of oil and 44lbs meal per bushel of soybeans, these yields can vary slightly, but most use these values in the price analysis that will follow. 
• 900,000 tons / 365 = 2,500 tons daily = 5 million pounds daily / 60 (pounds/bushel) = 80,000 bushels daily (compare to capacity of plant)

Weekly crude oil stocks up higher again this week; 14-million-bbl build. An incredible story. Is this a "Saturday Night Live" sketch?

Iran, Qatar: crude oil production cuts will need to be extended. From Bloomberg:

• Iran: in principle, OPEC needs to pare output in second half; remember, the current agreement comes to an end mid-year
• Qatar: producers' compliance with supply cuts has been good
• the graph at this post tells me all I need to know

BP raises its break-even price to $60. Over at Rigzone:

• some of this was previously posted 
• earnings fell for second consecutive year
• now requires increased spending going forward -- leads to high break-even price 
• annual underlying replacement cost -- it's definition of net profit -- slumped to its lowest level in at least a decade, to $2.59 billion
• "having to pay for what they bought and they are the only company that actually raised their breakeven number

DAPL clean-up: Clean-up in Standing Rock Reservation: dead bodies?

• 250 truck loads
• 23 truck loads in the first week
• if pace is not picked up, huge environmental disaster with the spring floods
• officials seriously concerned about finding dead bodies (hypothermia)
• frozen mess complicates clean-up efforts 
• this effort all begin to protect the pristine nature of the waterway and surrounding prairie

More on that CLR well with huge jump in production after being shut-in.

US government to issue DAPL easement? Court injunction to follow? If so, from federal judge in Washington State.

WTI trending toward $51.

Equity market up in pre-market trading. That was earlier. Now I see that futures are down slightly.

Copy of letter directing easement to be issued at this link.

******************************

Flashback: Minnesota vs North Dakota

Link here.

Original Post

January 21, 2011

President Obama will focus on jobs this year, he says, as the 2012 election approaches.

He might want to talk to Senator Al Franken (D) from Minnesota to find out what's happening out in the trenches.

For one thing, a very well-respected company and, should we say, an icon of Minnesota has recently expanded, building three new plants on the North Dakota side of the border.

Warroad-based Marvin Windows and Doors has opened North Dakota plants in Fargo, West Fargo and Grafton.

Marvin’s John Kirchner explained why the firm expanded to North Dakota in the last several years: “The regulatory and tax climate in North Dakota ... tend to be more friendly toward the business."

Also, Kirchner said, it takes too long to get state permits, delaying expansion plans.

While pledging that “we are not going to walk away from Minnesota” and saying Warroad will remain Marvin’s home and biggest factory, North Dakota is a good location for company manufacturing plants, he said. 

Wow, wow, and wow.

• Regulatory climate.
• Tax climate.
• Too long to get state permits.

Wow, wow, and wow.

If I didn't know better, that sounds like Washington and the federal government.

If President Obama wants to keep jobs in the US from moving overseas he should note that it is not just the corporate taxes everyone seems to talk about.  And it's not just just the regulatory climate. But it's also the phenomenal delay to get anything done, generally due to a) bureaucratic inefficiencies; and, b) legal delays on minor or technical issues.

How long can it take? Well, just to get the environmental impact statement completed can take five years. Not five months, not even a year. But five years.

The Opener, T+19, February 8, 2017; Legacy Fund Adds $31 Million In New Deposits

Active rigs:

	2/8/2017	02/08/2016	02/08/2015	02/08/2014	02/08/2013
Active Rigs	40	42	136	192	185

RBN Energy: the road to New England.

Scott Adams: introducing the "Chaos Drinking Game."

Top story today: DAPL easement to be issued by US governments? Court injunction to follow? If so, most likely from Federal judge in Washington State.

Biggest story of the week? This may be something to watch -- huge implication for US shale. From Reuters via Rigzone:

BP is looking at ways to incrementally increase its footprint in U.S. shale oil and gas production, its Chief Executive Officer Bob Dudley said on Tuesday.

Biggest story of the month? Year?  From Bloomberg:

• Iran: in principle, OPEC needs to pare output in second half; remember, the current agreement comes to an end mid-year
• Qatar: producers' compliance with supply cuts has been good
• the graph at this post tells me all I need to know

ND Legacy Fund. Through January, 2017, total deposits were $3,766,986,998. Deposits, not net assets. Previously, one month earlier: $3,736,151,063. New deposits: just under $31 million in one month. Net assets as of August 31, 2016: $4.01 billion.