The Market And Energy Page, T+13 -- March 13, 2018; North Dakota Crude Oil -- Still Over One Million BOPD -- Director's Cut Is Posted; January, 2018, Data

We start with global warming:

***********************************
Could WTI Slip Below $60 Today?

At $60.66 right now, it's very possible we could get close to $60 this afternoon after API crude oil inventory data is released.

Don't Go Breaking My Heart, Elton John & Kiki Dee

Whoo-hoo!

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

The Director's Cut

January, 2018, Data

Link here. NDIC site for calendar and links for past and current Director Cuts here.

The usual disclaimer applies. I do "this" quickly and there will be typographical and factual errors. If this is important to you, go to the source.

Natural gas production: in April, 2017, it was reported that North Dakota produced a record amount of natural gas: in that month, natural gas production jumped 6% to more than 1.8 billion cubic feet / day. What was North Dakota's natural gas production two months ago, January, 20178? It dropped slightly from December, 2017, which was the all-time high to date. Most recent data: 2,068,244 MCF/day vs 2,084,925 MCF/day in December, 2017.


Oil production

• January, 2018: 1,175,638 bopd
  
• December, 2017: 1,181,319 bopd
• Delta:  a decrease of 7,198 bbls / day
• Delta: a decrease of 0.6% (a revision when data presented next month could show an increase)

Gas production: 2,068,244 MCF/day vs 2,084,925 MCF/day in December, 2017

Producing wells:

• January, 2018: 14,313 (all-time high was 14,338 in December, 2017)
• December, 2017: 14,338
• Delta: a decrease of 25 wells; about a 0.2% decrease (if revised when data comes out next month, then I think we might see another all-time high, as well as an increase in total crude oil production as well as natural gas production)

Permitting

• February, 2018: 96
• January, 2018: 106
• December, 2017: 86
• November, 2017: 119
• October, 2017: 147 
• September, 2017: 104
• August, 2017: 101
• July, 2017: 146 (huge jump)

Oil price (WTI), breakeven price statewide = $21

• Today: $49.25 (it's hard to believe that the all-time high was $136.29 on 7/3/2008)
• February, 2018: $50.98
• January, 2018: $54.75
• December, 2017: $49.56
• November: $49.75
• October: $43.56
• September: $39.56
• August: $37.93
• July: $35.83

Rig count:

• today: 59
• February, 2018: 57
• January, 2018: 56
• December: 52
• November: 54
• October: 56
• September: 56
• August: 56
• July: 58
• June: 55

Wells not producing, total: about 2,407 (up from 2,346 last month not producing; that exceeds the number of wells completed in any year during the boom)

• waiting on completion: 853, down 24 from the end of December to the end of January 
• estimated inactive well count: 1,554, up 85 from the end of December to the end of January

Takeaway capacity:

• January, 2018: takeaway capacity including CBR to coastal refineries is more than adequate 
• November: takeaway capacity including CBR to coastal refineries is more than adequate
• October data: including CBR to coastal refineries is more than adequate
• September data: including CBR to coastal refineries is more than adequate
• August data: including CBR to coastal refineries is more than adequate
• July data: including CBR to coastal refineries is more than adequate
• June data: including CBR to coastal refineries is more than adequate
• May data: including CBR to coastal refineries is more than adequate (major change in verbiage)

Natural gas capture, has been getting "worse" and FBIR was a major issue; the trend improved a few months ago but it looks like this is still a challenge

• statewide: 85% (previous -- 87% [trend pretty much flat, disappointing for some])
• FBIR: 81% (previous: 80%)
• goal: 88% through October 31, 2020; then 91%
• comment: October, 2017, was terrible; it's getting better on FBIR