Week 25: June 17, 2018 -- June 23, 2018

The five biggest (political) international stories are not getting much attention in the mainstream media:

• how fast things are moving in North Korea
• the June 24, 2018, election in Turkey
• the July 1, 2018 election in Mexico
• the immigration crisis in the EU which could topple Merkel
• the continuing implosion of Venezuela

International: after the OPEC/non-OPEC announcement that the parties agreed to increase production very, very modestly, WTI spikes; ended the week trading at above $68; and, here; and here.

Meanwhile, it's official: US overtakes Saudi Arabia in recoverable reserves.

BP says global energy consumption set new records in 2017.

The USGS just released its 2018 assessment of the Eagle Ford: 8.5 billion bbls which now exceeds that of the Bakken based on the USGS 2013 survey of the Bakken.

The tea leaves suggest the Keystone XL is now dead. Canadian dollar drops below 75 US cents; lowest in recent history; may compete with all-time low.

US 2018 gasoline demand struggling to exceed 2017 demand.

Perhaps the biggest story of the week was an unreported story: North Dakota may have just set an all-time "BOEPD" production record.

Operations
Setting new records
North Dakota will out-produce Venezuela by the end of the summer
Active rigs at 65 at the end of the week 
CLR "massively increasing production"; all optimized completions now have 1.1 million bbl EURs

Other formations
Denbury announces a CO2-EOR project in southwestern North Dakota, at the Cedar Creek anticline

Refining
Davis Refiner in southwest North Dakota under construction after getting air quality permit

Bakken economy
Legacy Fund deposits set a recent record
The city of Williston proposes bike lanes along six blocks of Main Street

Commentary
Bloomberg on the Comebakken

Miscellaneous
US Army Corps of Engineers to stem risk of flooding

Five Feet High and Rising? Johnny Cash