Active Rigs In North Dakota Hold Steady At 66 -- July 11, 2018

Drudge banner today -- "OPEC oil output jumps; Saudi opens taps"; from CNBC --

• Saudi Arabia's oil production jumped by nearly 500,000 barrels per day in June as it aims to put more supply into the market to tame the cost of crude
• output from the 15-member producer group OPEC was up 173,000 bpd as the group prepares to lift production caps in place since 2017
• OPEC forecast that global oil demand will cross 100 million bpd for the first time in 2019, but warned trade tensions could negatively impact the market
• no mention that Saudi production always goes up in the summer, but this might be a bit earlier than usual, and a bit more than usual for June
• no mention that Saudi is increasing its own domestic refining and processing
• production numbers important; export numbers more important

OPEC basket: up about 1%.

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Back to the Bakken

Director's Cut scheduled to be released, Friday, July 13, at 3:00 p.m.

Coming off the confidential list today --

• 34070, 1,200, Hess, AN-Double Bar V-152-95-0106H-2, Antelope, Sanish; t5/18; cum 16K over first 15 days;
• 33962, SI/NC, Crescent Point Energy, CPEUSC David 5-29-32-157N-99W MBH, Lone Tree Lake,
• 33551, 1,385, Liberty Resources, Esther 158-93-28-33-4MBH, Enget Lake, 27 stages, 9.45 million lbs, large, t1/18; cum 100K 5/18;

Active rigs:

$73.47↓	7/11/2018	07/11/2016	07/11/2015	07/11/2014	07/11/2013
Active Rigs	66	29	73	190	185

RBN Energy: how the IMO's low-sulfur bunker rule may impact the refining sector.