Week 29: July 15, 2018 -- July 21, 2018 - Already Getting 50% Of Taxes Collected On Tribal Trust Lands, Indians Want More

US crude oil production hits a landmark milestone: 11 million bopd  -- but something strange, and bit irritating -- it appears the EIA is now rounding to the nearest 100,000; see graphic at this post; in the big scheme of things, it doesn't matter, of course, but for folks following this closely, the change is irritating.

Wow, the week that Texas smashed electricity demand records going back to 1925; and, here, compare with California.

Texas oil industry continues to widen the gap:

• Texas oil production now #3, jumps ahead of Iraq/Iran; now #3 behind Saudi Arabia and Russia
• Massive off-shore terminal for VLCC proposed by EPD
• ICE (Houston) to overtake WTI (Cushing) in "importance"
• fast and furious

The Permian - WTI spread approached $16.

This is not an "oil and gas story," but it certainly suggests something about the US industrial sector: Alcoa expects to restart a third potline at its Indiana Warrick aluminum smelter

EIA reports a huge crude oil inventory build; meanwhile, the API reports a huge gasoline build at the height of the US driving season.

Operations
CLR's Thronson wells in Alkali Creek have been updated
CLR's Pittsburgh / Uhlman Federal wells in Banks oil field have been updated
XTO's Bullberry Federal pad is updated ; and, here;
Active rigs hit 69 in North Dakota
Oasis reports a nice well using lesser amount of proppant
A BR Remington well in Blue Buttes produces 50K in one month 

Miscellaneous
Petro-Hunt acquires 130 Divide County wells from SM Energy
Keystone XL activity in Montana/North Dakota area updated
Petroshale paying "Permian prices" for Bakken acreage 

Bakken economy;
Taxable sales, 1Q18; North Dakota, re-posted, expanded

Geoff Simon's top North Dakota energy stories for the past week:

• North Dakota "demands" that the federal government pay for DAPL protest costs; $38 million
• Native Americans want more: on Fort Berthold the Native Americans receive 50% of the taxes collected on tribal trust lands, but leaders say that is not enough
• Moody's Analytics: a recession sometime in the next two to three years would actually be a "PLUS" for North Dakota (we've seen this movie before and Moody's is exactly correct)
• McKenzie County economic stats confirm growth; the monthly economic report for McKenzie County:

• unemployment down from 2.2% to 1.5% 
• oil production up from 12.5 million barrels to 14.1 million barrels 
• year-to-date value of Watford City building permits up from $6.7 million to $17.9 million
• McKenzie County first quarter taxable sales up from $41.6 million to $57.2 million