Week 30: July 22, 2018 -- July 28, 2018

If I was going to spend one hour on anything today (with regard to the blog), it would be the COP earnings report.

Another incredible week, highlights --

• North Dakota hits all-time crude oil production record -- previously reported, but Mark Perry has a great graph; so much for "peak oil theory"
• US GDP growth, 2Q18, first estimate: 4.1% -- comes at time when the "bull market" is long in the tooth; most analysts suggested the number was really "better" -- including CNBC -- than initial reading suggests
• WTI remains stable, despite "hot" war in the Mideast (Israeli/Syrians each down opponent's jets); war of words between Trump and Iran escalates, and then this: Saudi Arabia suspends shipments through the Red Sea after two of its VLCCs come under attack, and Iran takes responsibility
• US producers/refiners make history
• very interesting earnings reports from COP; XOM in trouble;
• courts throwing out global warming cases against Big Oil -- courts calling them frivolous lawsuits
• although released in June, it's finally getting some traction: the BP annual global energy report has been released
• major heat across the northern hemisphere this past week; so intense that Japan is starting up old crude oil- and fuel oil-fired power plants to meet electricity demand (a/c); Texas heat wave -- record electricity demand;
• major developments in Saudi Arabia: Saudi Aramco may buy SABIC -- become global petrochemical powerhouse; also here; 
• a report that global crude oil discoveries have recovered
• US natural gas storage could break record -- on low side; US natural gas exports to Mexico hit record high; 
• a perfect fit for Berkshire Hathaway: OXY's pipeline assets
• railcar shortage for crude oil and refined products 
• and, Elon Musk went off the rails

Perhaps the biggest "post" of the week was the one regarding the spectacular MRO wells in Bailey oil field.

Reminder: a reader asked whether to "buy" or "hold." FYI only.

The Bakken

Operations
MRO's incredible DUCs in Bailey oil field;
Slawson, MRO report huge completed DUCs
MRO re-fracks in Bailey oil field
New CLR wells produces 150K BOE in thee months
The Christensen -- another phenomenal MRO re-frack
More MRO re-fracks

Bakken economy
Huge Legacy Fund deposit for July, 2018 

Commentary
The US is THE global swing producer