WTI Continues To Plunge; Drops Another 4%; Now Below $57.50 -- API US Crude Oil Inventory Data Out Later Today -- November 13, 2018 -- Obama Had His "War On Coal"; Trump Has His "War On Oil"

This is just one example of many during the period between 2014 and 2017 when Saudi Arabia tried to kill US fracking by flooding the market with oil:

It will be interesting to see if they try again.

The slump in oil prices, however, was due to "bait and switch" this time -- by President Trump. More on that later but the bottom line: the low gasoline prices that Americans are enjoying right now are 100% due to actions by President Trump.

Making America great again.

OPEC forecast: just released. Look at how fast things are changing. Last month, OPEC forecast non-OPEC growth to be 2.2 million bopd in 2019; this month -- just one month later -- OPEC predicts non-OPEC growth to be 2.3 million bopd in 2019:

With U.S. production alone estimated to have hit 11.6 million bpd earlier this month, it’s no wonder OPEC sees the United States as the biggest driver behind non-OPEC supply growth, which it sees this year at 2.31 million bpd. This is 90,000 bpd more than what OPEC forecast a month earlier, and will be also helped by higher production in Canada, Russia, and Kazakhstan.

Comment: I remember folks writing me several years ago suggesting that by now (2020) the world would be oil-short because no deepwater drilling was being done. This must be driving the "peak-oil"crowd nuts.

Also interesting: OPEC still doesn't know how to model shale production. It is very, very different than what they are used to when modeling conventional oil.

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

Back to the Bakken

Active rigs:

$57.45😧	11/13/2018	11/13/2017	11/13/2016	11/13/2015	11/13/2014
Active Rigs	65	54	38	64	188