The lede:
- total supplies at an 83-month low (almost seven years)
- SPR approaching a 19-year low;
- total demand at a record high;
- distillates demand at 18+ year high;
- global shortage at 1.2 million bopd -- that's per day, over one million bbl shortfall
- at relatively high prices -- some folks might remove the "relatively" and just say "high prices" -- OPEC output falls 563,000 bopd short of quote
- demand revisions now indicate oil shortage for all of 2021
Bakken-specific news:
Pipeline:
North Dakota's Bakken production is lagging pre-pandemic levels, and Energy Transfer LP's Dakota Access Pipeline, which can carry about 570,000 bpd out of the region, is at about 77% of utilization, compared with nearly full utilization before the pandemic, Saxton said. However, Dakota Access' uncommitted tariff rate is $6.64 per barrel, above the around $6.28 per barrel before the pandemic, Saxton said. There are fewer pipes out of the Bakken than in the Permian.
Natural gas: Bakken production will continue to grow.
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