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Bakken Monitor – July 2018 All The President's Mentions – What Trump's Tweets Tell Us About Oil

North Dakota's oil production nears record in April at 1.225 million b/d (+63,000 b/d m-o-m), ahead of our forecast of 1.182 million b/d (or +20,000 b/d m-o-m). We see production up slightly in May at 1.241 million b/d (+15,000 b/d m-o-m), despite fewer completions being reported, setting a new monthly production record. With President Trump turning his Twitter account on OPEC, we consider what – if anything – can be learned from these missives. As the USGS produces an estimate for the Eagle Ford’s undiscovered technically recoverable resources of 8.5 billion bbl, we update our take on the EIA’s production forecast. Oasis has sold North Dakotan acreage to help pay for its entry into the Permian basin, but lack of takeaway capacity crimps production growth....

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