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Bakken Monitor – October 2018 North Dakota Closes In On 1.3 Million b/d Mark

North Dakota's oil production leapt higher in July to 1.269 million b/d (+44,000 b/d m-o-m), ahead of our forecast of 1.255 million b/d (or +29,000 b/d m-o-m). Production for August was reported slightly earlier than usual, and set a fresh high at 1.291 million b/d (+22,000 b/d m-o-m), ahead of our forecast of 1.278 million b/d (+9,000 b/d m-o-m). With WTI hitting $75/bbl, we take a look at some of the less covered statistics in North Dakota’s oil field to take the temperature of the industry in the state. Rig counts are firmly in the mid-60s, wells are being added to the DUC inventory, and wells are being completed outside of the traditional core. As fracking resumes at Cuadrilla’s Preston New Road site, we consider some of the factors that have prevented a British shale boom....

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