Why are diesel prices outpacing gasoline prices?īeginning in 2004, diesel prices started outpacing gasoline prices. The Data is from the EIA and is the average for all the US. On another subject, I found the following chart interesting. Related: Oil’s Survival Of The Fittest: Interview With Stan Szary With 750 wells awaiting completion it now all depends on fracking crews. This means that at least 43 conventional wells had to be shut down.Īn increase in 209 wells producing in the Bakken is a near all-time high. However the number of wells producing in the Bakken increased by 209 while the total number of North Dakota wells increased by only 166. Helms did not mention the number of wells completed, only that they outnumbered drilling by 25. Of course many of those listed as “Undetermined” are likely to be stacked as well. The North Dakota rig count stands today at 137 with the next location listed as “to be stacked” number at 7. Utilization rate for rigs capable of 20,000+ feet is about 70%, and for shallow well rigs (7,000 feet or less) less than 50%. Rig count in the Williston Basin has fallen rapidly. At the end of December there were an estimated 750 wells1 waiting on completion services, a decrease of 25. There were no major precipitation events, only 3 days with wind speeds in excess of 35 mph (too high for completion work), and 2 days with temperatures below -10F.Ĭompletions outpaced drilling in December. NUMBER OF FRACKED WELLS IN THE US DRIVEROil price is by far the biggest driver behind the slow-down, with operators reporting postponed completion work to avoid high initial oil production at very low prices and to achieve NDIC gas capture goals. The number of well completions increased from 48(final) in November to 173(preliminary) in December. The drilling rig count dropped 7 from November to December, 21 more from December to January, and has since fallen 23 more from January to today. Related: As Rig Count continues To Fall, Production Soars To Record Highs The statewide rig count is down 37% from the high and in the five most active counties rig count is down as follows: Today’s rig count is 137 (lowest since July 2010)(all-time high was 218 on ) Today Sweet Crude Price = $34.50/barrel (lowest since February 2009) (all-time high was $136.29 ) Nov Oil 35,647,735 barrels = 1,188,258 barrels/dayĭec Oil 38,047,667 barrels = 1,227,344 barrels/day (preliminary)(NEW all-time high)ġ,163,352 barrels per day or 95% from Bakken and Three ForksĦ3,992 barrels per day or 5% from legacy conventional poolsĭec Producing Wells = 12,124 (preliminary)(NEW all-time high)Ĩ,826 wells or 73% are now unconventional Bakken – Three forks wellsģ,298 wells or 27% produce from legacy conventional pools That means North Dakota oil production was up an average of 25 thousand barrels per day every month in 2014. The North Dakota change per month, 12 month trailing average reached a new high in December of 25,006 barrels per day. 39,086 bpd for ND), this suggests that all the wells being brought on line are Bakken and Three Forks rather than conventional wells. Since Bakken production was up at almost the exact same amount as the rest of North Dakota, (Bakken up 39,080 kbd vs. There was a bit of a surprise as Bakken and all North Dakota production was up just over 39,000 barrels per day. The North Dakota Industrial Commission has released the Bakken and North Dakota monthly production numbers for December 2014.
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