Louisville, KY (PRWEB) August 13, 2013
Genscape is predicting the North Dakota Industrial Commission’s monthly crude oil production report, slated to be released Thursday August 15, will show an increase in production of 54 Mb/d from May to June. This month-over-month increase would be the largest reported on record by 13 Mb/d. From January to February this year, production grew 41 Mb/d and was the largest month-over-month increase reported. Only one other time, from June to July 2011, has production grown over 40 Mb/d in a month. Genscape’s Bakken Data Service clients (http://info.genscape.com/bakken-august) have tracked production throughout the month of June and received a final production forecast on June 30, nearly two months in advance of the scheduled release of the Commission’s report.
The month of June brought favorable weather to North Dakota and producers were able to accelerate completion activity. The backlog of uncompleted wells accrued during April and May, when weather was less favorable, was worked off and production was able to grow significantly as a result.
Genscape has expanded its network of proprietary real-time energy monitors to track Bakken production/transportation from 12 rail terminals and two pipelines. Of the monitored flows, 70% of crude in June from the Bakken was transported by rail, while the other 30% was transported by pipe. This is in-line with volumes reported in May, but in contrast to April when 84% was carried by rail and 16% was transported by pipeline. The continued tightness in the spread between WTI and the coast markets is keeping pipeline transportation elevated when compared to other months when the spread was wider.
Genscape is predicting crude production in the Bakken will continue its growth trend with 68 Mb/d added between June and the end of the year. By year end 2014, Genscape is predicting production will reach 1.1 MMb/d.
Genscape predicted production from North Dakota would increase 12 Mb/d from April to May. This was just a 4 Mb/d difference from the month-over-month increase of 16 Mb/d reported by the Commission.
To learn more or register for a trial of Genscape’s Bakken Data Service visit: http://info.genscape.com/bakken-august/.
About Genscape
Genscape is the leading global provider of energy information for commodity and financial markets. Utilizing patented technologies and proprietary algorithms, Genscape provides accurate & timely data on capacities, flow and utilization for all major energy commodities. With thousands of sophisticated energy monitors strategically deployed all over the world, Genscape is unique in its ability to measure and collect energy market fundamentals. These “measured actuals” are then transmitted to clients in real-time or near real-time. Genscape clients often gain first-mover advantage and increased market transparency to better optimize their positions. For more information, please visit: http://www.genscape.com .
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