Louisville, KY (PRWEB) June 13, 2013
Genscape is predicting the North Dakota Industrial Commission’s monthly crude oil production report, slated to be released next Monday, will show an increase in production of 2 Mb/d from March to April. This is an increase of nearly 47 Mb/d since the beginning of the year and a rise of 174 Mb/d from last year at this time. Genscape’s clients have tracked production throughout the month of April and received a final production forecast on April 30, nearly two months in advance of the scheduled release of the Commission’s report.
Genscape has expanded its network of proprietary real-time energy monitors to track Bakken production/transportation from 12 rail terminals and two pipelines. In April, 84% of crude produced in the Bakken was transported by rail, while the other 16% was transported by pipe. Rail remained a viable source of transportation in April as the spread between the coastal markets and the Bakken remained wide, averaging $17/bbl. However, this spread has come in significantly since then and volumes are now trending more towards pipeline. Nearly 30% of crude in May was transported by pipeline.
Genscape is predicting crude production in the Bakken will continue its growth trend with 127 Mb/d added between April 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 climb to 791 Mb/d in March, an increase of 4 Mb/d over the prior month. This was closely in-line with production reported by the commission of 783 Mb/d on May 15.
The Bakken Data Service uses proprietary monitoring technology to track daily rail loadings of crude oil, which account for 71% of exports from North Dakota's Williston Basin, and to measure real-time flows of key pipelines in the region. In addition, Genscape monitors the construction and completion of new pipeline and rail infrastructure. This unique service provides exceptional accuracy, transparency and advance notice of Bakken market fundamentals and is available on a subscription basis.
Genscape offers free trials of its oil market services, including the Bakken Data Service. To learn more or request a trial visit: http://info.genscape.com/bakken-press
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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