Genscape Predicts Bakken Crude Oil Production Increased 12 Mb/d April-May; 29% of Oil is Carried by Pipe in May Due to Tightening of WTI-Brent Spread
Louisville, KY (PRWEB) July 11, 2013 -- Genscape is predicting the North Dakota Industrial Commission’s monthly crude oil production report, slated to be released Monday, July 15, will show an increase in production of 12 Mb/d from April to May. This is an increase of 65 Mb/d since the beginning of the year and a rise of 170 Mb/d from the same time last year. Genscape’s clients have tracked production throughout the month of May and received a final production forecast on May 31, nearly two months in advance of the scheduled release of the Commission’s report.
“The month of May in North Dakota was one of the wettest on record, which likely caused production and completion operations to be slowed. With favorable weather last year, production grew 39 Mb/d from April to May,” says Jodi Quinnell, Oil Product Manager at Genscape.
Genscape’s real-time monitors indicated that, as the weather has improved in June and July and completion activity has picked up, there have been significant gains in production. Nearly 65 Mb/d of production has been added in the last two month in North Dakota, which is equal to production increases observed over the first five months of this year.
Genscape has expanded its network of proprietary real-time energy monitors to track Bakken production/transportation from 12 rail terminals and two pipelines. In May, 71% of crude produced in the Bakken was transported by rail, while the other 29% was transported by pipe. This is in contrast to April when 84% was carried by rail and 16% was transported by pipeline. The tightening of the spread in May between WTI and the coastal markets is the main reason for the movement from rail transportation to pipeline.
Genscape is predicting crude production in the Bakken will continue its growth trend with 127 Mb/d added between May 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 786 Mb/d in April, an increase of just 2 Mb/d over the prior month. This was within 1% of production reported by the commission of 793 Mb/d for April on June 14.
To learn more or register for a trial of Genscape’s Bakken Data Service or US Crude Oil Production Report visit: http://info.genscape.com/oil-services-press
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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Molly Hislop, Genscape, Inc., http://www.genscape.com, 617-790-0903, [email protected]
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