Bakken News: After Hurricane Harvey Bakken Oil Is in High Need Back »

Amy Dalrymple, of the Bismarck Tribune recently wrote an article: Bakken oil in demand after Hurricane Harvey. Below is a summary of her article.

Refineries are finding value in the light, sweet crude oil. It is easier to process and it has a high yield of the products that are in demand since hurricane Harvey such as gasolines and diesel fuels. There is a $4 to $5 dollar premium for each barrel of Bakken crude vs. West Texas Intermediate oil.

Oil production in North Dakota increased 1.4% in July to an average of 1.05 million barrels per day.

North Dakota natural gas production jumped by 1.35% to an average of 1.88 billion cubic feet per day.

During the month of July the majority of the Bakken oil left the state via pipeline 76%, only 10% was transported by rail. Because more oil is being transported via pipeline (Dakota Access Pipeline) only about 100,000 to 130,000 barrels a day are leaving by rail, which is equal to just more than one train a day.

North Dakota has 24 hydraulic fracking crews, an estimated 889 wells had been drilled and waiting on hydraulic fracking crews at the end of July.  As of Friday September 15 the state had 56 drilling rigs operating, compared to 34 in 2016 at this time of year. There were 71 two years ago.  North Dakota had 13,981 producing oil and gas wells in July, which is a milestone for the state. 

Reference:  Dalrymple, A. (2017, September, 15). Bakken Oil in Demand after Hurricane Harvey. Bismarck Tribune.

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