Oil climbs on weaker dollar, but rise in U.S. drilling drags

The number of active drilling rigs in the U.S. has been growing in recent months and so has the oil output. Both have combined to put downward pressure on the price of oil which has recently risen above the lows produced by a 7-month downward trend.

Read & Share   sourced from: Reuters

Oil up sharply as OPEC finalizes first output cut since 2008

The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement that includes Russia to curb production. Speculation on oil futures responded quickly to

Read & Share   sourced from: Reuters

Dealing with low oil, Bakken operators look for new tech

Luke Geiver provides the recap on the monthly update provided by Mineral Resource director Lynn Helms. Of note, producers are still investing in technology to improve efficiency, and the price point required to see increased activity is $40-50 per barrel.

Read & Share   sourced from: Bakken Magazine

Forecasting Oil Markets has Proven Risky Business

The big news these days is the budget impact the low oil price is having on North Dakota. It’s a symptom of an old problem, those forecasting for oil markets is notoriously bad. The article linked below is a comprehensive look at the oil industry and the markets that shape the pricing. It’s an interesting

Read & Share   sourced from: Quartz

Implications of an Extended Period of Low Price Oil

As oil prices continue to drop and the downturn starts to feel more like near-term reality versus cyclical period, there are real financial consequences for those working and speculating in the oil industry. Reuters provides an in-depth look at what may be ahead.

Read & Share   sourced from: Reuters

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Heidi Heitkamp: Allowing U.S. Crude Oil Exports Won’t Raise Gas Prices

  How do you know when something is news and a no brainer? When Heidi Heitkamp and Rob Port are on the same side of an issue.

Read & Share   sourced from: Say Anything Blog.com

North Dakota Refuses to Flinch as OPEC Keeps Output High

  Last week OPEC decided to stick with the status quo and let producers keep producing. Meanwhile, local producers say the downturn in prices is forcing producers to get efficient and will ultimately lead to stronger, healthier oil production industry.

Read & Share   sourced from: Reuters

OPEC Lets the Market Determine the Price of Oil

The Organization of the Petroleum Exporting Countries’ meeting on Friday was a mix of tradition and modern chaos, as the cartel decided to stick to production levels. Here’s video from the Wall Street Journal.

Read & Share   sourced from: Wall Street Journal

Senators Hoeven & Heitkamp Co-Sponsor Bill to Lift Ban on U.S. Crude Oil Exports | INFORUM

It’s against the law to export oil produced in the U.S. to other countries, and the ban has been in place since 1975. Senators Hoeven and Heightkamp have co-sponsored a bill that would lift the ban and allow American producers to compete in the international market. Commentary: Considering the changes that have taken place in

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Oil Price Prognosticators Say $75 For a While

While it seems like the oil slowdown may actually be a good thing in some ways — everyone gets a chance to catch their breath, there’s no doubt everyone would prefer prices just a little higher than they are. And that’s what market forecasters are betting money on.

Read & Share   sourced from: Reuters

Oil Tax Trigger is Legislated Away, Goes to Governor

The House approved Senate version of an amended oil tax bill that will do away with oil price tax triggers. The volatility of oil prices combined with the low-price trigger created a lot of uncertainty in forecasting revenues for North Dakota. Full story from Amy Dalrymple.

Read & Share   sourced from: Grand Forks Herald

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Hoeven: EIA Finds Crude Oil Exports Will Lower Fuel Prices

The U.S. has a law that does not allow oil producers to export their product abroad, but it’s a holdover from a period when we were less energy independent. Now, the Energy Information Administration has found that allowing exports would boost prices for local producers and reduce prices at the pump for consumers. Read Senator

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Despite Oil Woes, Bakken still a draw for Twin Cities Developers

Minnesota builders have played a big role building in the Bakken, and though the slowdown has a few looking closer to home for work, there are still developers who are betting big on the Bakken’s future.

Read & Share   sourced from: Star Tribune

$50 crude? No Problem for These 3 Economically-Friendly “Sweet Spots”

Analysis by global energy company Wood McKenzie shows a portion of the North Dakota oil field is still a prime target for investment and drilling — even at the lower prices we’re seeing now.

Read & Share   sourced from: Bakken.com

Halliburton to close Minot facility

Starting April 1, Haliburton will close its Minot locations. The majority of employees will be transferred to locations in Williston and Dickinson.

Read & Share   sourced from: Dickinson Press

Canadian Refiners Set to Buy More U.S. Oil With Wider Discount

Canada is the only country U.S. oil producers can export to without restrictions, and the oil markets are creating incentives for Canadian refiners to import more U.S. oil.

Read & Share   sourced from: Bloomberg