Bakken Monitor - October 2015
North Dakota oil production remains around December 2014 levels, falling from 1.211 in June to 1.201 million b/d in July, marginally above our estimate of 1.191 million b/d; Our August production estimate is now 1.183 million b/d as operators have shifted away from McKenzie, the county which contains the best acreage.OIL MARKET SNAPSHOT - SEPTEMBER 2015
Brent traded at $47/bbl on 28th September, down by nearly 3% after equities fell on Wall Street and China posted weak economic data. A US inventory drawdown of c. 500,000 barrels last week has limited the fall. Throughout the rest of the month, Brent was trading between $46-$50/bbl after significant volatility at the end of August.LNG MARKET SNAPSHOT - SEPTEMBER 2015
The global active LNGC fleet grew to 410 vessels, 21 more vessels scheduled for delivery in 2015. General vessel oversupply maintains pressure on spot charter rates with a current floor rate of $23,000/day. Idle shipping capacity creates conditions for new LNGC ship owners to grow fleet capacity through cheap second-hand acquisitions. Golar LNG, Dynagas and Gaslog are creating a new LNGC charter pool venture to simplify the charter business. The slow LNG market toughens conditions of some traditional LNG importers, most notably Spain. However, there is an opportunity to improve Spanish gas market integration with the rest of Europe through an interconnector with France.
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