North Dakota's Oil Production Sees Biggest Monthly Decline In State's History

[thackney]

North Dakota's Oil Production Sees Biggest Monthly Decline In State's History
http://oilpro.com/post/25137/north-dakota-oil-production-sees-largest-monthly-decline-state-hi?utm_source=DailyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-06-16&utm_content=Article_3_txt
6/16/2016

North Dakota, home of the Bakken shale formation- an epicenter of the U.S. unconventional revolution- has been particularly hit hard by the oil price downturn.

The state's oil production in April dropped by 70,000 bpd, the largest month-to-month decline in the state's history, the Department of Mineral Resources said in its monthly report.

[thackney]

U.S. Oil Production Resumes Decline - EIA
http://oilpro.com/post/25135/us-oil-production-resumes-decline-eia

U.S. oil production has resumed its decline after rising last week, dropping by 29,000 bpd, according to the EIA's weekly oil storage report. The agency also reported a draw in U.S. oil stockpiles for the fourth consecutive week, falling by 933,000 barrels to a total of 531.5 million barrels.

WTI was down $0.20 to $48.29/bbl at 10:32 am CST, and Brent was down $0.51 to $49.32/bbl.

Last week, a series of unexpected supply disruptions in Venezuela, Libya, Nigeria and Canada, as well as a weaker dollar, helped push oil prices to fresh 2016 highs.

However, as Reuters reports, the upcoming vote on whether Britain will leave the EU is dominating currency markets globally. Investors are concerned that if Britain votes to exit the EU, the bloc could enter into a recession that could weaken oil demand.

Earlier this week, the IEA said in its monthly report that it expects the oil market to move toward balance in 2H16, and earlier Wednesday Goldman Sachs said it expects the oil market recovery to stall as production resumes after temporary supply disruptions.