Bakken Seasonal UPSIDE
This week, we have focused on recent Bakken data, where seasonal strength is likely being overlooked amid broad negative sentiment (completions up double digits in 2Q). North Dakota production has also held up, now accounting for 15% of onshore production despite having only 6% of the active rigs. With that said, Bakken completion activity and sand demand (highest correlation to oil production) has likely peaked with further downside in 2H19. Longer term, additional completions / capex (+10-15%) need to be deployed to the Bakken to maintain flat production in the area.
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