off-the-wire

UPDATE 1-North Dakota's daily oil output rises in Feb to more than 1-year high

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details on production, rigs) By Arathy Somasekhar HOUSTON, April 17 (Reuters) - North Dakota's daily oil production rose 9% in February from the prior month to its highest since November 2021, preliminary state data showed on Monday.


Production reached 32.4 million barrels, or nearly 1.157 million barrels per day, as output recovered after a winter blizzard swept across the northern United States in December and slashed oil and gas activity.


The prior highest per day was 1.162 million barrels in November 2021. Total output slipped 1.5% from 32.9 million barrels in January, which had three more days of production.


The third-largest U.S. oil producing state after Texas and New Mexico added one new drilling rig and expected to gradually increase the number as workers and equipment became more available, said Lynn Helms, director at North Dakota Department of Mineral Resources.


Well completions rose in February and dropped in March due to volatility in the availability of fracking crews, Helms added.


The price of Bakken crude oil at Clearbook, Minnesota was trading at a $1.91 per barrel premium to West Texas intermediate crude oil futures on Monday, Helms said. (Reporting by Arathy Somasekhar in Houston; Editing by Jamie Freed)

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