Oil Market Update: January 2023
Price
West Texas Intermediate (WTI) opened January 3rd at $80.47 and quickly dipped down to $72.84 on the 4th. WTI managed a steady recovery through the month and closed January 31st at $78.87. North Dakota Sweet Crude was priced at $71.75 on January 3rd and reached $73.50 by the last day of the month.
North Dakota Oil Production
- November 2022: 1,098,389 barrels/day
- December 2022: 956,288 barrels/day
North Dakota Gas Production
- November: 3,029,369 MCF/day
- December: 2,643,201 MCF/day (-13%)
North Dakota Rig Count:
- Total: 47
- Burke: 1
- Dunn: 10
- McKenzie: 14
- Mountrail: 9
- Renville: 1
- Williams: 12
*As of 2/17/23
Completion Crews:
- 18
*As of 2/16/23
Sources: NDDMR, EIA & Flint Hill Resources