North America Crude Market short-term outlook May 2019: Bakken, Rockies and Cushing infrastructure refresh

The month of April delivered little in the way of massive market moving news for the North American market, but a number of subtle updates to key infrastructure initiatives (or lack thereof) could bring outsized ripple effects in coming quarters and years. In this short term update we highlight some of the potentially under-the-radar midstream developments from the past month and provide our forward looking view on the potential ramifications. Key discussion items this month include: -A little noticed Washington state bill potentially limiting Bakken crude-by-rail into the state – will Bakken egress be an issue once again? -Rockies debottlenecking – little movement on new infrastructure developments, all while Rockies production growth continues to pressure available takeaway capacity. -A minor Cushing pipeline open season – what does it mean for Cushing egress, stocks and WTI pricing?