Rise in US shale output to continue

Paterniano Del Favero
Luglio 19, 2017

The government agency sees a climb of 113,000 barrels a day in August output from seven major shale plays, compared with July.

WTI crude oil for August delivery had been trading about flat at around $46.56 before the EIA report and sank to around $46.06, down about 1% from Friday's closing price, following the report.

The U.S. shale production level would be the highest since record-keeping began in 2007, according to the EIA's monthly drilling productivity report.

The US Energy Information Administration (EIA) in its July 2017 Short-term Energy Outlook forecasts average price for Brent oil at $50.79 per barrel in 2017 and $51.58 per barrel in 2018.

The Permian basin has been leading the increase in horizontal oil rig count
The Permian basin has been leading the increase in horizontal oil rig count

In Texas' Eagle Ford, oil production is forecast to rise 27,000 bpd to 1.387 million bpd, the most since February 2016.

Natural gas production is expected to rise by a total of 837 million cubic feet per day with Permian Basin production up by 160 million cubic feet per day.

Natural gas for August delivery settled up almost 1.1% at $3.02 per million BTUs, down 8 cents from Friday's closing price.

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