U.S. OIL DOWN 93,000
Crude oil production in November from seven major US shale plays is expected to drop 93,000 b/d to 5.12 million b/d, according to the US Energy Information Administration's latest Drilling Productivity Report (DPR). That's back up to the same level forecast for September after a somewhat smaller decline was projected for October.
The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13.
Continuing a trend that has persisted since the overall declines began in spring, the Eagle Ford is expected to make up a bulk of the drop, losing 71,000 b/d to 1.37 million b/d. The Bakken is projected to fall 23,000 b/d to 1.16 million b/d and the Niobrara is projected to fall 20,000 b/d to 372,000 b/d.
New-well oil production/rig across the seven plays is expected to be flat at a rig-weighted average of 465 b/d in November. Notable increases include the Niobrara, up 13 to 616 b/d; and the Utica, up 12 to 260 b/d.
Natural gas production from the plays in November is forecast to fall 294 MMcfd to 44.88 bcfd. The DPR shows the Marcellus leading the way with a bulk of the decline, giving up 215 MMcfd during the month to 15.89 bcfd, followed by the Eagle Ford losing 135 MMcfd to 6.72 bcfd, and Niobrara losing 55 MMcfd to 4.27 bcfd.
|September, 20, 09:05:00|
|September, 20, 09:00:00|
|September, 20, 08:55:00|
|September, 20, 08:50:00|
|September, 20, 08:45:00|
|September, 20, 08:40:00|
BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.