U.S. OIL PRODUCTION DOWN 85 TBD
According to EIA, U.S. oil production down 85 tbd, gas production down 373 mcfd.
Oil production forecast to fall 85,000 b/d to 4.47 million b/d during September.
September shale gas production to drop 373 MMcfd to 45.45 bcfd, with the Eagle Ford losing 212 MMcfd to 5.594 bcfd, Niobrara down 69 MMcfd to 4.113 bcfd, Haynesville decreasing 36 MMcfd to 5.844 bcfd, Marcellus declining 33 MMcfd to 17.81 bcfd, and Bakken relinquishing 27 MMcfd to 1.543 bcfd. The Utica, meanwhile, is expected to rise 9 MMcfd to 3.683 bcfd.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.