U.S. OIL + 81 TBD, GAS + 827 MCFD
Oil and gas production from the Anadarko, Appalachia, Bakken, Eagle Ford, Haynesville, Niobrara, and Permian, taking into consideration the regions' total number of active drilling rigs, drilling productivity, and estimated changes in production from existing oil and gas wells.
The Permian is projected to supply 50,000 b/d of the overall rise, bringing its November output to 2.663 million b/d. EIA estimates the basin's count of drilled-but-uncompleted (DUC) wells climbed by 93 month-over-month in September to 2,416. Its Baker Hughes rig count has mostly avoided the downward momentum seen in other regions in recent months.
EIA projected Permian production to increase 260,000 b/d in the second half compared with the first half to average 2.6 million b/d.
The Niobrara shale and Anadarko region are each expected to rise by 9,000 b/d month-over-month in November to 515,000 b/d and 474,000 b/d, respectively. The Bakken is projected to gain 8,000 b/d during the month to 1.1 million b/d.
The Anadarko’s DUC tally rose by 25 in September to 962, while the Niobrara’s gained 16 to 742. The Bakken’s was static at 772.
Eagle Ford oil output is forecast to increase 2,000 b/d in November to 1.216 million b/d. Its DUC count jumped by 43 in September to 1,444 despite the residual effects of Hurricane Harvey and an ongoing rig count decline that started in June.
EIA also projects second-half crude production increases in the Niobrara, up 75,000 b/d to 500,000 b/d; the Anadarko, up 42,000 b/d to 460,000 b/d; the Bakken, up 31,000 b/d to 1.1 million b/d; and the Eagle Ford, up 5,000 b/d to 1.2 million b/d.
EIA forecasts natural gas production from the seven regions to climb 827 MMcfd month-over-month in November to 60.94 bcfd.
Each region is seen contributing an increase, with the Appalachia region up 398 MMcfd to 25.693 bcfd, Permian up 154 MMcfd to 9.059 bcfd, Haynesville up 146 MMcfd to 7.27 bcfd, Niobrara up 50 MMcfd to 4.769 bcfd, Anadarko up 38 MMcfd to 5.994 bcfd, Bakken up 23 MMcfd to 2.028 bcfd, and Eagle Ford up 18,000 b/d to 6.124 bcfd.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.