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Tuesday, May 15, 2018

EIA Continues to Predict Big Shale Output

From Reuters:
U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday. 
A majority of the increase is expected to come from the Permian basin, the biggest U.S. oil patch, where output is expected to climb 78,000 bpd to a fresh record of 3.28 million bpd, the EIA said in its monthly drilling productivity report here#tabs-summary-2. 
Soaring Permian crude production has already outpaced pipeline takeaway capacity, depressing prices in the region and leaving traders scrambling for alternatives to get crude to market.

Bakken output is expected to rise 20,000 bpd to 1.24 million bpd, the highest since June 2015, while Eagle Ford production is set to rise 33,000 bpd to 1.39 million bpd, the highest since February 2016. 
Production in the United States has surged thanks to the shale boom, helping send U.S. crude futures’ discount to international benchmark Brent crude futures WTCLc1-LCOc1 to the widest in six months.
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