Wednesday, June 7, 2017

Appalachia Natural Gas Production Outlook -- RBN Energy -- June 7, 2017

Oil. Weekly data today. Drawdown of US crude oil forecast to be 4 million bbls (good) but reined products build (bad). OPEC production creeping up; doubts increase that OPEC / non-OPEC can hold the line for 15 months. WTI below $48.

RBN Energy: Appalachia natural gas production outlook.

Active rigs:

Active Rigs522682194189

 US production:

OPEC stumped: global oil market trends, US production stump OPEC strategy. This is the lede but much more at the link:
Despite six months of lauded compliance with its own production quotas, OPEC’s effort to accelerate a global oil market rebalancing moves at a dawdling pace.
Global oil prices hover nearer the November 2016 price when the cuts were announced than a $60-plus per barrel target. Meanwhile, crude and product stocks among OECD (Organization for Economic Cooperation and Development) countries ended April roughly 56 million barrels higher than the December total. Annual non-OPEC output is expected to gain 1 million barrels per day (MMbpd) in 2017 and 1.5 MMbpd in 2018, according to Societe Generale (SG) estimates.
The United States is the key driver behind growing non-OPEC supply. In Texas, where the Permian Basin production rate is relentless, the Texas Petro Index (TPI) improved to 164.3 – its first year-over-year increase in 27 months – according to the Texas Alliance of Energy Producers in a June 5 statement.
 Mideast tiff? Saudi dispute with Qatar has 22-year history rooted in gas. Nice historical review of Iran - Qatar relationship.

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