US Shale Oil Production to Rise 124,000 Barrels a Day in May

Energy

Published: April 16, 2018 3:01 pm

Last Updated: January 12, 2020 12:56 am

Between May of 2017 and May of 2018, U.S. crude oil production from seven major shale regions is forecast to rise by 1.8 million barrels of oil per day to 6.996 million barrels a day. Next month alone the total is expected to rise by 124,000 barrels a day.

The forecast was published Monday by the U.S. Energy Information Administration (EIA) in its monthly Drilling Productivity Report. Total production in April is forecast to reach 6.871 million barrels a day, an increase of 48,000 barrels a day compared with previously estimated March production.

In August 2017 the drilling productivity report added production from the Anadarko basin of Oklahoma and Texas and combined the Marcellus and Utica basins into a single Appalachia region.

In February the number of drilled but uncompleted wells rose by 122 to a total of 7,601 including 122 new wells in the Permian basin.

In March the number of drilled but uncompleted (DUC) wells rose by 94 to a total of 7,692 including 122 new wells in the Permian basin.

No overall oil production declines are forecast either for April or May, and production from new wells is looking for an increase in production of 8 barrels per day per rig. Production from new rigs is either expected to rise or remain flat from April to May.

Natural gas production is expect 386 million cubic feet per day. Production in the Permian Basin is expected to rise by 222 million cubic feet in May. Haynesville gas production is forecast to rise by 208 million cubic feet per day and Niobrara production is expected to be up by 59 million cubic feet per day.

WTI crude oil for May delivery settled Monday at $66.22 a barrel, down about 1.7% from Friday’s closing price of $67.39. May crude opened at $67.40 Monday morning.

Natural gas for May delivery settled Monday at $2.75 per million BTUs, up about 0.4% from Friday’s closing price of $2.74. May gas opened at around $2.76 Monday morning.

ALSO READ: US Shale Oil Production to Rise 124,000 Barrels a Day in May

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