US Shale Oil Production to Rise by 79,000 Barrels a Day in October

Energy

Published: September 18, 2018 11:25 am

Last Updated: January 11, 2020 5:44 pm

Between September of 2017 and September of 2018, U.S. crude oil production from seven major shale regions is forecast to have risen by 1.7 million barrels of oil per day to 7.52 million barrels a day. The month-over-month increase from September to October 2018 is expected to total 79,000 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 October is forecast to reach 7.59 million barrels a day.

In June the number of drilled but uncompleted (DUC) wells rose by 193 to a total of 7,943, including 164 new wells in the Permian Basin.

In July the number of DUC wells rose by 165 to a total of 8,033, including 167 new wells in the Permian Basin.

In August the number of DUC wells rose by 238 to a total of 8,269, including 211 new wells in the Permian Basin.

No overall oil production declines are forecast either for September or October, although production from new wells is expected to decrease by five barrels per day per rig to 641 in October.

Natural gas production is expected to increase by 961 million cubic feet per day month over month in October. Production in the Permian Basin is expected to rise by 239 million cubic feet in the month. Haynesville gas production is forecast to rise by 134 million cubic feet per day, and Niobrara production is expected to be up by 50 million cubic feet per day.

Benchmark West Texas Intermediate crude oil for October delivery traded Tuesday at $70.02 a barrel, up about 1.6% from Monday’s closing price of $68.91. October crude opened at $68.84 Tuesday morning.

Natural gas for October delivery traded Tuesday at $2.88 per million BTUs, up about 2.5% from Monday’s closing price of $2.81. October gas opened at around $2.82 Tuesday morning.

24/7 Wall St.
Merrill Lynch Shows Why Encana Could See 60% Upside

Want to Retire Early? Start Here ^(Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.