U.S. Oil Production on decline

[dan_s]

Market Realist: "The EIA (U.S. Energy Information Administration) expects oil and gas production to slow at most shales by July. But it also expects some increased activity. According to its “Drilling Productivity Report” released on June 8, 2015, the EIA expects crude oil production to decrease at five key shales in July and increase at two others. Overall, aggregate crude oil production at the seven key shales is expected to drop by 2.9% in July compared to May levels." < EIA now expects production from the seven largest oil & gas producing regions in the U.S. to decline by 91,000 barrels per day from June to July.

Full article: http://marketrealist.com/2015/06/reduce ... cted-july/

As we move deeper into summer, we are going to see more articles like this, confirming that U.S. oil production is on decline. I predict that the rate of decline will accelerate by the 4th quarter when we really see the impact of the sharp decline in drilling activity. - Dan

[dan_s]

Lee Jackson at 24/7 Wall Street: "Every week, the numbers have added up as the U.S. drilling rig count continues to drop. With that decline there has also been a significant drop in production, and as things stand now, the production decline should continue into the fourth quarter of this year."

Read more: Cowen's Oil Stocks to Buy Before Rig Counts Rise Include Noble Energy (NYSE: NBL), Anadarko Petroleum (NYSE: APC) - 24/7 Wall St. http://247wallst.com/energy-business/20 ... z3dWUMxNeR

Once U.S. oil production goes on decline, it will take a massive effort to reverse the decline.