Opening Prices:
> WTI is down 69c to $39.53/Bbl, and Brent is down 68c to $41.62/Bbl.
> Natural gas is up 1.5c to $2.542/MMBtu. DEC20 trading at $3.13 this morning.
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Oil & Gas Prices - Oct 1
Oil & Gas Prices - Oct 1
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - Oct 1
Per EIA's Monthly 941 Report: US oil output rose in July by more than half a million bpd
US oil output rose 538,000 barrels per day in July to 10.984 million bpd, up from 10.446 mln bpd in June, the US Energy Information Administration said in a monthly report on Wednesday. Oil production fell in March, April and May as US crude producers were reeling from falling prices due to the coronavirus pandemic. While oil prices have continued to be under pressure due to low demand, they have recovered from the record lows seen in March.
Gains in June and July are primarily from shut-ins coming back on-line.
During August and September a few more shut-ins came back online, offset by Gulf of Mexico shut-ins as a result of Hurricanes Laura, Sally and Beta. After September we should see U.S. oil production go on steady decline from natural depletion rates exceeded the much lower number of new wells being completed. Winter weather adds to declines in Q1 each year.
US oil output rose 538,000 barrels per day in July to 10.984 million bpd, up from 10.446 mln bpd in June, the US Energy Information Administration said in a monthly report on Wednesday. Oil production fell in March, April and May as US crude producers were reeling from falling prices due to the coronavirus pandemic. While oil prices have continued to be under pressure due to low demand, they have recovered from the record lows seen in March.
Gains in June and July are primarily from shut-ins coming back on-line.
During August and September a few more shut-ins came back online, offset by Gulf of Mexico shut-ins as a result of Hurricanes Laura, Sally and Beta. After September we should see U.S. oil production go on steady decline from natural depletion rates exceeded the much lower number of new wells being completed. Winter weather adds to declines in Q1 each year.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group