Oil Cracks "Oil prices are trying to recover on a weak dollar after selling off yesterday on the August oil future contract expiration. Also on a prediction by the Energy Information Administration (EIA) that US oil production would rise by 113,000 barrels a day to 5.585 million barrels a day in August from July, even as they overestimated June’s production by a wide margin. There is also a report that tiny OPEC producer Ecuador is going to raise oil output as it desperately needs some money. This comes as the market should be preparing for another big drop in US crude supply and we’ll keep an eye on the Atlantic where Tropical Storm Don has formed that will impact crude shipments going into and out of the Gulf of Mexico.
Let’s talk shale output firstOil prices are trying to recover on a weak dollar after selling off yesterday on the August oil future contract expiration. Also on a prediction by the Energy Information Administration (EIA) that US oil production would rise by 113,000 barrels a day to 5.585 million barrels a day in August from July, even as they overestimated June’s production by a wide margin. There is also a report that tiny OPEC producer Ecuador is going to raise oil output as it desperately needs some money. This comes as the market should be preparing for another big drop in US crude supply and we’ll keep an eye on the Atlantic where Tropical Storm Don has formed that will impact crude shipments going into and out of the Gulf of Mexico."
"Let’s talk shale output first:
https://blog.pricegroup.com/2017/07/18/oil-cracks-the-energy-report-071817/