weekly drill rigswell weekly rigs keep increasing but production seems to be pretty flat.
hard to explain with DUC's and declines but basically the wells they are drilling today won't be completed for 3-6 months depending on many factors.
The wells being completd now are from the DUC inventory and that doesn't seem to be increasing produciton at all.
produciton declines seem to have slowed down but with higher oil prices I would guess produciton should start to grow again albiet at a much slower rate than when oil prices were over 100.
oil independents don't want to borrow a ton of money to increase drilling and then watch the deal fall aprt so they will be cautous with their 2017 exploration capital but I believe oil produciton will stop declining in the USA in the next few months and start to increase and I read it will increase by 200,000 bpd in 2017.
so oil prices will be capped unless we get some unexpected developments regarding supplyor demand but for now, it's safe to put your feet back into the energy waters, but for how long is the question?
good weekend everyone except liars and bashers
| U.S. Breakout Information | | This Week | +/- | Last Week | | +/- | | Year Ago | |
| | | | | | | | | | |
| Oil | | 425 | 7 | 418 | | -189 | | 614 | |
| Gas | | 96 | 4 | 92 | | -99 | | 195 | |
| Miscellaneous | | 1 | 0 | 1 | | 1 | | 0 | |
| | | | | | | | | | |
| Directional | | 51 | 2 | 49 | | -32 | | 83 | |
| Horizontal | | 407 | 5 | 402 | | -202 | | 609 | |
| Vertical | | 64 | 4 | 60 | | -53 | | 117 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Canada Breakout Information | | This Week | +/- | Last Week | | +/- | | Year Ago | |
| | | | | | | | | | |
| Oil | | 84 | 7 | 77 | | 14 | | 70 | |
| Gas | | 78 | 17 | 61 | | -31 | | 109 | |