Will US Shale Oil Production Rise for the 12th Straight Month?
December WTI (West Texas Intermediate) crude oil futures (UCO) (DBO) contracts rose 0.04% to $56.76 per barrel on November 13, 2017. Brent oil futures (BNO) contracts rose 0.6% to $63.16 per barrel on the same day. Oil prices are near a 30-month high.
OPEC reported that its production fell 0.5% to 32.59 MMbpd (million barrels per day) in October 2017—compared to the previous month. OPEC released the report yesterday, which supported oil prices. However, the strong dollar (UUP) limited the upside for oil prices on the same day.
The EIA (U.S. Energy Information Administration) released its monthly drilling report on November 13, 2017. It reported that US shale oil production will rise by 80,000 bpd (barrels per day) to 6.17 MMbpd in December 2017—compared to November 2017. It would be the 12th straight rise in US shale oil production. The expectation of a rise in US crude oil production limited the upside for crude oil (USO) (BNO) (OIL) prices on November 13, 2017…