The rate of US oil production, arguably the most important single data point for global oil markets, is about to become just a little bit clearer. <\/p>\n
Later on Monday, the US government’s energy statistics arm will release its first estimate of June oil output, and revised figures for the first five months of the year, based on a newly expanded monthly survey of well operators that will include crude oil and lease condensate production, a spokesman said. <\/p>\n
Until now, the Energy Information Administration’s monthly production reports were primarily based on data reported by individual states – often incomplete or with a months-long delay – coupled with some third-party data and agency modeling. <\/p>\n
As oil traders began searching this year for any sign of a slowdown in booming US shale production that could stem a deep rout in prices, the EIA’s data became a topic of sometimes fierce debate among energy analysts, with some suggesting it was significantly underestimating the rate of production. <\/p>\n
They will now be watching Monday’s report, which is usually released at around 12 p.m. ET (1600 GMT), for the clearest look yet at how quickly US shale production has been falling this year as drillers cut the number of rigs in operation. The data will show combined production of crude and condensate. <\/p>\n
Thus far, many analysts have been surprised at the apparent resilience of the shale oil industry, as energy companies rush to employ cheaper, more efficient drilling techniques and target the richest shale seams, helping sustain output despite oil prices that tanked to more than six-year lows. <\/p>\n
According to the EIA’s previously published data through May, based on its old methodology, US domestic oil production peaked in March at 9.693 million barrels per day (bpd) – the highest since 1971 and up 1.4 million bpd from a year earlier – before falling to 9.511 million bpd in May. <\/p>\n
Higher production figures could put new pressure on oil prices, and will likely frustrate members of the Organization of the Petroleum Exporting Countries (OPEC), who are anxiously hoping that a slowdown in US output will shore up markets. <\/p>\n
In its monthly Short Term Energy Outlook last month, the EIA forecast June output would rise slightly to 9.54 million bpd. <\/p>\n
FORM 914 <\/p>\n
The new data is based on a survey of approximately 450 US oil and gas operators called Form EIA-914, which until this year was used only to collect information about natural gas output. It is expected to cover 85 percent of all production, the EIA says. It has also been expanded to cover 16 individual states. <\/p>\n
The survey will also, for the first time, collect data about the API gravity of the oil within nine categories, providing new details regarding the quality of shale oil in places such as the Eagle Ford of Texas, whose ultra-light condensate output has caused complications for refiners and pipelines.<\/p>\n","protected":false},"excerpt":{"rendered":"
The rate of US oil production, arguably the most important single data point for global oil markets, is about to become just a little bit clearer. Later on Monday, the US government’s energy statistics arm will release its first estimate of June oil output, and revised figures for the first five months of the year, based on a newly expanded monthly survey of well operators that will include crude oil and lease condensate production, a spokesman said. Until now, the Energy Information Administration’s monthly production reports were primarily based on data reported by individual states – often incomplete or with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-31293","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/31293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=31293"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/31293\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=31293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=31293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=31293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}