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Home » Oil Slides As U.S. Shale Output Seen Rising to Record High

Oil Slides As U.S. Shale Output Seen Rising to Record High

August 21, 2017
Industryweek

Futures fell 0.8 percent in New York after 2.5 percent decline on Aug. 14, the biggest drop in more than five weeks.

Production at shale fields is forecast to expand to 6.15 million barrels a day in September, according to an Energy Information Administration report.

"As much as oil inventories have been coming down in the U.S., which is something that is seasonally normal, the fact that U.S. shale production is very resilient and is again confirmed by this EIA Drilling Productivity Report, that is something that is weighing on the market’s mind,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.

Oil in New York has been unable to hold a rally above $50 a barrel this month as investors concerns on rising global supplies outweigh cuts by the Organization of Petroleum Exporting Countries and its allies. OPEC will have to “dig in for the long haul” to eliminate the enduring oversupply, said Neil Atkinson, head of the IEA’s oil markets and industry division. Even so, Citigroup Inc.’s Ed Morse says shale will win over OPEC on oil, as U.S. drillers can survive due to hedging.

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