Eia report investing in oil

It sees the oil market surplus this year reaching , bpd, up , bpd from its previous forecast. Under its base case scenario, the JTC sees the oil market in a surplus of 3. Refinitiv data showed that exports of gasoline from Europe on the transatlantic route in August reached , tons, relatively unchanged from July levels. It is down from more than 1. IIR Energy said U. BP Plc was restarting production units at its , bpd Whiting, Indiana refinery on Wednesday, one week after the plant was idled by an electrical fire.

BP plans to restore motor fuel production from the Whiting refinery by Sunday. The two main stages in bringing a horizontally drilled, hydraulically fractured well online are drilling and completion. The drilling phase involves dispatching a drilling rig and crew, who then drill one or more wells on a pad site. The completion phase is typically performed by a separate crew, who then begin casing, cementing, perforating, and hydraulically fracturing the well for production.

In general, the time between the drilling and completion stages is several months, contributing to DUC inventories in each production region. Since mid, the number of new wells drilled in the United States and the number of wells completed have both increased. However, from July through September the latest month for which data are available , more wells have been completed than new wells drilled, and the number of DUCs has fallen.

Historically, high or rising crude oil prices have encouraged well completions and crude oil production as well as increased drilling. In mid, however, U. As of October 14, , Baker Hughes reported active oil rigs, which reflects a significant increase from rigs on August 14, However, the rig count since July has been relatively flat and has been historically low compared with other periods when front-month crude oil futures prices were near similar levels or even lower Figure 2.

Increased drilling typically lags four to six months behind a price increase. From January through September , 3, wells were completed in the Permian region. During the same period, we estimate that 3, new wells were drilled in the Permian region.

Because completions outpaced new wells drilled, the number of DUCs in the Permian region decreased Figure 3. The limited number of DUCs and constrained natural gas takeaway capacity could slow activity in the Permian region. Because most natural gas production in the Permian region is associated natural gas production—that is, produced along with and as a result of crude oil production—the constraints developing in natural gas takeaway capacity could also begin to limit growth in Permian crude oil production.

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