Daily Energy Report 05.19.2020

Crude Oil Futures for June 2020 settled up $0.68 @ $32.50/bbl trading in a $2.10 range including the overnight-RBOB settled up 1.94/cpg and Heating Oil settled down 3.28/cpg.

According to data gathered by the Energy Information Administration, crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month. Production in the seven most lucrative shale basins in the United States is expected to fall to 7.822 mil/bpd, the EIA said, down from 8.019 mil/bpd this month. It will be a record monthly loss. The data conveys that the largest drop for crude oil and condensate production is in the Permian, which is expected to fall by 87,000/bpd to 4.290 mil/bpd. The next largest basin, the Eagle Ford, is expected to fall by 36,000/bpd in June, to 1.174 mil/bpd.

Natural Gas Futures for June 2020 settled up $0.047 @ $1.830/mmbtu trading in a .094 cent range including the overnight session.

According to data gathered by the Energy Information Administration, crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month. Production in the seven most lucrative shale basins in the United States is expected to fall to 7.822 mil/bpd, the EIA said, down from 8.019 mil/bpd this month. It will be a record monthly loss. The data conveys that the largest drop for crude oil and condensate production is in the Permian, which is expected to fall by 87,000/bpd to 4.290 mil/bpd. The next largest basin, the Eagle Ford, is expected to fall by 36,000/bpd in June, to 1.174 mil/bpd.

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