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Lynn Helms - Director's Cut

Jun 13, 2017


Lynn HelmsOil Production
March - 31,796,391 barrels = 1,025,690 barrels/day
April - 31,518,892 barrels =  1,050,630 barrels/day (preliminary)

Comments:
The drilling rig count increased four from March to April, then remained unchanged from April to May, and is currently up five from May to today.  Operators have shifted from running the minimum number of rigs to incremental increases and decreases throughout 2017, as WTI oil price moves above and below $50/barrel.  If WTI drops below $45/barrel for more than 30 days rig count is expected to drop.

Oil price weakness is now anticipated to last through the third quarter of 2017.  OPEC met the last week of May and decide to extend production cuts for nine months.  The markets are watching to see if US shale production offsets OPEC cuts keeping crude oil inventories high.

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