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DBO - Shale Oil Well Productivity Stalls Putting Growth Estimates At Risk
Invesco DB Oil Fund
Welcome to the at-risk edition of Oil Markets Daily!
EIA's latest drilling productivity report was released today and well productivity estimates were revised lower for the Permian and Eagle Ford.
As a whole, if US shale oil basins complete the same amount of wells as 2018, then we will see production rise y-o-y by ~1 mb/d.
Source: EIA, HFI Research Estimates
This is, however, a 200k b/d downward revision we had for 2019. In addition, as you can see, 2020 growth estimates fall more even as US shale is expected to complete ~5% more wells