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NRGZ - U.S. Oil Production Starts To Pick Up But Growth Estimates Are Being Revised Lower
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E Sr MedTrm Nt
Welcome to the US oil production edition of Oil Markets Daily!
The real-time gauge for US oil production appears to be picking up according to our leading indicator. On a relative basis, at the end of last week the leading indicator was saying US oil production was around ~12.3 mb/d.
Source: EIA, HFI Research
Taking this into account, along with public shale company guidance for H2 2019, our base model is showing US oil production to end the year at ~12.7 mb/d, or about ~600k b/d higher than where EIA 914 pegged US oil production