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SZO - U.S. Shale Production To Fall In First Half 2020
DB Crude Oil Short ETN
Welcome to the decline edition of Oil Markets Daily!
Well completion activity in September saw a noticeable decline according to FracFocus. The drop in completion was around 10% month-over-month and was much larger than expected. Q4 well completion activity could drop as much as 15% quarter-over-quarter, according to the current fracspread count, which would suggest that US oil production for the first half of 2020 will be flat to lower than Q4 2018.
Source: EIA, HFI Research
Based on our estimate today, we have H1 2020 averaging ~12.745 mb/d or lower than the December production