EIA Rig Productivity Report Forecasts New Well Oil Production Per Rig At: 1,838 BPD For Bakken (Vs 1,818 BPD Month Ago); 1,332 BPD For Permian (Vs 1,319 BPD Month Ago); 1,629 BPD For Eagle Ford (Vs 1,590 BPD Month Ago)
Portfolio Pulse from Benzinga Newsdesk
The EIA Rig Productivity Report forecasts an increase in new well oil production per rig across major regions: Bakken is expected to produce 1,838 barrels per day (BPD) compared to 1,818 BPD a month ago, Permian is forecasted at 1,332 BPD up from 1,319 BPD, and Eagle Ford at 1,629 BPD, an increase from 1,590 BPD.
December 18, 2023 | 7:13 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The United States Oil Fund (USO) may experience positive short-term price movement due to the EIA report indicating increased productivity in major oil-producing regions.
The EIA Rig Productivity Report suggests higher efficiency and output in key oil-producing regions, which could lead to increased supply and potentially affect oil prices. As USO tracks the price of oil, this report is directly relevant and could lead to a positive short-term impact on USO's price if the market interprets the increased production as a sign of a well-supplied market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80