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Oil Futures Fall While Rig Counts Rise

Eagle Ford Minute Oct 15

Oil output is expected to grow in all major U.S. shale plays thru November despite falling global prices as drillers become more efficient.

Production per well was projected to increase in fields in North Dakota, Texas and Colorado, the Energy Information Administration said today in its Drilling Productivity Report. Brent futures fell to $85.04 a barrel on the ICE Futures Europe Exchange, the lowest settlement since Nov. 23, 2010.

Morgan Stanley said Eagle Ford break-even costs range from $30 to $60 a barrel. Most U.S. tight-oil reserves break even from $60 to $80. Read More…

The Eagle Ford Shale rig count increased by two to 269 rigs running across our coverage area by the end of last week.

The U.S. rig count increased by eight to 1,930 rigs running by the end of last week. A total of 320 rigs were targeting natural gas (ten less than the previous week) and 1,609 were targeting oil in the U.S. (18 more than the previous week). The remainder were drilling service wells.  896 or ~48% of rigs active in the U.S. were running in Texas. Read More…

This has been Randy Watson of the No Bull Radio Network for the Eagle Ford Minute

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Updated: October 15, 2014 — 11:02 am
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