U.S. crude oil production from seven major regions is expected to decline in December for third straight month and by the most since May, according to U.S. Energy Information Administration. The decline is expected to be 140,000 barrels per day from November to 7.513 million b/d (lowest since June). Largest declines are 37,000 b/d in Permian to 4.299 million b/d and 33,000 b/d in Bakken to 1.133 million b/d. Only in Haynesville is production expected to remain flat.
Natural gas production is also expected to fall by 679 million cubic feet per day in December to its lowest level since June at 81.496 billion cubic feet per day. Declines are expected in all seven regions, including 128 million cfd in Permian to 16.966 billion cfd. Appalachia remains the gas production leader at 33.637 billion cfd – down 133 million cfd from November.
EIA said producers drilled 316 wells and completed 402 in October in the seven regions. The number of drilled but uncompleted wells fell by 86 in October to 7,558 (lowest since December 2018). DUC count in Permian in October was 3,565 – down 15 from 3,580 in September.