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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Declining US rig count data is hiding potential productivity strength suggested by other oil field indicators according to Macquarie Group. Strength in drilling permits and labour activity data could indicate the supply chain catching up and/or improving efficiency.
- Initial September drilling permits giving operator approval for horizontal wells in the Permian, Eagle Ford and Bakken formations were up to 884/187/55 from 842/141/74 in August.
- Oil field labour activity remained near peak levels in August according to Bureau of Labor Statistics data.
- Permian Basin crude production reached a record high of 5.63mbpd in July to help total US crude production up to the second highest on record of 12.991mbpd according to EIA data. The growth comes despite falling rig counts this year with the US oil count down 20.7% since a peak of 627 in November to 497 according to Baker Hughes data released on Friday.
Source: EIA / Baker Hughes / Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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