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Title : "Shale's Best Days Are Behind Us" -- Art Berman -- May 15, 2018
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"Shale's Best Days Are Behind Us" -- Art Berman -- May 15, 2018

I do not know what Art Berman means when he says, "shale's best days are behind us."

Remember, the shale revolution -- and Berman says there was no revolution -- began in 2007.

This year, that revolution -- or whatever you want to call it -- barely a decade old, will result in US shale output rising to a record 7.18 million bbls. The EIA says that will happen in June, next month, 2018.

I don't know if Art Berman visited Williston in 2010, and I don't know if he has been in the Permian this year. I assume he has. From what I saw and what I'm reading, the activity in the Permian is now exceeding what we saw during the Bakken boom. The folks at The Atlantic Monthly need to visit the Permian. Assuming they can find a place to stay for a few days.

From the linked article:

U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.
A majority of the increase is expected to come from the Permian basin, the biggest U.S. oil patch, where output is expected to climb 78,000 bpd to a fresh record of 3.28 million bpd.

Soaring Permian crude production has already outpaced pipeline takeaway capacity, depressing prices in the region and leaving traders scrambling for alternatives to get crude to market.

Bakken output is expected to rise 20,000 bpd to 1.24 million bpd, the highest since June 2015, while Eagle Ford production is set to rise 33,000 bpd to 1.39 million bpd, the highest since February 2016. [And this is with only 60 active rigs -- Baker Hughes says 57 -- compared to 83 rigs in 2015.]

Production in the United States has surged thanks to the shale boom, helping send U.S. crude futures' discount to international benchmark Brent crude futures to the widest in six months.

Meanwhile, U.S. natural gas production was projected to increase to a record 68.1 billion cubic feet per day in June. That would be up almost 1.1 bcfd over the May forecast and would be the fifth monthly increase in a row.

A year ago in June output was just 56.4 bcfd.

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