Permian Basin Leads Decline In U.S. Shale [Yahoo! Finance News]
Loews Corporation (L)
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Source: Yahoo! Finance News
U.S. shale production is set to fall to a two-year low in the coming weeks, with the Permian basin leading the way down.In the latestDrilling Productivity ReportU.S. natural gas production is also set to fall in June by about 1 percent, or 779 million cubic feet per day mcf/d). Notably, the nation’s largest gas producing region in Appalachia loses a relatively modest 85 mcf/d. Instead, much deeper declines from associated gas production in the Permian -210 mcf/d) and the Anadarko -244 mcf/d).The larger decline in Permian gas compared to the Marcellus is a reflection of the fact that natural gas prices were already in the dumps prior the pandemic, wallowing below $2/MMBtu. Marcellus drillers began cutting late last year. Natural gas prices didn’t change much after the pandemic in fact, natural gas prices briefly rallied). Meanwhile, the much larger loss of gas production in the Permian has more to do with the sharp downturn in oil drilling. Texas gas followed oil on the way up, and it
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