Replies to post #13508 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Phatlander]

U.S. shale output heading for record drop, EIA forecasts
http://www.seekingalpha.com/news/2626635

• Oil production from U.S. shale in August is expected to fall by 91K bbl/day from July to 5.36M bbl/day, the most since at least 2007 and the fourth month in a row of expected production declines, according to the EIA's latest monthly report.
• Oil output at the Eagle Ford shale play in south Texas is forecast to see the biggest decline, down 55K bbl/day to 1.54M bbl/day, while the Bakken shale in North Dakota and surrounding areas is expected to see output fall by 22K bbl/day to 1.18M; production in the Permian play of west Texas, the biggest U.S. shale, is expected to rise 5K bbl/day to 2.05M bbl/day.
• ‘"We need to see oil prices above $60 and more toward $65 to spur a recovery in the rig count, says Bloomberg's Andrew Cosgrove. "The longer it stays below $60, the harder it’s going to be for U.S. production to ramp back up.’"
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