Last updateThu, 19 Sep 2019 4pm

U.S. Chemical Production Fell in July

According to the American Chemistry Council (ACC), the U.S. Chemical Production Regional Index (U.S. CPRI) fell by 0.9% in July following revised declines of 0.8% in June and 0.6% in May. During July, chemical output was lower in all regions, with the largest declines in the Mid-Atlantic, Northeast and West Coast regions.

Chemical production was mixed over the three-month period. There were gains in the production three-month moving average (3MMA) output trend in chlor-alkali and other inorganic chemicals. These gains were offset by declines in the output of pesticides, synthetic rubber, coatings, fertilizers, consumer products, plastic resins, organic chemicals, synthetic dyes & pigments, adhesives, manufactured fibers, and other specialty chemicals.

Saudi Oil Output to Be Restored by End of Month Following Attacks

“The world’s largest crude oil processing facility and the heartbeat of Saudi Arabia’s energy industry was targeted in drone and missile attacks early Saturday morning that knocked out more than half of the OPEC kingpin’s global daily exports,” CNBC reports.

According to the country’s energy minister, 50% of crude production from the attack was restored within days and “production capacity would reach 11 million barrels of crude per day (bpd) by the end of September and 12 million bpd by the end of November.”

U.S. Natural Gas Production Reaches New Record

U.S. natural gas production continued to increase in August, setting a new daily production record of 92.8 billion cubic feet per day (cf/d) on August 19, 2019, according to estimates from IHS Markit. Natural gas production also set a new monthly record in August, averaging more than 91 billion cf/d for the first time. In the latest Short-Term Energy Outlook, released on September 10, 2019, the U.S. Energy Information Administration forecasts dry natural gas production to average 93.4 billion cf/d from September through the end of the year. U.S. natural gas production increased by 7.1 billion cf/d (8%) between August 2018 and August 2019, led by production gains primarily in the northeast.

U.S. Shale to Set Another Output Record

According to the U.S. Energy Information Administration’s monthly drilling productivity report, “U.S. oil output from seven major shale formations is expected to rise by 74,000 barrels per day (bpd) in October to a record high 8.843 million bpd,” Reuters reports.

“The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen climbing around 71,000 bpd to a record high 4.485 million bpd in October. That would be the ninth consecutive month of increases in the basin, its longest streak since December 2018.”

American Gas Supply Now 20% Larger

The Potential Gas Committee (PGC) released the results of its latest biennial assessment of the nation’s natural gas resources, which indicates that the U.S. possesses a total mean technically recoverable resource base of 3,374 trillion cubic feet (Tcf) as of year-end 2018. This is the highest resource evaluation in the committee’s 54-year history, exceeding the previous high assessment (from year-end 2016) by 557 Tcf (increase of about 20%). This is also the largest two-year increase in absolute resources between evaluations in the PGC history. The increase resulted from reassessments of shale gas resources in the Atlantic and Mid-Continent areas and conventional and tight gas in the Mid-Continent and Rocky Mountain areas.

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