🛢🛢J.P. Morgan raises U.S. oil output forecast but producers maintaining discipline • Sustained higher oil prices likely will encourage U.S. producers to increase production this year, which could eventually weigh on prices, J.P. Morgan analysts say, now forecasting U.S. crude output to exit 2021 averaging 11.78M bbl/day, 710K bbl/day more than a year earlier • “At current prices, most U.S. onshore operators are economic, leaving a vast group of operators, from large public companies to private players, in good position to ramp up activity in H2 and build solid momentum for higher volumes in 2022,” the bank says • But a Bloomberg roundup of data on shale drillers shows they are generally sticking to their pledge to hold the line on production in order to cut costs, reduce debt and return money to shareholders • The more restrained shale drillers are this year, “the more they can potentially grow production at higher prices next year and beyond,” says Michael Tran, managing director for global energy strategy research at RBC Capital • How To Profit From The Energy Complex? Talk To Us Now: bit.ly/AlgoTrader OR bit.ly/AlgoFactory #AlgorithmicSignals #AccuracyProfits #HumanQuant #EnergyComplex
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