November 2017, Vol. 244, No. 11

General

Oil Production, Natural Gas Price Upticks Expected

While pointing to Hurricane Harvey as the reason for some ambiguity concerning oil prices in the short-term, recent Energy Information Administration (EIA) projections have trended favorably for the pipeline industry in the coming year. In fact, with many Gulf of Mexico platforms already back in operation, U.S. crude oil production should average 9.3 MMbpd by the end of 2017 and 9.8 MMbpd in 2018 – the highest annual mark in U.S. history. That would surpass the record of 9.6 MMbpd from 1970, EIA said in its Sept. 12 Short-Term Energy Outlook (STEO). Moreover, Brent crude prices are expected to rise to $52 a barrel in 2018, while West Texas Intermediate (WTI) will average about $2 less. Add