Commodity Market Report
North America Crude Market 10-year investment horizon outlook 2023
Report summary
Converging themes in the US shale patch are echoing through the entire North American crude value chain in our latest outlook, including notable shifts in US Lower 48 growth rates, tightening US balances and differentials to global benchmarks, and questions about midstream investment needs. Trends in the shale patch that are well rooted at this point – such as E&P focus on cashflow and shareholder distributions over production growth – have been paired with more nascent trends, such as major operator consolidation, focus on resource longevity, and a newfound price inelasticity in the rig count that has fallen precipitously in H2 2023.
Table of contents
- Prices
- US Balance
- US Lower 48 Production
- Midstream Outlook
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