The U.S. shale industry could add yet another dose of new supply in July, with the EIA projecting production growth of about 127,000 barrels per day month-on-month. The fact that shale output is still growing at a rapid clip should raise some concerns about the trajectory of the “rebalancing” process. The gains expected in July will come largely from the Permian Basin (+65,000 bpd) and the Eagle Ford (+43,000 bpd). While total figures are still uncertain, the production gains could put total U.S. output close to 9.4 mb/d in the relatively near future, only a few hundred thousand barrels shy of the all-time high. (Click to enlarge) Surging output would come even as oil prices have faltered recently, a worrying sign that shale drillers are going to continue to ramp up even if the market softens. There are a few interesting trends to watch that could contribute to even […]