AMERICAS OIL: EIA Productivity Report Reflects Subdues Jan Shale Activity: BBG
EIA Productivity Report Reflects Subdues Jan Shale Activity: BBG
- Drilling and completions were down from the prior month with 922 wells drilled vs. 927 in December.
- Three fewer wells were drilled in the Eagle Ford Basin while one fewer was drilled in the Bakken, Haynesville and Permian Basins. There was one addition in the remainder of the lower-48 states.
- The number of wells completed fell by 11 to 927 including six fewer in the Eagle Ford, three in the rest of the lower-48, and one each in the Bakken and Appalachia Basins.
- Oil rig productivity fell in January, with the Bakken the most productive shale basin though it had the largest decrease last month. Rig productivity is measured by EIA as the estimated production from new wells drilled in each region divided by the average monthly rig count, trailed by two months.
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EQUITY TECHS: E-MINI S&P: (H5) Breaches Resistance
RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6148.00 High Dec 18
- RES 1: 6114.75 Intraday high
- PRICE: 6116.00 @ 14:19 GMT Jan 22
- SUP 1: 5961.75 Low Jan 16
- SUP 2: 5879.50/5809.00 Low Jan 15 / 13 and key S/T support
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
S&P E-Minis are trading higher this week, marking an extension of last week’s bull phase. Gains undermine a recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. It has been pierced, a clear break would strengthen a bullish theme. This would open 6178.75, the Dec 6 high and key resistance. Initial support to watch is 5961.75, the Jan 16 low.
EQUITIES: US Cash Opening calls
SPX: 6,086.4 (+0.6%); DJIA: 44,213 (+0.4%/+187pts); NDX: 21,782.4 (+1.0%).
SPX and NDX are set to Gap higher on the Open.
EURIBOR OPTIONS: More Large upside Options
ERM5 97.75/97.87/98.00c fly, bought for 1.25 in 13k.
