Macquarie:Return to robust shale growth expected in 2022

摘要

Robust shale growth is expected to return in 2022,following a muted 2021 response for U.S.tight oil,according to analysts at Macquarie in a recent report.Even with producers increasing their focus on capital discipline,$50-plus WTI is expected to unlock the 2022 growth,the report said.Despite stronger oil prices as largely temporal,the analysts said they see the alleviated shale response driven by:1.A natural,behavioral response to realized volatility in 2020 and continued fundamental uncertainty in oil markets;2.A crescendo of investor demands for capital discipline from public producers and early re-orientation of 2021 plans to maintenance spending;and 3.Hedging for a significant proportion of 2021 volumes at levels below prevailing prices.