US crude and NGLs output is still growing strongly. But the latest output forecasts for key shale formations have been revised down with the country’s rig count dipping over the last six weeks. The latest Baker Hughes numbers show 749 active oil drilling rigs as of 15 September, down by 19 from early August.

Looking at shale formations in isolation, here the oil rigcount has continued to edge higher, though August, which saw a mere four rigs added, taking the total to 814, saw the...