The total oil production of the Pennsylvania oil regions for the month
of October was 2,094,608 barrels. The conditions in the producing field
are gradually giving warrant for permanently higher prices of crude. The
confidence of the trade is daily becoming more fixed in the definiteness
and limit of the Bradford field, as the last of the several "rich
streaks" in the region are being worked.
We entertain an increased belief that the coming year will exhibit a
continued falling off in the volume of production, notwithstanding all
the modern improvements in drilling and the great energy with which they
are employed.
For the past few weeks the markets of both crude and refined seem to
have been rigorously and artificially held by the refining interest. The
refined has been quoted at 12 cts. for four weeks without change--and as
a consequence the exporter has taken oil very sparingly. The exports of
last year to November 1, as compared with the exports of this year to
November 1, show a decrease of 1,269,646 barrels in crude equivalent.
The falling off of production, taken together with the increased demand
which must result from the present reluctance of exporters, unite in
warranting us in the belief above expressed, in enhanced prices for the
coming year.
Our figures show a decrease in production for last month, compared with
the preceding month, of 933 barrels per day, notwithstanding the number
of wells drilled was slightly greater than in the preceding month. It
will be noticed, too, that the average per well of the new wells for
last month is a little less than that of the new wells for the month
before, besides, it is generally recognized that the force of the gas in
the region is gradually becoming less, and pumping is more commonly
resorted to. As nearly as we can ascertain, about one-eighth of all the
wheels of the Bradford region are now pumping. We believe, however, on
the whole, judging the character of the Bradford producing field, that
the falling off of production will be quite gradual. Our reason for this
is that the Bradford field is essentially different from its
predecessor--the Butler field. The wells in the Butler field were often
close together, many of them were very large and fell off rapidly; while
the wells of the Bradford region are smaller, farther apart, much
greater in number, have a greater area from which to draw oil, and
consequently decline very much more slowly.--_Stowell's Reporter_.
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