Petroleum Prospects

Too Long; Didn't Read

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.