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Some Stable‘Rise’ in Oil And Gas Industry

2017-11-12 | 10pm

The oil and gas industry across the globe is witnessing huge decline from the last two year. However, there is some good news for the oil industry professionals as in Texas it appears to be making a comeback. As reported by Morgan Stanley, “The exploration and production (E&P) outlook is attractive.” The report further added, “Energy sentiment has improved from two months ago, as the oil supply and demand balance has tightened and revisions turn positive.” The report also stated, “Expectations for U.S. oil production growth have also been tempered, as the U.S. E&P industry faces execution challenges from tighter services markets and also feels investor pressure for improved capital discipline. OPEC remains committed to production cuts, with steadily improving (and high) compliance. Simultaneously, global oil demand growth continues to surprise to the upside, and is on trend to continue to significantly exceed the historical average into 2018.” According to the report, “Investor interest has increased, though many remain unconvinced about the sustainability of the current rally. We believe that fundamentals appear to be the strongest they have been since the start of the downturn and, in our view, capable of underpinning some increase in long-term oil price expectations.” The monthly report of the Texas Petro Index shows another month of recovery. There is increase in 10th month in the Upstream oil and gas activity in Texas as it rose to 181.4, 21.4 percent higher than last year. The economist who created the TPI and updates it monthly, Karr Inhgham stated, “Crude oil prices in Texas have been the essence of stability for more than a year.”  He also noted that there is slow increment in the average monthly oil prices in Texas since dipping to a low of $27.08/bbl in February 2016. He also added, “Demand is beginning to show signs of recovery and foreign oil suppliers led by OPEC appear to be committed to maintaining announced production cuts.” Ingham also said that upstream oil and gas companies in Texas are regaining economic vitality as there is consistent increase in numbers of oil and gas professionals. He also stated, “Spurred by the little uptick in prices, Texas producers this year through September have recovered nearly 10.8 million barrels more oil than in the first nine months of 2016,” he further added, “It is uncertain how long the current pricing environment will continue and where we’ll go from here. But the momentum of the TPI indicates Texas producers will recovery a record volume of crude oil during 2018.” .