Medical and Hospital News  
OIL AND GAS
Weak oil market not yet caught up with Texas
by Daniel J. Graeber
Austin, Texas (UPI) Oct 27, 2015


disclaimer: image is for illustration purposes only

A preliminary estimate of the total crude oil production from Texas, the No. 1 oil producer in the nation, shows output remains resilient, state data show.

The Railroad Commission of Texas, the state's energy regulator, reports a preliminary estimate of crude oil production in August, the last full month for which data are available, was about 2.41 million barrels per day. That's an increase of nearly 8 percent year-on-year.

Crude oil prices started falling steadily in mid-2014 when markets moved toward the supply side because of the glut of oil coming from U.S. shale basins and weak global economic growth. China's economy, once growing at a double-digit pace, is slowing down and other major economies, like the United States and Europe, are growing, but at an anemic pace.

Low crude oil prices have left energy companies with less money to invest in exploration and production, though data show few signs that weak economics have caught up with output figures.

Later reports from Texas, however, may show crude oil production declines. The U.S. Energy Information Administration said in its latest monthly market report total U.S. crude oil production declined by 120,000 barrels per day from August to September. By next year, EIA expects crude oil production to fall from the expected 2015 average of 9.2 million bpd to 8.9 million bpd.

Low spending on exploration and production, meanwhile, means fewer rigs deployed across many inland shale basins in the United States. Baker Hughes in a weekly market snapshot reported Texas lost five rigs for the week ending Oct. 23.

EIA finds drilling activity, already at historic lows, should be limited as long as West Texas Intermediate, the U.S. benchmark price for crude oil, stays below $60 per barrel. WTI traded early Tuesday at $43.67 per barrel.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Low oil prices helping U.S. drivers
Washington (UPI) Oct 27, 2015
Falling crude oil prices, driven in part by weak global economic growth, means gas prices should keep moving lower for U.S. motorists, analysts said. Motor club AAA reports a national average retail price for a gallon of regular unleaded at $2.20 per gallon for Tuesday, about 2.1 percent less than one week ago and 28 percent, or about 85 cents, less than this date in 2014. Lower ... read more


OIL AND GAS
Riot control mask partially developed by Army researchers

Fuel-strapped Nepal sends team to China to ease supply

Hong Kong probes ferry crash as injury toll rises to 124

China to donate fuel to Nepal: official

OIL AND GAS
Russian-Chinese Sat NavSystem to Launch on Silk Road, EEU Markets

ISRO looking to extend GPS services to SAARC countries

Last of the dozen GPS IIF satellites arrive at CCAFS for processing

Glonass system can fully switch to domestic electronics in 2 years

OIL AND GAS
Study: Being an angry white male is key to being influential

3-D map of the brain

Study: Cadaver arms suggest human fists evolved for punching, too

Mathematically modeling the mind

OIL AND GAS
Lion numbers could be halved across much of Africa by 2035: study

Speedy evolution affects more than one species

Tiny plant shows us how living things cope with big changes

Crocodiles actually do sleep with one eye open

OIL AND GAS
Plague in humans 'twice as old' but didn't begin as flea-borne, ancient DNA reveals

Algae virus can jump to mammalian cells

Malawi receives $300 million grant to fight AIDS

Iraq cholera cases grow, spread to Kurdish region

OIL AND GAS
Psychedelic video sings praises of China's Five Year-Plan

UK police raid Tiananmen survivor's home over Xi protest

Let go of your Lego, says China's Ai Weiwei

Exiled Tibetans vote for new political leader

OIL AND GAS
Villagers recall fear as troops fired in 'Chapo' raid

Chinese 'thief' swallowed diamond, tried to flee Thailand

Army's role questioned in missing Mexican students case

OIL AND GAS
China leaders meet for five-year plan amid calls for reform

German economy shrugs off China worries, VW scandal

Growth v reform debate for China's new plan

China's Xi promises no 'hard landing' for economy









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.