Oil Traders Grapple With US Crude Conundrum

Crude Oil Price Forecast Strong Bounce on US EIA Inventory Drop

Oil Traders Grapple With US Crude Conundrum

From Citi Research, it shows the bank's estimates for U.S. shale oil production based on specific sustained price levels for WTI crude over the next five years.

China's benchmark Shanghai Composite Index was up 1.83 percent at the close of trading Friday.

Sentiment on oil futures soured, as traders anticipated a rise in supplies of crude oil, the primary input at refineries amid expectations of refinery outages along the U.S. Gulf Coast, after the U.S. National Hurricane Center forecasted Harvey was expected to be a major hurricane when it approaches the middle Texas coast on Friday. The TPI for November 2016 was 149.2.

"But make no mistake about it, USA producers-and Texas producers, in particular-have backed OPEC and other producers around the world into a corner from which there seems to be no easy escape", Ingham added.

Around 10 percent of the Gulf Coast region's approximately 9.75 million barrels per day of refining capacity was shut in, according to a Reuters estimate. Shell halted operations on a big floating oil-production platform, and Anadarko evacuated workers and shut down four facilities in the western Gulf while continuing to operate those east of the storm's predicted path. In the economic expansion that began in December 2009, the statewide average monthly rig count peaked at 932 in May 2012 and June 2012.

Meanwhile, the number of original drilling permits issued jumped more than 60% in July to 1,011, compared to July 2016.

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EDITOR'S NOTE: Beginning with the July analysis, the calculation of the Texas Petro Index incorporates upstream oil & gas employment data provided by the Federal Reserve Bank of Dallas.

The TPI for July was 176.9, the alliance reported this week.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.2% at $9.73 while the United States Natural Gas ETF ( UNG ) was down 0.8% at $6.57.

When the Organization of Petroleum Exporting Countries (OPEC) meets in November to decide how to approach draining the worldwide oil glut, the cartel will consider "all options", The Wall Street Journal reports.

He worked as Managing Editor of The American Oil & Gas Reporter, and for several newspapers, television and radio stations in Texas.

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