With oil falling into the 50s this week, I think it cements that US oil production will fall this year. The US has already drawn down its drilled-but-uncompleted wells and Tier 1 inventory is scarce. The economics of new wells make it very tough to justify capital spending at even $65/barrel, add in the uncertainty and steel tariffs and oil companies are going to pull back on spending.
WTI crude is up $0.85 cents today is risk assets bounce, trading at $60.90.
Read More Details
Finally We wish PressBee provided you with enough information of ( Don't drill baby: Baker Hughes sees US park 9 rigs )
Also on site :
- Fans Are Excited About Tarek & Heather Rae El Moussa's Latest Update
- Anne Burrell's Memorial Included 'Big Send-Off' of Billy Joel Karaoke With Food Network Colleagues
- Kylie Kelce Admits to Fighting Back Laughter After Daughter Dropped a Bit of Zillennial Slang Mid-Convo