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Crude Rises Ahead Of Non-OPEC Meeting

Crude Rises Ahead Of Non-OPEC Meeting

Oil prices rose on Thursday,…

Texas Oil And Gas Both Decline In August

The Texas RRC Oil and Gas Production Data with production data for August is out.

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The RRC data is always incomplete but if this month’s incomplete data is less than last month’s incomplete data then that’s a pretty good indicator that production this month is down.

The EIA data here is only through July. They have Texas production peaking in March at 3,644,000 barrels per day and declining by 197,000 bpd to 3,447,000 bpd in July.

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Dr. Dean Fantazzini has Texas peaking in March also, at a slightly lower point than the EIA but they both pretty much in agreement by July.

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Texas crude only, when the final data comes in, will show the peak in March.

Related: Present Pain Leading To Future Risks In Oil Markets

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Dean’s algorithm still has crude only peaking in March but holding on a plateau since then.

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Texas condensate peaked, so far, in December. It is unlikely that any month, in the next year or so, will top December for Texas condensate production.

Related: Bargain Hunters Stop The Freefall In Oil Prices, For Now

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Dean has condensate peaking in December also but not the dramatic drop since then that I think may be happening.

Texas total natural gas apparently took a larger drop in August than did oil.

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And Dean agrees. The August drop in total gas production almost matched that of last December.

Related: Shell Sets Its Sights On “Unexplored” Oil Basin In Nova Scotia

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Texas gas well gas may be in serious decline.

Texas associated gas did not have the dramatic decline that the gas well gas had. But any dramatic gain in associated gas seems to now be a thing of the past.

By Ron Patterson

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