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Breaking News:

IEA: OPEC Can’t Save The Oil Market

Oil May Not Be Ready To Breach $50

Offshore Oil Rig

Friday, June 3, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Drilled but uncompleted wells

(Click to enlarge)

- Oil is almost back to $50, raising the prospect of a flood of new oil from wells that suddenly become profitable. Before oil from newly drilled wells comes online, there could be an initial onslaught of production from drilled but uncompleted wells (DUCs).
- According to Wood Mackenzie, the 50 largest publically traded oil companies have an average breakeven price of $53 per barrel, tantalizingly close to today’s prices. The DUCs may not be completed in earnest until prices reach the mid-$50s, Bloomberg Intelligence says.
- The wave of drilling and completions might not come roaring back, however, after companies were burned last year when prices briefly moved up to $60 per barrel only to fall back again.
- But as completions pick up pace, new output will put downward pressure on WTI, potentially preventing sharper price increases in the short run.
- EOG Resources (NYSE: EOG) is one company to watch, a Texas driller that Bloomberg Intelligence says has the largest backlog of DUCs.

2. Oil tanker traffic jam

- A traffic jam of oil tankers outside several…




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