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Oil Supply Concerns Return

Oil Rigs

Friday, July 1, 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. Delaware basin in West Texas sees more attention

- The Permian Basin is the most prolific shale region in the U.S., accounting for more than 2 million barrels per day of oil production. Within the Permian, there are several basins where drilling takes place.
- For years the Midland Basin in West Texas received much of the attention of drillers. But in recent months, the Delaware Basin – a basin in West Texas that also stretches into New Mexico – has seen a sharp rise in drilling as oil is plentiful and acreage is much cheaper.
- Bloomberg reports that Devon Energy’s wells in the Delaware Basin are producing twice as much oil as wells drilled a few years ago. Delaware acreage sells for as much as a 60 percent discount to the Midland Basin.
- More than a few companies see the undeveloped Delaware basin as one of the most attractive in the country. Chris Kettenmann, chief energy strategist at Macro Risk Advisors, told Bloomberg that more than 100 private equity firms are “chasing acreage” in the Delaware.

2. Currencies drive oil prices

- The collapse in oil prices following the…

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