• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 1 day A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 days Natural gas price to spike when USA is out of the market
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Natural Gas Prices Jump 10% In Early Trading

Natural Gas Prices Jump 10% In Early Trading

Natural gas prices have spiked…

Is The The Global Steel Industry In For Another Bumpy Year?

Is The The Global Steel Industry In For Another Bumpy Year?

China’s zero-Covid policy and the…

Texas Oil Output Growth Strong As Energy Recovery Continues

The oil and gas industry of Texas continued to recover in April, with strong oil production growth last month, the Federal Reserve Bank of Dallas said in its Energy Indicators monthly release.

The Permian Basin continued to be the driver of the U.S. rig count growth. Rig counts in the Permian increased from 310 in March to 337 in April, while rig counts in the Eagle Ford rose from 80 in March to 89 in April, the Dallas Fed said.

In job figures for a month lagging production figures, total Texas oil and gas employment rose in March by 3,500 jobs to around 211,700 jobs, with oil and gas extraction employment up slightly to 92,500 jobs, and payrolls in support activities for mining rising to 119,200. March was the third consecutive month of increases in total Texas oil and gas employment, the Dallas Fed said.

ADVERTISEMENT

As early as in September last year, Fed economist Pia Orrenius said that encouraging employment growth in Texas suggests that “the worst of the energy crisis may be over”.

Earlier this month, the Dallas Fed said in its Texas Economic Update that positive job growth and rising rig counts indicate an ongoing energy sector recovery.

ADVERTISEMENT

“The energy, manufacturing and construction sectors saw strong job gains in the first quarter as activity in the oil and gas sector improved, oil prices stabilized and the effect of a strong dollar on exports moderated,” the Dallas Fed said.

Related: Oil Prices Rise As Most OPEC Members Back Deal Extension

Since the fourth quarter of 2016, the energy sector has made “significant jobs gains”, following the loss of around one-third of its employment from the peak in the fourth quarter of 2014, the bank noted.

The key downside risks to the Texas economy continue to be possible sharp declines in oil prices, continued US dollar strength, and uncertainties over U.S. trade and tax policy, the Dallas Fed reckons.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • Guy minton on May 19 2017 said:
    It's only growing by leaps and bounds according to the press and the EIA. Texas RRC has reported March production, and looks pretty flat to me. Of course, it would be too much problem for the press to look at primary data. Whoopla is a lot more interesting. Completions will be running far behind drilling due to a scarcity of frac crews. Will be that way for awhile.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News