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Oil Prices Subdued, But For How Long?

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Texas Oil Production Shows Resilience In Light Of Low Oil Prices

The Texas RRC Oil & Gas Production Estimates are in. By now everyone should know that the Texas oil and gas data is incomplete and the drooping data lines will eventually look more like the EIA lines as the more and more data comes. The EIA data is only through May but all Texas Railroad Commission data is through June.

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It appears that Texas C+C was flat to slightly up in June.

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Dr. Dean Fantazzini has a program that attempts to correct for the incomplete data and give a pretty good estimate of what the final data will look like. He has April C+C down, May down also but only slightly so and has June Texas Crude+Condensate up slightly.

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Texas crude only appears to have increased slightly.

Related: Supply, Demand Equilibrium Further Away Than Ever Before

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Dean has crude only pretty much the same as C+C for April, May and June except tracking about half a million bpd lower.

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Texas condensate appears to have declined slightly in June.

Related: Oil Prices Must Rebound. Here’s Why

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Dean has condensate flat to slightly up in June.

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Texas total gas increased slightly in June.

Related: Tianjin Disaster A Wake Up Call For Chinese Petrochemical Industry

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Dean has total gas up slightly also.

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Texas gas well gas peaked way back in 2008 but appears to be holding its own now.

Texas associated gas, or what the RRC calls casinghead gas, has been responsible for keeping Texas total gas increasing. But production of associated gas seems to have hit a snag around September 2014 and has been slowing down since.

By Ron Patterson

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