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Fresh from recent Permian deal making, WPX Energy and QEP Resources have both signaled their intent to continue hunting for acquisitions.
Low crude prices and lack of gas-directed drilling bump up against growing demand. The result could be a price jump for U.S. natural gas.
U.S. West Texas Intermediate crude futures were down 9 cents at $48.13/bbl after reaching $48.75, their highest since July 5.
But it might be time for investors ‘to think about getting back into energy, industrials and healthcare,’ an analyst says.
Crude inventories fell by 2.5 MMbbl in the last week, compared with analysts' expectations for an increase of 522,000 bbl. Crude stocks at the Cushing, Okla., delivery hub fell by 724,000 bbl, the EIA said.
Prices have risen by nearly 20% in just two weeks to their highest since early July, after speculation surfaced that top producers within and outside of OPEC could finally reach a deal on freezing output.
Permian Basin deals keep the A&D market in business with support in Oklahoma and the Marcellus but oil prices continue to fluctuate, which could stifle deals.
Total U.S. crude inventories wer expected to fall by 1 million barrels in weekly reports, although market intelligence firm Genscape has reported a rise of more than 307,000 barrels at the Cushing, Okla., U.S. crude delivery hub, traders said.
Republican presidential candidate Donald Trump would impose a temporary moratorium on new federal regulations and revive Transcanada's Keystone XL pipeline project, according to an outline of an economic speech.
The industry recovery has moved from the back to the front burner.
The outlook for lower demand is coupled with record-high crude production expected from OPEC members this month as top exporter Saudi Arabia pumps close to its highest level.
Slower economic growth and high inventories of crude and refined oil products have driven Brent and WTI crude futures to bear market territory, 20% below their 2016 highs.