An online survey by OilandGasInvestor.com shows many energy-industry observers see any drop in oil prices as short-lived.
When asked how high oil prices will go this year, 49, or 35% of the 140 participants believe the price will be between today’s price ($139 at press time) and $150. Only 18 (13%) say prices will not go higher than current levels.
Most of the respondents believe prices north of $150 are on the way: 40 say prices will be between $150 and $175 by year’s end (29%); 20 expect $175 to $200 (14%); and 13 (9%) expect the price will be above $200.
Oil prices took a shallow dive recently, thanks in part to a stronger dollar. Light, sweet crude for July delivery fell $4.38 to $132 a barrel on the Nymex by noon June 12.
On that day, the dollar gained ground after the Commerce Department said retail sales rose in May by the biggest amount in six months as 57 million tax-rebate checks reached consumers. The 15-nation euro fell to $1.5409 from $1.5571.
See the newest survey at OilandGasInvestor.com and answer “Will the MLPs return to the buyer’s table this year?”
Recommended Reading
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
2024-05-09 - Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.