Up to 2.2 million barrels per day (bpd) of U.S. tight oil could be unleashed in the event of a supercycle – with oil prices remaining around or above $100 per barrel – driven by growing demand and continued supply tightness, Rystad Energy predicts.
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This Week’s Market Buzz
The U.S. benchmark, WTI Crude, fell 2.09% to $90 a barrel at press time, while Brent Crude was down 1.76% to $91.33.
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• The North American benchmark price for oil surged at press time to more than $90 a barrel – its highest level since 2014. The March crude oil contract for West Texas Intermediate closed at $90.27 per barrel, up $2.01 per barrel, bolstered by geopolitical tensions and supply concerns.
Read MoreRystad Says Productivity of New Wells in the Permian to Hit a Record High
The average productivity of new wells in the Permian Basin is set to hit a record high in 2022, breaching past 1,000 barrels of oil equivalent per day (boepd) due to a surge in lateral well length, Rystad Energy research indicated.
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At press time, Brent futures fell 67 cents, or 0.8%, to $87.71 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 58 cents, or 0.7%, to $84.97.
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Brent crude futures were up 99 cents, or 1.3%, at $75.41 a barrel at press time, while U.S. West Texas Intermediate (WTI) crude futures rose $1.08, or 1.5%, to $72.02.
Read MorePropX Acquired by Liberty Oilfield Services
PropX has been acquired by Liberty Oilfield Services. This combination will enable PropX to enhance its equipment development as well as logistics data, software and technology, offering the industry “an unparalleled last-mile solution of equipment, software and frac experience,” the company stated.
Read MoreCovia Makes Executive Appointments
Covia announced that Duncan Stuart has joined the company as executive vice president, chief legal officer and secretary, effective immediately. Stuart joins Covia after having served in senior legal positions over his 28 years at The Dow Chemical Co.
Read MoreSmart Sand Reports Higher Revenues
Smart Sand Inc. announced results for the third quarter 2021. Revenues were $34.5 million in the third quarter of 2021, compared to $29.6 million in the second quarter of 2021 and $23.4 million in the third quarter of 2020. Revenues were up in the third quarter, compared to the second quarter of 2021, due to higher sand sales revenues resulting from higher in-basin sales volumes and…
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• Goldman Sachs ramped up its already optimistic forecast calling for Brent crude to hit $90 a barrel by the end of the year. That’s up from its previous call for $80. The Wall Street bank expects U.S. crude to hit $87 a barrel, up from $77 previously.
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