A new report from Enverus Intelligence Research (EIR) warns of a return to $100 prices for crude oil during 2023, amid tight supplies and rising costs in America's shale oil and gas industry.
Mandarin, in Shanghai on November 27, 2022, in the area where protests against China's zero-Covid policy took place the night before following a deadly fire in Urumqi, the capital of the Xinjiang region. It remains to be seen how the government will react should the easing of the restrictions result in a resurgence of Covid infections.
The report also projects moderating demand growth for U.S. natural gas. “We forecast U.S. gas demand growth of 2 Bcf/d in 2023, down 2 Bcf/d versus 2022. Demand gains into 2023 will be limited after a record 32.9 Bcf/d of gas consumption for power in 2022,” Farren-Price said.... [+]It is no secret that the anticipated growth of U.S.
Perhaps more important than all those other factors is the continuing pressure from investors on drillers to focus more on improving cash flow and returns than on ramping up drilling programs, a phenomenon that has dominated America’s shale patch since at least 2019.
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