Summing Up Today’s Current Oil, Gas & NGL Markets in One Word: Hangover

Austin, Texas (January 19, 2021) — Enverus, the leading energy SaaS company, has released its latest FundamentalEdge report, The Hangover, exploring the company’s current view of the oil, natural gas and natural gas liquids (NGL) markets. “As much as the industry might hope the coronavirus vaccine is the cure for what ails oil demand, there are additional factors at play. Rising COVID-19 case numbers, increased travel restrictions and renewed lockdowns do not bode well for demand in early 2021. If not for recent action by OPEC+ members and Saudi Arabia, in particular, oil prices would be much lower than they are right now,” said Jesse Mercer, senior director of Crude Market Analytics at Enverus. “And while the second half of 2020 was painful financially, the fourth quarter included much-needed consolidation within the U.S. shale industry, production curtailments and well-placed hedges kept many balance sheets afloat. Next up, will be completing drilled but uncompleted wells (DUCs) and a continued focus on improved efficiencies, lowering emissions, free cash flow and sustainable production growth. Additional mergers and acquisitions are still likely, all which lead to a healthy recovery for America’s oil and gas industry,” said Mercer. Key takeaways from the report: Crude oil… continue reading

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Source: CTRM Center

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