by Greg Guenthner
Daily Reckoning
Yesterday for the first time since April 2013, crude’s spot price
dropped below $90. It’s back above that mark this morning — but the
damage is done.
Oil’s breakdown could take crude lower. Much lower. In fact,
according to a report from one of our experts that’s currently making
the rounds at the office, oil might have just punched its ticket for a
one-way trip to $60.
“Simply put, America is bursting at the seams with oil,” exclaims our own resource maven Matt Insley.
“Shale plays across the country are continuing to increase production.
According to the U.S. Energy Information Administration’s (EIA)
September Drilling Productivity Report, oil production has risen in each
of the three major U.S. shale plays (Permian, Eagle Ford, Bakken) every
single month this year.
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