The growing abundance of shale gas and liquids production is leading to a “paradigm shift” in the global oilfield services industry that should lead to business growth over the next two years, especially in the U.S. land market, FBR Capital analysts said in a new report.
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Rising Energy Prices Could Threaten Economic Growth, Greenspan Warns
The potential for oil and gas prices to continue rising rather than flatten out, as the current futures market suggests, could put optimistic economic forecasts in jeopardy, Federal Reserve Chairman Alan Greenspan told the House Financial Services Committee Wednesday. As energy prices rise and place upward pressure on costs, Greenspan said the central bank would likely continue increasing interest rates gradually to curb core inflation.
Prices Flatten Out in Most Cases for Second Time in Week
Much like on Tuesday, most of the cash market tended to level off Thursday. Unlike Tuesday’s trading that brought an upturn largely to a halt, however, Thursday’s numbers arrested a price slide. With a modest bias to the downside, nearly all points ranged from flat to up or down about a nickel Thursday. Only San Juan-Blanco’s drop of about a dime broke the overall price mold.
Most Prices Flatten Due to Bullish Storage Report
Despite widespread mild weather that argued for continued softness, most of the cash market managed to pull out of this week’s downhill slide Thursday and post remarkably consistent flat numbers. Only the Rockies, and to a lesser degree Northeast citygates and Columbia-Appalachia, recorded declines of more than a couple of pennies.
Some Expect Price Flatness to Continue for a While
Prices tended to flatten out in most cases Thursday, and severalsources believe that barring any drastic weather changes, themarket is due for more sideways trading for at least the next fewdays.
Most Markets Flatten Out; Gulf Coast, Northeast Firmer
The April swing market started to level off for the most partTuesday as price changes were dominated by flatness and smallincreases. The May bidweek remained slow in developing and featuredsome index-plus trading starting to turn into index-slightly minusdeals.
Prices Flatten Out But Market Outlook Still Bearish
Despite consensus that the latest storage and weather news has beenbearish, the cash market did little more than march in place Thursdaywith only slight gains dominating at the great majority of points. Asmidgen of softness showed up in the Southwest basins, and theRockies, largely because of El Paso having lifted a low-linepack OFOlate Wednesday afternoon (see Daily GPI, Jan. 6).