|Day Low/High||29.63 / 30.38|
|52 Wk Low/High||25.17 / 39.82|
The trajectory of U.S. oil production may further upset the balance of global crude supply and demand, sending commodity prices plummeting once again, one firm argues.
Bearish inventory data was crushing the commodity Thursday, and the stocks of companies who beat on earnings suffered as a result.
Investors seem to be struggling with where to place their bets as U.S. producers kick back into gear, but analysts have mapped out a few to keep an eye on.
The U.S. land rig count has been pumped up for yet another straight week as producers added 11 oil rigs, while the gas rig count fell by three.
SM Energy CEO Javan Ottoson is not willing to bet the round of corporate-level M&A that dealmakers are hoping for is on the horizon in the prolific Permian Basin.
With the land grab all but over, vast oil-bearing plots are in the hands of strategics that continue to bolster production. Yet they need higher oil prices to regain profitability.
The find is still in its early stages but is estimated to hold more than 15 billion barrels of oil and gas.
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