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2015-06-05 18:55:00

TEXAS OIL & GAS DOWN 40%

TEXAS OIL & GAS DOWN 40%

The outlook in the U.S. Texas oil and gas sector remains negative as most companies expect low capital spending in 2016, the Dallas Federal Reserve said.

Texas is the No. 1 oil producer in the nation. A weak market for crude oil, however, is throttling the state's overall energy trajectory. In its latest data release, the Railroad Commission of Texas, the state's energy regulator, said preliminary data from March show crude oil production averaged 2.31 million barrels per day, down from the 2.34 million bpd reported in February.

The Dallas Federal Reserve in its so-called Beige Book said demand for oil field services, as well as the number of rigs actively exploring for or producing oil and natural gas, were on the decline, with losses concentrated in the Permian shale basin.

"Outlooks remain negative, with most firms expecting a 30 and 40 percent drop in capital expenditures this year and further cuts in 2016," the bank said. "One silver lining is that contacts said industry costs continued to decline, with firms reporting 20 to 30 percent reductions in drilling and completion costs since the beginning of 2015."

Nevertheless, while demand for new manufacturing was flat, or depressed, when compared with reports from earlier this year, the Dallas bank said the outlook remained mostly positive.

Texas is the No. 2 producer of manufactured goods in the nation behind California. For oil and gas, the bank said some companies tied to manufacturing that supply the industry were looking to land contracts with aerospace and other sectors to cope with the depressed business cycle.

In general, the Beige Book reported slow economic growth, though overall outlook was mostly positive.

"The energy sector continued to decline," it said.

upi.com

Tags: TEXAS, OIL, GAS,

Chronicle:

TEXAS OIL & GAS DOWN 40%
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

TEXAS OIL & GAS DOWN 40%
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

TEXAS OIL & GAS DOWN 40%
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

TEXAS OIL & GAS DOWN 40%
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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