Wednesday, May 20, 2015 9:39:26 AM
US oil companies are carrying out a new type of contango : pierce the rock, but do not extract the oil, waiting until this is revalued. Investment firms Wood Mackenzie and RBC Capital Markets estimated that more than 3,000 wells from Dakota to Texas, but prepared without removing the matter: is called fracklog.
Experts believe that this will slow the recovery of oil prices, as the market has a solid amount bid at the time it deems appropriate, given the speed with which this may include oil in the market. Specifically, according to Bloomberg Intelligence, these 3,000 wells could generate more than 3 million barrels a day, about a third of current production in the US giant, which in 2014 managed to establish itself as the leading oil producer in the world, for the first time in its history.
Harold Hamm, CEO of Continental Resources, said in an interview last March 2 that "85% of the wells in the United States have not been completed at this time." Troy Cook, an analyst at the US Energy Information Agency Bloomberg explains: "Indeed, the rock is the storage container If you can afford to wait, certainly you will choose to do so until the price recovers.".
Mike Witter, director of research on the oil market at Societe Generale in New York notes that "this is one of the reasons that overproduction will be a process that will extend over time. The higher the fracklog more will slow the rebound of oil prices. The production will increase rapidly, and drag her recovery. "
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