Recent oil market buoyancy fails to properly account for a potential drag on the West Texas Intermediate (WTI) benchmark, according to one of Rigzone’s regular market-watchers. Read on to learn more in this review of oil market developments from the past week. Rigzone: What were some market expectations that actually occurred during the past week – and which expectations did not? Tom McNulty, Houston-based Principal and Energy Practice leader with Valuescope, Inc.: I was not surprised that, when WTI hit $40 per barrel, optimism would seep into the market. It’s unfounded. According to the U.S. Energy Information Administration (EIA), there were 7,591 drilled-uncompleted wells, or “DUCs,” across the USA as of June 15. What happens to at least some of these DUCs if WTI trades up into the $40s? They get completed and more crude comes onto the market. Today we have bounced right off $40 back down to […]