Production restarts in Texas might happen faster than originally thought by the market. The majority of respondents in the Dallas Fed survey replied that oil prices above $35 are sufficient to restart wells. The oilfield was served up a harsh reminder that all is not “sunshine” and “strawberries” in the oilfield today. The EIA Weekly Petroleum Status Report’s confirmation of the API’s notice of an inventory build last week sent prices into a slump, knocking out significant recent gains at one fell swoop. There had been a bit of a party atmosphere in the weeks leading up to today’s issuance, as general improvements in the economy, and signs the Chinese Covid-19 pandemic might not have the long lasting effects initially feared in the dark days of March. Oil had rallied impressively for eight straight weeks, topping $40/bbl for WTI as recently as Monday. Concerns about the 500+ mm barrel […]