The U.S. oil market is reaching a crunch point. Each week drivers are traveling billions of miles on interstates, just as they did in 2019, before the pandemic ravaged global oil consumption. But despite a steady ramp up in demand in recent months, wildcatters in West Texas aren’t firing up rigs like they used to, with production still down 15% from the peak last year. This dynamic is pushing U.S. crude prices higher. It’s even raising the possibility that for the first time in 5 years, West Texas Intermediate oil could get neck-to-neck with global benchmark Brent. As little as 18 months ago, that would have been unthinkable, but the fact it’s even a peripheral view now underscores the transformation the oil market has seen during the pandemic. The move is already set to have ramifications on U.S. exports. With shale drillers not breaking their vows of capital discipline […]

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