Saudi Arabia’s war on America’s oil industry is showing signs of effect:
The Texas RRC is out with their latest Oil and Gas Production Data. Looks like oil production has leveled out with March production pretty much level with February. All RRC data is through March 2015.
I always show the last 6 months or the RRC data in order to get a pretty good indication of which way data production is moving. From the data you can see that December was a very good month but January was just awful. February was a lot better and March was about the same as February.
The chart above was created by Dean Fantazzini, PhD, of the Moscow School of Economics. He has developed an algorithm which predicts what the data will reflect after the final data has come in. His data suggests that Texas crude has plateaued.
Full article: Texas Showing Signs Of Low Oil Price Pressure (Oil Price)