Energy News: Low Oil Price – 07/29/2019

Energy News: Low Oil Price - 07/29/2019
Ryan Sitton In The Oil Patch Featured

In The Oil Patch Radio Show is proud to bring you this week’s Energy Minute produced by Here’s Texas Railroad Commissioner Ryan Sitton with your current industry update:

Oil prices were relatively flat this week with Middle East detentions and a big fall on us. Crude stocks pushing oil up, but gains were kept as weak. Western manufacturing data indicated slowing economic growth and in turn, the potential for reduced fuel demand. Also capping prices was the news from Kuwait and Saudi Arabia that they have had further discussions about their cooperation in the jointly owned fields known as the partitions neutral zone. The shared fields can produce as much as a half a million barrels per day. WTI closed yesterday at $56.20 a barrel while natural gas closed the week at $2.24 per mmbtu.

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