In the October issue of this Report, the groundwork is laid for the November forecast issue. As has been the case for the last 6 years, that process begins with the Preston Pipe OCTG Line Pipe Forecast Summit, which was held on October 6 this year, in Houston. At the event, our upstream experts, from Wood Mackenzie and from BTU Analytics, a FactSet Company, presented their expectations for drilling activity. Preston added its own case in the mix. The factors at play on the oil side currently include an economic slowdown on the negative side and additional Russian sanctions including an attempt at a price cap on Russian crude, a slowdown in crude sales from the SPR, and the recent OPEC+ production cap cut of 2 mmbbl/d on the positive side. On the natural gas side, positive factors include growing LNG exports with very strong pricing while negatives include takeaway capacity challenges in the most sought-after gas basins including the Marcellus/Utica, the Haynesville, and the Permian.
展开▼
