Energy firms upbeat about future prospects: KC Fed
Energy firms upbeat about future prospects: KC Fed
New York, 7 January (Argus) — Expectations for future activity remained upbeat in a fourth-quarter survey of energy companies by the Federal Reserve Bank of Kansas City.
Firms in US Central Great Plains states reported that oil prices need to be on average $73/bl to trigger a substantial increase in drilling, the survey showed. WTI crude futures closed today at $78.90/bl in New York.
The drilling and business activity index fell to 31 from 39, with positive levels indicating expansion. The total revenues index remained high, while the wages and benefits index reached a record.
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