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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (75403)	3/15/2017 10:59:19 AM
From: Brumar89	Read Replies (1) \| Respond to of 86355

US shale surge overwhelms oil market as Opec splits deepen Another blow to the "shortages" that Greenies predict Oil prices have plunged to the lowest level this year as US shale producers boost output at an astonishing pace and crude inventories keep rising, triggering a wave of selling by hedge funds with record speculative positions. The US surge threatens to neutralise cuts agreed by the Opec cartel and a Russia-led group of producers last November, potentially delaying a full recovery of the market until 2018 or even later. Texas light crude fell to $48.90 a barrel on Thursday after yet another surprise jump in US stocks. Prices have slid 8pc in three days and have broken through key levels of technical support, dousing enthusiasm for commodities across the board. America's shale frackers have slashed cost so far that they can now produce large volumes at a break-even price of $35 or lower in the prolific Permian Basin, the twelve-layered 'crown jewel' of West Texas. telegraph.co.uk