Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve.
Source: www.cnbc.com
Amid falling crude oil prices, U.S. oil & gas business activity has taken a big hit. Reports from the latest quarterly Energy Survey by Dallas Fed conclude that the outlook has turned negative among executives. After ten straight quarters of gains, oil and gas business activity in Texas and neighboring states remained unchanged in the fourth quarter. This recent oil price collapse has also made company sentiment negative for the first time in over two years. A key finding in the survey shows that executives expect only a moderate recovery in U.S. crude prices to $59.97/barrel by the end of 2019.
