Oil and Gas Production Rise in Texas, WTI Forecast Hits $88
The Dallas Fed's Q3 2026 survey revealed that oil and gas production in Texas, southern New Mexico, and northern Louisiana continued to rise, marking two consecutive quarters of increased output. The survey covered energy firms based in or headquartered across these regions.
Despite volatile crude prices, which fell to $67 per barrel in early July but later hit $107 in mid-September, WTI averaged about $86 per barrel over the quarter. Survey participants forecasted an average price of $88 per barrel by year's end, with individual projections ranging from $70 to $126.
The survey also reported that capital spending picked up, with 49% of companies saying they spent more in the second quarter. However, the index for anticipated capital expenditures over the next year registered zero, indicating a softer spending picture.