US Oil Production Rises Despite Wild Price Swings
U.S. oil and gas production has continued to rise despite extreme price volatility in crude oil markets, according to the latest survey by the Dallas Fed.
The third quarter saw output increase among exploration and production firms surveyed, marking the second consecutive quarter of rising production in the region, which includes the Permian Basin, the country's largest oil-producing basin.
WTI averaged a closing price of around $86 per barrel during the quarter, but traded as low as $67 in early July before reaching $107 in mid-September due to disruptions in Middle Eastern production and shipping.
The companies surveyed expect WTI to end 2026 at an average of $88 per barrel, with individual forecasts ranging from $70 to $126. Henry Hub natural gas is expected to finish the year at an average of $3.29 per million British thermal units.