Energy Sector Indices Reach New Lows, Says Dallas Fed
Activity in the energy sector deteriorated further in the second quarter, the Federal Reserve Bank of Dallas said Wednesday. The Dallas Fed’s latest Energy Survey of oil and gas executives found that the business activity index reached the lowest level in its four-year history, as did the oil production index.
Exploration and production (E&P) and oilfield services firms both saw continued declines in business activity.
“The impact of the coronavirus pandemic on the oil and gas industry remains severe and widespread,” said Michael Plante, Dallas Fed senior research economist.
He added, “Few respondents expect global oil consumption to return to pre-COVID-19 levels in the immediate future, with only 5% of respondents believing it will be back to normal by fourth quarter 2020. Almost 60% believe consumption will have returned to normal by fourth quarter 2021.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).