Could the price of oil and gas actually be relatively stable for the next few years? That would just feel strange, as most of us are used to volatility in our industry. The US Energy Information Administration has indicated that the Brent spot price for oil will average $60/bbl this year and $61/bbl in 2019, with WTI being $4 lower for the next two years.   Hopefully with the new LNG ports coming on line, the natural gas prices will rise. EIA forecasts $3.20/MMBtu for the rest of 2018 and $3.08/MMBtu for 2019. Let's hope it happens as predicted.
      
Thanks to Rusty Jackson for arranging our half day seminar with Dr. Stephen Sonnenberg on Mudrocks.  It was so interesting and applicable.  Rusty has done a great job finding speakers for our society this year.

Instead of our luncheon this month we decided to focus on our Tech and Prospect Expo, Tuesday, March 27th, from 8:30-3:30 at Harvey Hall Convention Center.  We have two excellent speakers lined up. 

With WTI in the mid $60s and Brent reaching $70 a barrel, things are getting exciting again in the oil field.  Your East Texas Geological Society also has some exciting events you won’t want to miss.

First up is a timely half day seminar by Dr. Stephen Sonnenberg titled “Reservoir Characteristics for Mudrock Reservoirs”.  This is course is designed for geologists, geophysicists and engineers who are interested in exploring and developing mudrock formations.  The course will be an overview of various successful and unsuccessful mudrock systems.  Dr. Sonnenberg is a professor of geology and geological engineering at Colorado School of Mines and the Charles Boettcher distinguished chair in petroleum geology.  He brings a wealth of experience in industry, teaching and research.

Happy New Year!  I hope everyone had a wonderful holiday season.  I am so grateful as mine was filled with family, friends, too much good food, and too little sleep.  Which also makes me grateful it is over and 2018 is here!  It seems the oil industry is entering this year with cautious optimism.  Ray Thompson gave us an excellent outlook last month of oil staying in the $50-$60 range and the price of natural gas strengthening.  There also seems to be optimism around all the federal regulations being cut and offshore and arctic areas that were previously protected being open to drilling.  However, it seems to me we should be careful what we wish for.  Those areas will probably be exploited by the bigger companies, providing more supply to the market and potentially suppressing prices.  I recently asked an oil field executive if he would rather deal with some cumbersome regulation or have higher oil and gas prices, he said he would definitely pick higher prices.  With US crude and LNG exports ramping up, perhaps it will balance out.  At least it should lead to more jobs, which would be a welcome relief in our industry after the past few years.