Oil Plunge Threatens to Leave Even Parts of Permian Under Water
- Crude futures are on track for worst quarter since 2014
- WTI Midland falls below $40/bbl, first time since Aug. 2016
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The plunge in U.S. oil prices has wells in some parts of the Permian Basin below break-even levels, threatening to put the brakes on the record flow from the prolific field.
Oil produced from the Permian in Midland, Texas, is now trading below $40 a barrel for the first time since August 2016, according to data compiled by Bloomberg, as West Texas Intermediate futures dropped more than 6 percent Tuesday.