Shares of oil and gas companies were flat as analysts hedged their bets on the outlook for supply.
A buildup of gasoline inventories caused a selloff in oil futures Wednesday but oil prices bounced back somewhat Thursday. One analyst said the perception that shale-oil producers are creating another glut of oil may be overstated. Increased shale-oil exploration and production "is going to be needed as my sources tell me that the average shale-oil well, even in the Permian basin, is producing 25% to 40% less oil then wells a year ago," said Phil Flynn, senior market analyst for Price Futures Group.
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Rob Curran, email@example.com
(END) Dow Jones Newswires
December 14, 2017 17:20 ET (22:20 GMT)