达拉斯联邦区石油和天然气活动在2025年Q3略有改善,但由于成本高、价格低和前景不确定,仍然疲软。 Oil and gas activity in the Dallas Fed's district improved slightly in Q3 2025 but remained weak due to high costs, low prices, and uncertain outlooks.

达拉斯联邦第11区石油和天然气活动在2025年第3季度略有改善,商业活动指数从-8.1上升到-6.5,尽管仍然是负数。 Oil and gas activity in the Dallas Fed's Eleventh District showed a slight improvement in Q3 2025, with the business activity index rising to -6.5 from -8.1, though still negative. 行政首长指出,目前存在不确定性、成本上升和前景薄弱,生产和服务活动减少。 Executives cited ongoing uncertainty, rising costs, and weak outlooks, with production and services activity declining. 油田服务进一步削弱,业务利润仍然严重负值。 Oilfield services weakened further, and operating margins remained deeply negative. 寻找和开发以及租赁业务的费用仍然高于历史平均水平。 Costs for finding and development and lease operations stayed above historical averages. 劳动条件稳定,工资不断上涨。 Labor conditions were stable, with wages rising. 到2025年底,WTI原油预期价格已订正为63美元,预测两年为69美元,五年为77美元。 WTI crude price expectations were revised down to $63 by year-end 2025, with forecasts of $69 in two years and $77 in five. 天然气价格预计到年底将上涨到3.30美元,五年内将上涨到4.50美元。 Natural gas prices are expected to rise to $3.30 by year-end and $4.50 in five years. 环境影响评估预测,原油价格在2026年平均为48美元,导致汽油价格下降,而天然气生产预计将在出口需求和Permian和Haynesville等主要流域的推动下增长。 The EIA projects crude prices to average $48 in 2026, leading to lower gasoline prices, while natural gas production is expected to grow, driven by export demand and key basins like Permian and Haynesville.