Oil Supply, Demand Shock Upends Midstream Water, Again
Beginning 4 March 2020, the West Texas Intermediate Spot price plummeted 38.70% to a low of US$28.96 per barrel. Precipitated by production level disagreements between Saudi Arabia and Russia in early March, the U.S. upstream energy sector (i.e. hydraulic fracturing), was further thrust into turmoil.
Midstream water companies, those providing supply, transport, treatment, and disposal services to exploration & production companies, now face a second market collapse in less than five years.