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The introduction of 60 million bbl of oil from strategic stocks (including 30 million bbl from the US Strategic Petroleum Reserve) along with increases in OPEC crude supply put a damper on prices in June, although they remain volatile. West Texas Intermediate prices continued to trend down, while Brent Blend and Arabian Light both leveled off and rose moderately. Gas prices remained flat. The US rotary rig count rose by another 30 rigs in June, led by traditional oil drilling in West Texas. The international rig count appeared to drop, but this is an artifact of reporting, since data from Iran and Sudan are no longer available due to the discontinuation of the M-I Swaco rig count.
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Houston, TX - November 4-5
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