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Vol. 235 No. 2
INDUSTRY AT A GLANCE
U.S. oil production continued its steady climb at the end of 2013, staying firmly above 8 MMbpd, a 14.3% year-over-year increase. The price of West Texas Intermediate climbed to over $97/bbl, reversing a three-month decline, supported by rising refinery throughput. Libyan supply shortages also put upward pressure on Brent Blend. Gas prices, responding to a sharp cold snap in the Lower 48, averaged about $4.25/Mcf in December, and continued rising into the new year. The U.S. rotary rig count stayed flat at 1,765 in the first part of January, while worldwide, the rig count rose to 1,817. However, backing out Canadian seasonal variations, the rig count actually fell about 10%.
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