Industry at a glance ///
Crude oil prices extended their downward trend in November, as fears of a worldwide economic slump offset political instability in the Middle East. The price of a barrel of West Texas Intermediate dropped into the mid-$80 range, while Brent Blend remained more stable at around $109/bbl. Production outside the OPEC countries recovered from a seasonal slump, while crude in the U.S. approached 6.8 million bpd, led by substantial increases in Texas and the Bakken shale of North Dakota. Natural gas prices continued to recover in November, exceeding $3.50/Mcf on the Henry Hub. U.S. rotary rigs running dropped once again, to average just above 1,800 units.
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