Industry at a glance

Henry Terrell / Contributing Editor

Despite rising tensions in Europe, brought on by the Russia-Ukraine crisis, crude oil prices remained mostly stable, tempered by falling spring demand. All exchanges were trading in a closer range, with West Texas Intermediate averaging just over $100/bbl in March (only $7 behind Brent Blend). Meanwhile, the weather-related spike in natural gas on the Henry Hub settled back below $5/MMBtu. World oil supplies rose by about 1.1 MMbpd, despite sagging output from the OPEC countries, as the shortfall was countered by rising production outside of OPEC. Seasonal changes in Canadian drilling sent the international rig count plummeting, while the U.S. count rose.

US Gas Prices ($/MCF) and Production (BCFD) Graph		World Oil Production Table
US Rotary Drilling Rigs Graph		Selected World Oil Prices Graph
US Rotary Drilling Rigs Table		International Rotary Rig Graph
Workover Rig Table		International Rotary Rig Table
US Oil Production		International Offshore Rigs Table
U.S. Onshore Well Count

About the Authors

Henry Terrell

Contributing Editor

Henry Terrell henry.terrell@gulfpub.com

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