Industry at a glance ///

Spot crude oil prices jumped 10–15% in March, as outages from Libya and mounting unrest throughout the Middle East and North Africa offset a seasonal drop in refinery runs. At the end of March, both Brent and WTI hit one-year record highs, of $114.64/bbl and $102.86/bbl, respectively. Global oil supply fell by 670,000 bpd to 86.81 million bpd in March, largely due to output decreases in Libya, Nigeria and Iraq. Henry Hub gas prices fell below $4/Mcf for the first time since November, with shale gas development bringing more lower-priced gas to the wellhead. The international rig count fell by 6.6% in March, with the biggest losses in Africa and Canada. The US rig count remained flat for the third month in a row.

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