October 2012
News & Resources
Industry at a glance
Vol. 233 No. 10
Rotary rigs running in the U.S. continued a slow slide in August, dropping down near 1,900 rigs and actually falling below year-ago levels. Worldwide, the rig count rose modestly, buoyed predominantly by increases in Canada. Crude oil prices extended their gains, with West Texas Intermediate finishing the month at just below $100/bbl. Demand jumped by some 1.2 million bopd, spurred largely by Japanese utilities, which were making up for lost nuclear capacity. Production was down in the U.S., most notably in Alaska and Texas, where declines offset healthy increases in North Dakota and Louisiana. Natural gas prices continued to recover somewhat.
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