October 2013
News & Resources
Industry at a glance
Industry at a glance
Vol. 234 No. 10
Escalating world tensions over Syria’s use of chemical weapons contributed to a spike in crude oil prices in August, which fell again as tensions eased. West Texas Intermediate traded at an average $106.57/bbl, while Brent Blend stayed a little higher. Crude production in Libya collapsed, while a surge in production from Saudi Arabia only partly made up the difference. Seasonal declines in the North Sea were more than offset by rising North American production. U.S. wellhead gas prices slipped back below $4/MMBtu. The U.S. rotary rig count dropped to 1,766, about 7% below year-ago levels, while worldwide the rig count rose to 1,635.
|