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Continued extreme weather in North America caused prices of West Texas Intermediate, trading above $100/bbl in February, to climb faster than Brent Blend. The same period saw natural gas on the Henry Hub spike to $6/MMBtu. Global crude production rose to meet surging demand, with OPEC countries increasing output 500,000 bpd. Meanwhile, the U.S. DOE announced plans to sell 5 million bbl of Strategic Petroleum Reserve crude to test the system’s infrastructure. The U.S. rotary rig count turned above 1,800 for the first time in almost two years, while, worldwide, the count slipped by 100 rigs to the mid-1,800s.
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About the Authors
Henry Terrell
Contributing Editor
Henry Terrell henry.terrell@gulfpub.com
- Prices and governmental policies combine to stymie Canadian upstream growth (February 2024)
- U.S. producing gas wells increase despite low prices (February 2024)
- U.S. drilling: More of the same expected (February 2024)
- U.S. oil and natural gas production hits record highs (February 2024)
- U.S. upstream muddles along, with an eye toward 2024 (September 2023)
- Canada's upstream soldiers on despite governmental interference (September 2023)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
