June 2014
News & Resources
Industry at a glance
Industry at a glance
Although international tensions, brought on by the threat of Russian intervention in the Ukraine, eased somewhat in April, crude prices rose on most exchanges, as lower output outside OPEC coincided with rising seasonal refinery demand. OPEC oil production, after falling for five months, increased to 29.9 MMbpd. U.S. oil output rose again to just under 8.25 MMbpd, more than 12% higher than a year ago. Natural gas prices on the Henry Hub slid to $4.66/MMBtu. Excluding an expected drop in Canada, international rotary rig counts rose modestly in April, while the U.S. rig count climbed for the third straight month, surpassing 1,850 in early May. |
About the Authors
Henry Terrell
Contributing Editor
Henry Terrell henry.terrell@gulfpub.com