Industry at a glance

Henry Terrell / Contributing Editor

Brutally cold winter weather, particularly in the eastern U.S., increased demand for heating fuels, leading crude oil price benchmarks to trend upward in January, with West Texas Intermediate spiking past the $100/bbl mark by month’s end. Natural gas prices on the Henry Hub passed $5/MMBtu during the same period. Oil stocks in the OECD countries showed their steepest decline in 15 years, due to increased drawdowns. OPEC crude production showed a modest increase in January, as falling Iraqi output was more than matched by a small recovery in Libya. Rapid demand growth, particularly in the non-OECD countries, promises increasing pressure on supplies in coming months.

US Gas Prices ($/MCF) and Production (BCFD) Graph		World Oil Production Table
US Rotary Drilling Rigs Graph		Selected World Oil Prices Graph
US Rotary Drilling Rigs Table		International Rotary Rig Graph
Workover Rig Table		International Rotary Rig Table
US Oil Production		International Offshore Rigs Table
U.S. Onshore Well Count

About the Authors

Henry Terrell

Contributing Editor

Henry Terrell henry.terrell@gulfpub.com