Industry at a Glance

Crude climbed to its highest level in two-and-a-half years after an EIA report showed that U.S. stockpiles fell for a seventh consecutive week.

Craig Fleming / World Oil

Crude climbed to its highest level in two-and-a-half years after an EIA report showed that U.S. stockpiles fell for a seventh consecutive week. WTI futures rose almost 1%, while spot prices in December hovered around $58/bbl. Brent traded at a $6/bbl premium to WTI. Prices began a run-up to $60 at year’s end, supported by unrest in Iran. The Saudi-Russian cuts continued to prove effective, but ample worldwide supply and the U.S. shale-OPEC tug-of-war capped further price gains. The U.S. rig count averaged 930 units in December, just 19 more than tallied in November, despite the spike in benchmark prices. The DUC portfolio gained 94 wells, with the exception of the Niobrara and Bakken shales, which declined 23 and 11, respectively. International activity averaged 1,154 rigs in November, two more than the previous month.

U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH

U.S. ROTARY DRILLING RIGS GRAPH

U.S. ROTARY DRILLING RIGS TABLE

U.S. DRILLED BUT UNCOMPLETED WELLS

U.S. OIL PRODUCTION TABLE

WORLD OIL PRODUCTION TABLE

SELECTED WORLD OIL PRICES GRAPH

INTERNATIONAL ROTARY RIG GRAPH

INTERNATIONAL ROTARY RIG TABLE

INTERNATIONAL OFFSHORE RIGS TABLE

About the Authors

Craig Fleming

World Oil

Craig Fleming Craig.Fleming@WorldOil.com

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