Industry at a glance
In June, crude surged to a 3½-year high after U.S. stockpiles fell by 9.89 MMbbl, and refiners boosted processing rates (EIA). The sharp drop in inventory was the largest drawdown since Sept. 2016, and was the sixth straight weekly reduction at the Cushing, Okla., storage facility. Supply risks in Iran, Libya and Venezuela buoyed prices, even as OPEC+ pledged to increase output. Record U.S. crude exports also provided price support. In spite of upward pressure, the average June prices for WTI ($67.43) and Brent ($73.68) were down 2.4% and 3.8%, respectively, compared to May. International drilling activity dropped 2.4%, to 1,050 rigs in May, with big losses reported in Venezuela (–22%) and Canada (–15%). Canada still had some late spring break-up. The U.S. rig count averaged 1,056 in June, up 10 from May.
U.S. GAS PRICES ($/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
