Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
https://www.facebook.com/InTheOilPatch/videos/273858796796037/
The United States added 11 rigs last week and had 1,063 running in total. The state of Texas had 532 of those rigs, which was an increase of eight over the prior week. The Texas Railroad Commission issued 231 drilling permits last week which was one of the lowest weeks this year, dropping the 10 week rolling average to 303.
Oil prices dropped sharply last week due to an uptick in oil production from both OPEC and Russia. At the same time, there were signs that the global economy may be slowing. Natural gas continued its rise last week due to low U.S. inventories. WTI averaged $72.80 per barrel last week, and natural gas averaged $3.25 per mcf.
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